OfferBackedBuyer Tools

Is Hobbs, NM 88240 a buyer’s or seller’s market?

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

Hobbs is a seller’s market. With about 1.5 months of supply and 0% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.

Months of supply1.5Under 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 market25Listing to accepted offer
Median price per sq ft$148▼ −2.1% vs. last year

The Hobbs housing market right now

In the three months ending August 31, 2026, 0% of homes in Hobbs, NM 88240 sold above their list price, the typical home went under contract in 25 days and there were 1.5 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 89 home sales.

Compared with the same period a year earlier, the share selling over asking was about the same (0% then), homes sold about as fast and the median sale price rose 2% to $269,883. Overall, Hobbs is about as competitive as it was a year ago.

Within Lea County, homes here sell more slowly than in 75% of the county’s ZIP codes, and sell less often over asking than in any other ZIP code in the county.

Run the numbers for 88240

Prefilled for 88240Can I win this house?Multiple-offer likelihood for a listing Prefilled for 88240Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Eunice 88231 $122 /sq ftHobbs 88242Seller’s market $198 /sq ftJal 88252Seller’s market $121 /sq ftLovington 88260Seller’s market $165 /sq ft Browse all markets →

Towns like Hobbs nearby

Find towns like Hobbs in other states →
Lovington, NM88260 · 20 miles away82% similarsmaller · 6 min longer commute Seminole, TX79360 · 26 miles away80% similarpricier homes ($32K more) · smaller Denver City, TX79323 · 25 miles away66% similarsmaller · younger residents Hobbs, NM88242 · 6 miles away60% similarhigher income ($27K more) · pricier homes ($73K more)

Where Hobbs is

Loading map…

Questions about Hobbs real estate

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

A seller’s market: there were 1.5 months of supply in Hobbs, NM 88240 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 Hobbs?

The typical home went under contract in 25 days in the latest three months.

Do homes in Hobbs sell over asking?

0% of homes sold above their original list price.

What are property taxes in Hobbs?

About 0.48% of a home’s value a year in Lea County, or roughly $1,920 on a $400,000 home.

What is the median home price in Hobbs?

The median sale price was $269,883 in the three months ending August 31, 2026, about $148 per square foot.

Local agents

See all agents in 88240 →

No sponsored agents in 88240 yet. Are you an agent here? Put your name in front of local buyers.

Save this ZIP (free account)

More tools for 88240

Competition score Buyer leverage Negotiation room Compare with other ZIP codes True cost to buy Property taxes Closing costs Cash buyers Backup offer odds Home value Lea County property taxesLea County loan limitsClosing costs in New MexicoHottest ZIP codes in New Mexico
Add this to your website

Free to use. Paste this code where you want the live widget to appear. It updates automatically. More widgets

Sizes itself to fit. If your site builder removes scripts, use “iframe only”.

Preview

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