Hobbs, NM—88240
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Hobbs, NM
Home Price Trends — Hobbs, NM
As of Oct '25, the median home price in Hobbs, NM is $181,000, with a year-over-year change of 1.6%. This indicates that home prices in Hobbs, NM are increasing. According to Zillow, the 1-year price projection is -7.4%, suggesting a decrease housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $181,000 | 1.6% |
| Single Family | $181,000 | 1.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $151,000 | 7.1% |
3 Bed | $229,000 | 5.5% |
4 Bed | $326,000 | 5.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Hobbs, NM
As of July '25, Rentcast reports the average rent in Hobbs, NM is $1,540, with a year-over-year rent change of 4.1%. Per bedroom, the median rent as of July '25 in Hobbs, NM is 1-bedrooms: $1,090, 2-bedrooms: $1,210, 3-bedrooms: $1,970, 4-bedrooms: $2,130. The most common rental property sizes in Hobbs, NM are 2-bedroom and 3-bedroom, accounting for 42.1% and 38.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,540 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,120 | $1,090 |
| 2 Bed Rent | $1,040 | $1,210 |
| 3 Bed Rent | $1,760 | $1,970 |
| 4 Bed Rent | $1,800 | $2,130 |
% of Rental Stock
Property Listings — Hobbs, NM
As of Oct '25, Realtor.com reports that the median days on market for a home in Hobbs, NM is 53. This is a increase of 24.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 15.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $334,000 | 6.0% |
Listing Count | 80 | -11.0% |
| Listings as % of Homes | 0.5% | -11.0% |
Days on Market | 53 | 24.0% |
Demographics — Hobbs, NM
As of the latest ACS Survey released in 2023, Hobbs, NM has a population of 41,600, which has increased by 1.8% over the past 5 years. Hobbs, NM is a popular place for families, as children make up 30.7% of the population. The area has a poorly educated workforce, with 16.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 41,600 | 1.8% |
% Under 18 | 30.7% | -1.0% |
% Seniors | 11.6% | 12.6% |
% WFH | 2.7% | 80.0% |
% w/ College Degree | 16.6% | 25.8% |
As of the latest ACS Survey released in 2023, Hobbs, NM is a predominantly hispanic area, with 62.7% of the population identifying as hispanic. The hispanic population has grown by 7.9% in the last 5 years. The second most common race or ethnicity in Hobbs, NM is white, making up 29.1% of the population. Foreign-born residents account for 18.1% of the population in Hobbs, NM, and this percentage has increased by 9.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 29.1% | -12.1% |
% Black | 5.7% | -3.4% |
% Hispanic | 62.7% | 7.9% |
% Asian | 0.9% | 200.0% |
% Foreign Born | 18.1% | 9.7% |
Mortgage and Risk — Hobbs, NM
According to HUD data as of 2023, there were 433 mortgage originations in Hobbs, NM, of which 41.0% of loans were conventional mortgages. The average loan-to-value was 82.0%, with 63.0% above 90% LTV (very high). This implies large mortgage risk in Hobbs, NM. Investor activity is low, as 2.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 433 |
% Conventional Loans | 41.0% |
% Government Loans | 59.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Hobbs, NM
Hobbs, NM lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 601 |
Total Units Section 8 | 600 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 78.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$250 | $1,120 | $870 |
| 2 Bedroom | $100 | $1,040 | $1,140 |
| 3 Bedroom | -$350 | $1,760 | $1,410 |
| 4 Bedroom | -$190 | $1,800 | $1,610 |
Affordability — Hobbs, NM
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $181,000 |
| Median Household Income | $65,400 |