Is Hobbs, NM 88242 a buyer’s or seller’s market?
Hobbs is a seller’s market. With about 1.9 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.
The Hobbs housing market right now
In the three months ending August 31, 2026, 0% of homes in Hobbs, NM 88242 sold above their list price, the typical home went under contract in 22 days and there were 1.9 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 23 home sales.
Compared with the same period a year earlier, the share selling over asking was about the same (0% then), homes sold faster (37 days then) and the median sale price rose 18% to $414,821. Overall, Hobbs is more competitive than a year ago, so tougher for buyers.
Within Lea County, homes here sell faster than in 50% 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 88242
Nearby markets
Eunice 88231 $122 /sq ftHobbs 88240Seller’s market $148 /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 →Where Hobbs is
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Questions about Hobbs real estate
Is Hobbs a buyer’s or seller’s market?
A seller’s market: there were 1.9 months of supply in Hobbs, NM 88242 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 22 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 $414,821 in the three months ending August 31, 2026, about $198 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