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Is Elephant Butte, NM 87935 a buyer’s or seller’s market?

Buyer’s market 3 months ending August 31, 2026 · Source: Redfin

Elephant Butte is a buyer’s market. With about 8.2 months of supply, buyers usually have more time and more room to negotiate on price and terms.

Months of supply8.2Under 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 market27Listing to accepted offer
Median price per sq ft$166▼ −14.0% vs. last year

The Elephant Butte housing market right now

In the three months ending August 31, 2026, 0% of homes in Elephant Butte, NM 87935 sold above their list price, the typical home went under contract in 27 days and there were 8.2 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. With only 9 sales, these figures can swing a lot from month to month.

Compared with the same period a year earlier, the share selling over asking was about the same (0% then), homes sold faster (83 days then) and the median sale price fell 16% to $324,859. Overall, Elephant Butte is more competitive than a year ago, so tougher for buyers.

Run the numbers for 87935

Prefilled for 87935Can I win this house?Multiple-offer likelihood for a listing Prefilled for 87935Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Arrey 87930 — /sq ftCaballo 87931Buyer’s market $124 /sq ftHillsboro 88042Balanced $200 /sq ftMonticello 87939 — /sq ft Browse all markets →

Towns like Elephant Butte nearby

Find towns like Elephant Butte in other states →
Williamsburg, NM87942 · 8 miles away53% similarcheaper homes ($83K less) · smaller Truth Or Consequences, NM87901 · 4 miles away40% similarcheaper homes ($69K less) · larger Hatch, NM87937 · 38 miles away21% similarcheaper homes ($100K less) · younger residents

Where Elephant Butte is

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Questions about Elephant Butte real estate

Is Elephant Butte a buyer’s or seller’s market?

A buyer’s market: there were 8.2 months of supply in Elephant Butte, NM 87935 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 Elephant Butte?

The typical home went under contract in 27 days in the latest three months.

Do homes in Elephant Butte sell over asking?

0% of homes sold above their original list price.

What are property taxes in Elephant Butte?

About 0.52% of a home’s value a year in Sierra County, or roughly $2,080 on a $400,000 home.

What is the median home price in Elephant Butte?

The median sale price was $324,859 in the three months ending August 31, 2026, about $166 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