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Is Gallup, NM 87301 a buyer’s or seller’s market?

Balanced 3 months ending August 31, 2026 · Source: Redfin

Gallup is a balanced market. With about 5.7 months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.

Months of supply5.7Under 4 months = seller’s market
Sold above original list0%Share of sales, last 3 months
Median sale-to-list—Sold price ÷ list price
Median days on market84Listing to accepted offer
Median price per sq ft$149▼ −9.7% vs. last year

The Gallup housing market right now

In the three months ending August 31, 2026, 0% of homes in Gallup, NM 87301 sold above their list price, the typical home went under contract in 84 days and there were 5.7 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 27 home sales.

Compared with the same period a year earlier, the share selling over asking was about the same (0% then), homes sold more slowly (35 days then) and the median sale price rose 3% to $290,874. Overall, Gallup is less competitive than a year ago, which gives buyers more room.

Run the numbers for 87301

Prefilled for 87301Can I win this house?Multiple-offer likelihood for a listing Prefilled for 87301Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Continental Divide 87312 — /sq ftJamestown 87347 — /sq ftPrewitt 87045 — /sq ftThoreau 87323Buyer’s market $32 /sq ft Browse all markets →

Towns like Gallup nearby

Find towns like Gallup in other states →
Ramah, NM87321 · 29 miles away47% similarcheaper homes ($44K less) · smaller Window Rock, AZ86515 · 22 miles away44% similarcheaper homes ($111K less) · smaller Gamerco, NM87317 · 5 miles away43% similarcheaper homes ($70K less) · smaller Zuni, NM87327 · 31 miles away42% similarcheaper homes ($86K less) · smaller

Where Gallup is

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Questions about Gallup real estate

Is Gallup a buyer’s or seller’s market?

A balanced market: there were 5.7 months of supply in Gallup, NM 87301 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.

How fast do homes sell in Gallup?

The typical home went under contract in 84 days in the latest three months.

Do homes in Gallup sell over asking?

0% of homes sold above their original list price.

What are property taxes in Gallup?

About 2.00% of a home’s value a year in McKinley County, or roughly $8,000 on a $400,000 home.

What is the median home price in Gallup?

The median sale price was $290,874 in the three months ending August 31, 2026, about $149 per square foot.

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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology