Is now the time to buy? Local realtor weighs in on housing market in New Mexico

ALBUQUERQUE, N.M. – Concerned about the housing market these days?

A local realtor says he’s been hearing from plenty of worried clients in recent weeks, so you’re not alone.

Ruben Gabaldon with Coldwell Banker told KOB 4 while every city (and even each individual home) presents a unique situation, the real estate market in New Mexico is stable and fears are overblown.

“We’re doing good in the market. I don’t think that we’re frozen or stumbling at all,” he said.

Recent data from Redfin notes that the median sale price in New Mexico between September 2025 and September 2026 decreased slightly, dropping by 0.15%.

Gabaldon says that fact has sellers concerned they made a poor investment that won’t pay off and buyers wondering if they should even enter the market at all with a typical 30-year fixed-rate mortgage still hovering around 7.18% as of Thursday, according to Freddie Mac.

However, certain markets like Santa Fe are doing well, at least for sellers. The capital city saw a 6.9% increase in the median sale price year-over-year, according to Redfin.

Gabaldon says market conditions we saw during the pandemic may have skewed some people’s perceptions of what a more typical market should look like.

“One person goes and sells a house for $50,000 higher, goes and starts telling people. Then the neighbor wants to list their house at $50,000 higher. That’s not the truth of the way it works,” he said.

Redfin’s latest data from September also showed that 11.8% of homes in New Mexico are still selling above list price. That is, however, down from a recent high of 33.1% seen following the pandemic era in March of 2022.

Thursday did bring trouble in another market – the stock market.

The Dow Jones lost more than 1,800 points (3.34%) in a single day while the Nasdaq shed 5.52% in a single session.

But Gabaldon says drops like that shouldn’t dissuade someone from investing in real estate for the long term, and he believes any connections people draw to the financial crisis of 2008-2009 are exaggerated.

“I don’t think that we’re gonna go back to a market like that,” he said. “Like I said, we can’t predict what’s gonna happen in the future, but I just don’t see that happening.”

One other issue bothering some clients? That would be the amount of time some homes spend on the market these days.

Redfin’s data showed the average Albuquerque home stays listed for 38 days now before it goes pending. 

However, other New Mexico cities have been much more “competitive” lately, including Farmington, which sees a typical house listed for just 17 days before an offer is accepted. 

The post Is now the time to buy? Local realtor weighs in on housing market in New Mexico appeared first on KOB 4.