Chaves County, New Mexico Housing Market Prices
Chaves County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 5% below the New Mexico median$194,644
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Median rent 19% below the New Mexico median$867
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Chaves County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $194,644 | $204,122 | $248,835 |
| Price Trend (Annual %) | 3.7% | 3.1% | 7.5% |
| Median Gross Rent | $867 | $1,067 | $1,407 |
| Rent Trend (Annual %) | 2.6% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chaves County is about 5% lower than in New Mexico. Rent is about 19% lower than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Chaves County, up about 3.7% and 2.6% a year respectively. Home prices are changing faster.
Median rent in Chaves County rose about 24.5% between 2015 and 2024, from $696 to $867. Over the same span, rent in New Mexico rose about 37.3%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Chaves County.
Buying the median-priced home in Chaves County costs roughly 18.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Chaves County. The price-to-rent ratio in New Mexico is about 15.9.
| Metric | Chaves County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $194,644 | $204,122 | $248,835 |
| Median Household Income | $52,973 | $64,523 | $80,455 |
| Price-to-Income Ratio | 3.7 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Chaves County rose about 71.2%, while median household income rose about 40.3% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Chaves County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.9% | 61.3% | 58.5% |
| Rental Rate | 25.3% | 26.2% | 31.2% |
| Vacancy Rate | 11.7% | 12.5% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Chaves County has a homeownership rate of 62.9%, higher than the New Mexico average of 61.3%. Its housing vacancy rate is 11.7%, compared with 12.5% in New Mexico.
Housing Stock
| Metric | Chaves County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.61 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1972 | 1983 | 1978 |
| Median Number of Rooms | 5.6 | 5.3 | 5.5 |
The typical housing unit in Chaves County was built around 1972. On average, 2.6 people live in a home with about 5.6 rooms, staying for about 16.0 years on average.
Chaves County, NM Housing Compared With Nearby Counties
Chaves County, NM is typical in size for this group, 64,216 residents against a local median of 61,104, so the measures below are close to a like for like comparison. Chaves County, NM's median rent, at $867, runs 21% below the $1,101 typical of the counties around it.
Median home price tells the same story from another angle: $194,644 against a local median of $230,925, 16% below it. The counties themselves spread $288 on median rent, so Chaves County, NM sits at one end of an already wide local range rather than apart from it. Chaves County, NM has the 4th highest median rent of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Chaves County, NM | 64,216 | $194,644 #3/4 | $867 #4/4 | 71.3% #3/4 |
| Eddy County, NM | 61,104 | $266,585 | $1,244 | 73.3% |
| Lincoln County, NM | 20,223 | $230,925 | $956 | 76.8% |
| Lea County, NM | 73,733 | $162,562 | $1,101 | 71.2% |
Frequently Asked Questions
Common questions about the housing market in Chaves County, New Mexico.
What is the median home price in Chaves County, New Mexico?
The median home price in Chaves County, New Mexico is $194,644, lower than the New Mexico average of $204,122.
What is the average home price in Chaves County, New Mexico?
The typical home price in Chaves County, New Mexico, reported as the median sale price, is $194,644. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Chaves County, New Mexico?
The median gross rent in Chaves County, New Mexico is $867 per month, lower than the New Mexico average of $1,067.
What was the median gross rent in Chaves County in 2020?
In 2020, the median gross rent in Chaves County, New Mexico was $808 per month.
What is the price-to-rent ratio in Chaves County, New Mexico?
The price-to-rent ratio in Chaves County, New Mexico is about 18.7, meaning it would take roughly 18.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Chaves County.
Are home prices or rent rising faster in Chaves County, New Mexico?
Both home prices and rent are rising in Chaves County, up about 3.7% and 2.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Chaves County, New Mexico?
62.9% of households in Chaves County, New Mexico own their home, higher than the New Mexico average of 61.3%.
What is the vacancy rate in Chaves County, New Mexico?
The housing vacancy rate in Chaves County, New Mexico is 11.7%, lower than the New Mexico average of 12.5%.
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