Out-of-state home buyers drive up New Mexico real estate market
- KOB 4
- Jan 17, 2022
- 1 min read
Updated: Apr 18, 2024
New data from U-Haul shows more people are moving to New Mexico, but all those people need somewhere to live.
More and more Americans are discovering why New Mexico is called the Land of Enchantment. “We’re seeing people from the Midwest from the northeast, quite a few California buyers,” said Damon Maddox with the New Mexico Realtors Association.
U-Haul ranked New Mexico 10th in the number of people moving in, up from the previous high of 14th back in 2015.
But those out-of-state buyers aren’t always good news. New Mexico realtors say there’s only so many houses to go around, and born-and-raised New Mexicans are often the ones forced to pay more.
“It’s because they’re coming from places where the housing is more expensive. You know, they’ve sold their home, say for California, and they’ve sold that property for you know, eight or $900,000. And they come into Mexico, they can buy the same size property for about three or $400,000,” Maddox said.
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