Hobbs, NM 88242 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Hobbs, NM—88242

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$281,000

5.2% YoY Growth

Household Income

$88,700

19.4% YoY Growth

Days on Market

26.0% Shorter YoY

Home Price Forecast

-4.9%

Median Rent

$1,800

66.4% YoY Growth

1-Bed Rent

N/A

2-Bed Rent

N/A

3-Bed Rent

$1,800

18.3% YoY Growth

Other Zip Codes in Hobbs, NM

88240

Home Price Trends — Hobbs, NM

As of Dec '25, the median home price in Hobbs, NM is $281,000, with a year-over-year change of 5.2%. This indicates that home prices in Hobbs, NM are increasing. According to Zillow, the 1-year price projection is -4.9%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$281,000	5.2%
Single Family	$282,000	4.8%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

5.8%

2 Bedrooms

34.5%

3 Bedrooms

58.9%

5+ Bedrooms

0.8%

Property Listings — Hobbs, NM

As of Dec '25, Realtor.com reports that the median days on market for a home in Hobbs, NM is 21. This is a increase of 3.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$350,000	-7.0%
Listing Count	29	45.0%
Listings as % of Homes	0.3%	45.0%
Days on Market	49	-26.0%

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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%

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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%

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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%

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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

Hobbs, NM—88242

Key Metrics at a Glance

Other Zip Codes in Hobbs, NM

Home Price Trends — Hobbs, NM

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Hobbs, NM

% of Rental Stock

Property Listings — Hobbs, NM

Demographics — Hobbs, NM

Race and Ethnicity

Mortgage and Risk — Hobbs, NM

Mortgages

Rentals and Section 8 — Hobbs, NM

Section 8 Market Size

Section 8 Opportunity

Affordability — Hobbs, NM

Home Price to Income Ratio

Hobbs, NM — ZIP Code Boundary Map

Nearby ZIP Codes

Air Base City

Lovington, NM

Monument, NM

Hobbs, NM

Oil Center

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3
Median Home Price	$281,000
Median Household Income	$88,700

Hobbs, NM—88242

Key Metrics at a Glance

Other Zip Codes in Hobbs, NM

Home Price Trends — Hobbs, NM

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Hobbs, NM

% of Rental Stock

Property Listings — Hobbs, NM

Demographics — Hobbs, NM

Race and Ethnicity

Mortgage and Risk — Hobbs, NM

Mortgages

Rentals and Section 8 — Hobbs, NM

Section 8 Market Size

Section 8 Opportunity

Affordability — Hobbs, NM

Home Price to Income Ratio

Hobbs, NM — ZIP Code Boundary Map

Nearby ZIP Codes

Air Base City

Lovington, NM

Monument, NM

Hobbs, NM

Oil Center

Frequently Asked Questions

What is the average home price in Hobbs, NM 88242?

How have home prices in Hobbs, NM 88242 changed over the past year?

What is the home price projection for Hobbs, NM 88242?

What are the demographics of Hobbs, NM 88242?

How long does it take homes to sell in Hobbs, NM 88242?

What is the average rent price in Hobbs, NM 88242?