Market Overview
Home Prices in Hobbs, NM
The median home value in Hobbs, NM is $217,746 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3% compared to a year ago and up 1.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Hobbs are priced47% below average. Hobbs is part of the Hobbs, NM metro area.
Over the past five years, Hobbs home values have fallen by approximately11.7%, reflecting softening conditions in this market.
Price History
Hobbs Home Price Trend
2020
$238,633
$239K
—
2021
$246,553
$247K
+3.3%
2022
$227,256
$227K
-7.8%
2023
$214,931
$215K
-5.4%
2024
$208,687
$209K
-2.9%
2025
$211,413
$211K
+1.3%
2026
$217,746
$218K
+3.0%
City Comparison
Hobbs vs. National Median
🏠 Hobbs
$217,746
National Median
$410,000
At $217,746, homes in Hobbs cost 47% below the national median of $410,000. This makes Hobbs a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Hobbs?
20% Down Payment
$43,549
on $217,746
Monthly P&I
$1,136/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,443/mo
incl. taxes & insurance
Income Needed
$57,720
gross annual (30% rule)
10% Down Option
$21,775
+ PMI applies
Loan Amount (20% dn)
$174,197
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Hobbs, NM?
The median home value in Hobbs is $217,746 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3% year-over-year.
How much have home prices changed in Hobbs?
Over the past year, home values in Hobbs have increased by 3%. Over five years, prices have fallen approximately 11.7%.
How much do I need to earn to buy a home in Hobbs?
To comfortably afford the median home price of $217,746 with a 20% down payment ($43,549) at today's rates (6.8%), you'd need a gross annual income of approximately $57,720. This assumes keeping total housing costs at or below 30% of gross income.
How does Hobbs compare to the national average home price?
The national median home value is approximately $410,000. At $217,746, homes in Hobbs are 47% below the national average.
What metro area is Hobbs part of?
Hobbs is part of the Hobbs, NM metropolitan area. Home prices and market conditions can vary across the broader metro region.