Hobbs, NM—88242
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 $267,000, with a year-over-year change of 5.1%. This indicates that home prices in Hobbs, NM are increasing. According to Zillow, the 1-year price projection is -6.3%, suggesting a decrease housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $267,000 | 5.2% |
| Single Family | $267,000 | 5.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $295,000 | 2.8% |
4 Bed | N/A | N/A |
| 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 $2,130, with a year-over-year rent change of 66.4%. Per bedroom, the median rent as of July '25 in Hobbs, NM is 3-bedrooms: $2,130. The most common rental property sizes in Hobbs, NM are 3-bedroom and 2-bedroom, accounting for 58.9% and 34.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $2,130 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,800 | $2,130 |
| 4 Bed Rent | N/A | N/A |
% 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 39. This is a increase of 53.0% 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 48.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $426,000 | 12.0% |
Listing Count | 21 | 10.0% |
| Listings as % of Homes | 0.3% | 10.0% |
Days on Market | 39 | 53.0% |
Demographics — Hobbs, NM
As of the latest ACS Survey released in 2023, Hobbs, NM has a population of 7,680, which has increased by 7.1% over the past 5 years. Hobbs, NM is a popular place for families, as children make up 26.4% of the population. The area has a poorly educated workforce, with 15.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 0.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,680 | 7.1% |
% Under 18 | 26.4% | -0.4% |
% Seniors | 10.9% | 1.9% |
% WFH | 0.7% | -73.1% |
% w/ College Degree | 15.1% | -23.4% |
As of the latest ACS Survey released in 2023, Hobbs, NM is a predominantly hispanic area, with 54.0% of the population identifying as hispanic. The hispanic population has grown by 28.6% in the last 5 years. The second most common race or ethnicity in Hobbs, NM is white, making up 43.6% of the population. Foreign-born residents account for 15.9% of the population in Hobbs, NM, and this percentage has increased by 42.0% 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 | 43.6% | -20.6% |
% Black | 0.2% | -77.8% |
% Hispanic | 54.0% | 28.6% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 15.9% | 42.0% |
Mortgage and Risk — Hobbs, NM
According to HUD data as of 2023, there were 104 mortgage originations in Hobbs, NM, of which 39.0% of loans were conventional mortgages. The average loan-to-value was 87.0%, with 74.0% above 90% LTV (very high). This implies large mortgage risk in Hobbs, NM. Investor activity is low, as 0.0% of loans were by investors. 4.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 104 |
% Conventional Loans | 39.0% |
% Government Loans | 61.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 4.0% |
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 | 2 |
Total Units Section 8 | 2 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $920 |
| 2 Bedroom | N/A | N/A | $1,210 |
| 3 Bedroom | -$310 | $1,800 | $1,490 |
| 4 Bedroom | N/A | N/A | $1,710 |
Affordability — Hobbs, NM
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $267,000 |
| Median Household Income | $88,700 |