Median Home Price
$304,500
The Hobbs, NM Real Estate Market
As of September 2026, the median home in Hobbs sells for $304,500, with homes moving in roughly 34 days. Inventory in the 88240 ZIP is up 17.9% year over year, giving buyers more selection than they had 12 months ago while sellers still command strong pricing. Price per square foot is running around $151, meaning a well-maintained 2,000-square-foot home in a solid Hobbs neighborhood should list somewhere in the $290K to $320K range depending on condition, lot, and upgrades.
Why buyers pick Hobbs
- Home to New Mexico Junior College and the University of the Southwest
- Zia Regional Medical Center and Lea Regional Medical Center employ hundreds locally
- Center of the New Mexico side of the Permian Basin, so job demand stays high
- Newer subdivisions on the north and east sides, established homes on the south
- Reasonable commute distances to Lovington, Eunice, and Jal for job flexibility
Hobbs neighborhoods
Popular Hobbs areas where I've helped clients buy and sell:
College HeightsEstablished neighborhood near NMJC. Ranch-style homes, mature trees, walking distance to campus.
Village East1970s-1990s subdivision east of the city center. Family homes, quiet streets, easy access to Lovington Highway.
North HobbsNewer development along the north corridor. Includes recent construction with modern floor plans.
Sanger HeightsCentral Hobbs classic homes on tree-lined streets. Walking distance to downtown and schools.
Del NorteFamily-friendly neighborhood on the north side with a mix of home ages and sizes.
BroadmoorSoutheast Hobbs. Traditional homes, established neighborhood feel.
Del CerroEstablished central-Hobbs neighborhood convenient to schools and shopping.
Taylor RanchNewer construction area with modern homes and larger lots.
Schools in Hobbs
Hobbs Municipal Schools serve the city with several elementary schools (Coronado, Southern Heights, Broadmoor, Highland), Heizer and Houston Middle Schools, and Hobbs High School (home of the Eagles). Higher education includes New Mexico Junior College and the University of the Southwest, both drawing students countywide.
Commute and location
Hobbs is the commercial center of Lea County. Most residents work within city limits at healthcare (Lea Regional Medical Center, Zia Regional), education (NMJC, USW, Hobbs Schools), retail, or oilfield service. Commute times inside Hobbs rarely exceed 15 minutes. Lovington is 22 miles north (30 minutes), Eunice is 22 miles south (25 minutes), and the Texas state line is 8 miles east.
Frequently asked questions about Hobbs real estate
How much does a house cost in Hobbs, NM?
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The median home in Hobbs sells for around $304,500 as of September 2026, up about 9.1% year over year. Entry-level homes start around $150K, mid-range family homes run $250K to $350K, and newer construction or homes on larger lots can exceed $450K.
Is Hobbs, NM a good place to buy a house?
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Yes, especially if you value affordability, steady demand, and a real economy. Hobbs sits in the Permian Basin so job demand from oil, healthcare, and education stays consistent. Home prices are up 25% over three years and inventory has finally opened up 17% year over year, giving buyers more choices without the frenzy of 2022.
What is the property tax rate in Hobbs?
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Lea County property tax rates are among the lowest in New Mexico. Residential effective tax rates typically run 0.5% to 0.8% of assessed value, well below the 1.1%+ common in most US metros. Ask me for a specific address and I can pull the exact mill rate for that neighborhood.
How fast do homes sell in Hobbs?
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The median home in Hobbs is now selling in 34 days, down from about 50 days a year ago. Well-priced homes in popular neighborhoods often go under contract within 2 to 3 weeks. Overpriced or outdated homes can sit for 60+ days.
What neighborhoods should I look at in Hobbs?
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It depends on your priorities. College Heights and Sanger Heights offer established homes with mature trees near schools. Village East and Broadmoor are family-friendly. Taylor Ranch and the north side have newer construction. I can walk you through pros and cons of each area based on your budget and priorities.
About Rodney Davis
Rodney Davis is a Hobbs, NM realtor with United Realty, LLC. Licensed in New Mexico and Texas.
Over 800 transactions since 2014, covering every corner of Lea County. Straightforward pricing,
no sign-up walls, no drip email spam. Text or call anytime at
575-942-9170.
Other Lea County markets
Read the 2026 Hobbs and Lea County Market Report for the full data breakdown, or browse the Lea County locations hub for every city we serve.