87031 Housing Market Report February 2025•Valencia County, New Mexico

hero building illustration for mobile

Housing Prices in 87031, NM

How much do homes in 87031, NM cost?

Housing Market Conditions

Is 87031, NM a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

87031 is a Seller's Market

Difference Since February 2024

Since last year, 87031 has remained a Seller's Market.

Insight

87031 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$319,251$197/SqFt
+$14,706
+4.8%

Based on all homes sold in the last 12 months

Insight

Homes in 87031 have sold for 4.8% more than they did a year ago.

Summary: The median home sold price in 87031 was $319,251 in February 2025, up 4.8% from last year, and the median price per square foot was $197.

Median Sold Price By Zip Codes

Median Sold Price By Zip Codes
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
87031
+4.8%
87002
+3.1%
87068
+1.2%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsFeb 2024Feb 2025Change YoY
1$295K$177K
-40.0%
2$264.9K$282.5K
+6.6%
3$295.9K$310K
+4.8%
4$334.9K$363.9K
+8.6%
5$371.9K$385K
+3.5%

Summary: 87031 housing price by bedroom type for February 2025, compared to the previous year. The home price for 1 bedroom homes decreased by -40.0%. The home price for 2 bedroom homes increased by +6.6%. The home price for 3 bedroom homes increased by +4.8%. The home price for 4 bedroom homes increased by +8.6%. The home price for 5 bedroom homes increased by +3.5%.

Housing supply in 87031, NM

How many homes are available in 87031, NM?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
148Last MonthFeb 2025
1532 months agoJan 2025
-3.3 %
Change MoMJan – Feb

Summary: The 87031 real estate market had 148 homes for sale in Feb 2025, a 3.3 % decrease compared to Jan 2025.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
32Last MonthFeb 2025
132 months agoJan 2025
+146.2 %
Change MoMJan – Feb

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsJan 2025Feb 2025Change MoM
111
0.0%
298
-11.1%
39789
-8.2%
43841
+7.9%
589
+12.5%

Summary: 87031 housing inventory by bedroom type for February 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -11.1%. The inventory for 3 bedroom homes decreased by -8.2%. The inventory for 4 bedroom homes increased by +7.9%. The inventory for 5 bedroom homes increased by +12.5%.

Asking Price vs. Sold Price

How much do homes in 87031, NM cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price4 Homes

At Asking Price6 Homes

Under Asking Price22 Homes

Insight

If you're buying a home in 87031, you may be able to get a good deal. 68.8% of homes here sold below asking price last month.

Summary: A total of 32 homes were sold or pending in 87031 in February 2025, up by 146.2% month-over-month. Of the 32 sold homes, 69% were sold under asking, 19% were sold at asking, and and 13% were sold over asking.

Days on Market for 87031, NM

How long does it take to sell a home in 87031, NM?

Breakdown of Home Sale Times

Under 30 Days17 Homes

30 – 90 Days9 Homes

Over 90 Days6 Homes

Insight

Many homes in 87031 are selling fast, if you're buying plan to act quickly.

Summary: During February 2025, 32 homes were sold in 87031; 53% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
45 DaysThis YearFeb 2025
56 Days1 year agoFeb 2024
-19.4 %
Change YoYFeb 2024 – Feb 2025

Summary: Homes in 87031 had an average listing age of 45 days in Feb 2025, down by 19.4% compared to the previous year.

Connect With An Agent

Local real estate agents are ready to help you find a home here

Sell My Home

Sell your home with an expert or get the job done on your own.

Get Approved

Get a customizable mortgage solution based on today's rates.

Newest Listings in 87031, NM

What homes are available in 87031, NM?

See More Listings

Nearby markets

Popular Cities with Homes for Sale in New Mexico

MLS Disclaimers and Copyright

Based on information from Southwest Multiple Listing Service, and Santa Fe MLS for the period 03/01/2023 - 03/01/2025

IDXThe data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Southwest Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed.

Copyright © 2025 Southwest Multiple Listing Service. All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/3/2025, 5:20:48 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDXThe data relating to real estate for sale in this web site comes in part from the Internet Data exchange (“IDX”) program of Santa Fe Association of REALTORS® MLS, Inc. Real estate listings held by brokers other than this broker are marked with the IDX Logo. All data in this web site is deemed reliable but is not guaranteed. IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
Copyright © 2025 Santa Fe Association of REALTORS® All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/3/2025, 5:20:52 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.