Building Costs Per Square Foot in the State of New Mexico – Single Family Homes

Last Updated on April 8, 2024 by admin

Newly Built House in New Mexico 2833 E Springs Road Las Cruces NM88011 – 4 Bed and 3 Baths with 2 Attached Garages on Gross Floor Area 2,439 sqft – Built in 2022 – Price $429,000 (3)_result

As of 2024, building costs in the state of New Mexico are -10% below the national average. The charts below show a comparison of costs between luxury, semi-luxury, best, good, average and minimum standard single-family houses. Costs are also given for manufactured housing in five quality classes.

2024 Building Costs Per Square Foot for Single Family Homes in the State of New Mexico, USA

• Class 1 – Luxury Homes – $335.86 to $547.26 per sqft
• Class 2 – Semi Luxury Homes – $204.14 to $332.60 per sqft
• Class 3 – Best Standard Homes – $132.18 to $213.04 per sqft
• Class 4 – Good Standard Homes – $96.29 to $156.97 per sqft
• Class 5 – Average Standard Homes – $78.19 to $127.25 per sqft
• Class 6 – Minimum Standard  Homes – $61.67 to $100.45 per sqft

New Mexico Single Family Houses 2024 Building Costs

2024 Building Costs Per Square Foot for Manufactured Housing in the State of New Mexico, USA

Manufactured housing is composed of one or more prefabricated modular units which are delivered to the site and assembled on a RC foundation or slab.

• Best Quality Housing – $124.91 to $144.80 per sqft
• Good Quality Housing – $104.62 to $127.76 per sqft
• Average Quality Housing – $83.90 to $111.26 per sqft
• Low Average Quality Housing – $70.72 to $96.94 per sqft
• Lowest Quality Housing – $60.47 to $85.75 per sqft

New Mexico Manufactured Housing 2024 Building Costs

2022 Residential Construction Market Analysis in the State of New Mexico, USA

Building costs are 8% below the national average in the state of New Mexico, equivalent to Nebraska and closer to the state of Arkansas and Idaho by a deviation of 1%. New Mexico’s ancient living cultures, awe-inspiring landscapes, unknown settlements, and authentic features have made it an oasis for music festivals and recreational activities alike. New Mexico is the place to be if you’re looking for adventure based on culture, to nurture the spirit and feed the soul. But it’s not all about tourism or just “hanging out” in New Mexico, it’s also a great place to live.

The capital city of New Mexico is Santa Fe, but this state has other large urban centers such as Albuquerque, Rio Rancho, Roswell, Clovis, among others. This means that you have a wide variety of places to choose from, whether you want to invest in the real estate market or if you want to find a new place to live. All of its cities have the air of a small town, with the peace and tranquility that can only be found in a state surrounded by nature like New Mexico.

New Mexico Construction Outlook

To understand the constructions it is necessary to take into account certain characteristics of the climate of New Mexico. The climate in this state is predominantly dry, but it does have some moments with an almost extreme level of cold or heat depending on which part of the state you are (the higher the colder) and the season of the year. Every part of New Mexico receives sunshine year-round, making it a beautiful place to live. Since it is a large state, the climatic conditions might vary from one place to another. However, the big storms usually only occur in summer, which means that it is not a state with many climatic problems.

This makes it possible to build all kinds of houses, from wooden houses to container houses, or the typical brick and cement houses. In New Mexico there are still many adobe houses, this happens almost only in this state and it is something that characterizes it above the rest.

Throughout New Mexico there are a large number of mobile homes, in fact, it is one of the states that has the most in the entire country. You should not confuse these houses with mobile homes, since they are very different things. With mobile homes, your home always goes with you. In addition, as it does not require a large installation, it is very easy to install and in a matter of days, you will be able to start enjoying it. They are houses that are already manufactured so they should only be placed on the ground, and due to the territorial and climatic conditions, New Mexico is a great place to choose to have one.

In the cities with the largest population, such as Santa Fe and Albuquerque, there are some buildings, and in fact, there are real estate projects to create new ones, especially near university campuses, so it is a trend that we must keep an eye on. eye on it.

New Mexico Housing Market Analysis and Forecast

 US home prices have shot up to new levels and continue to rise, to the point that some specialists now. Home prices are rising faster than housing market experts would suggest they should. However, this trend is not as negative or worrisome in New Mexico.

This is in part due to a huge growth in the real estate market during 2020 and 2021. The state has become hugely attractive amid the pandemic as it has brought in residents who continue to work remotely, and who come to New Mexico. the possibility of having a large property at a good price, while obtaining proximity to nature and open spaces.

This caused the number of property purchases to grow by 35% in 2021 compared to 2020, and the demand continues to increase. New Mexico has a unique charm, which means that there is a lot of demand, but there is not as much supply. This is because there are not many homes currently listed, making competition stiff among buyers.

Anyway, you can get properties at a good price in this state without any problem. Homes last an average of 30 days on the listing in this state but may sell faster or take longer depending on the location and condition of the property. In Santa Fe and Albuquerque, they tend to sell much faster.

New Mexico Average House Price (Median Home Price)

The price of a median home in New Mexico is $156,000 in 2022. Keep in mind that by median home we mean a house with 3 bedrooms, 2 bathrooms, a kitchen, a living room, a garage, and a small garden. This is an average price, which can go up or down depending on where you are and what type of properties you are looking for.

You can find some houses for much cheaper prices. In the Clovis neighborhood, there are some average houses listed for less than $90,000, although they probably require some kind of remodeling. Santa Fe and Albuquerque are the most expensive, above $300,000, but they are usually a little more luxurious or new houses, with more than 4 rooms.

In New Mexico, you can also get mobile homes for a much cheaper price, which is usually less than $100,000. These houses are perfect taking into account the climatic and territorial conditions of this market.

Proposed Residential Building Projects in New Mexico

New Mexico is modernizing, and there are hundreds of real estate developments throughout the state, thanks in part to the high demand from buyers and low property prices.

Around the University of New Mexico, both at the Santa Fe and Albuquerque campuses, new housing is being created to temporarily house college students. There are also some buildings under construction in those cities that are expected to be ready by the end of the year or early 2023.

Mobile homes are something in which a lot is invested since the composition of New Mexico these prefabricated houses can be moved without much problem, and their materials are not affected by the climate of the region.

Newly Built House in New Mexico 3774 Archangel Avenue Las Cruces NM88012 – 3 Bed and 2 Baths with 2 Attached Garages on Gross Floor Area 2,095 sqft – Built in 2022 – Price $446,900 (3)_result

2020 Building Costs Per Square Foot for Single Family Homes in the State of New Mexico, USA (NATIONAL ESTIMATOR)

Building costs are 8% below the national average in the state of New Mexico, equivalent to Nebraska and closer to the state of Arkansas and Idaho by a deviation of 1%.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in New Mexico ranges from $317.30 per sqft to $486.40 per sqft, with the average being $374.46 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in New Mexico ranges from $192.84 per sqft to $295.60 per sqft, with the average being $227.57 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in New Mexico ranges from $124.66 per sqft to $189.35 per sqft, with the average being $145.95 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in New Mexico ranges from $90.98 per sqft to $139.52 per sqft, with the average being $107.37 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in New Mexico ranges from $73.85 per sqft to $113.10 per sqft, with the average being $87.08 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in New Mexico ranges from $58.25 per sqft to $89.28 per sqft, with the average being $68.71 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

List of 12 Metropolitan Areas/Cities in New Mexico – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 106 municipalities and 779 special districts grouped into 33 counties in the state of New Mexico. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each metropolitan area in New Mexico is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in New Mexico:

New Mexico Average -8% (-8% less than X)

• Socorro 878 -14%
• Alamogordo 883 -11%
• Clovis 881 -11%
• Holman 877 -10%
• New Mexico Average -8%
• Las Cruces 880 -8%
• Santa Fe 875 -8%
• Truth or Consequences 879 -8%
• Tucumcari 884 -8%
• Gallup 873 -7%
• Albuquerque 870-871 -3%
• Fort Sumner 882 -2%
• Farmington 874 -1%

The Metropolitan Area List above as well as the Bar Graphs below shows that Socorro is the cheapest city to build a private home in the state of New Mexico. Farmington is the most expensive city to build a home. Building costs are -14% below the national average in Socorro and -1% below the national average in Farmington.

Cheapest Places To Build in New Mexico:

Socorro is cheapest to place to build at -14% below the national average, followed by Alamogordo and Clovis at -11% below the national average. The third cheapest place to build a house is Holman at -10% below the national average, followed by Las Cruces, Santa Fe, Truth or Consequences and Tucumcari at -8% below the national average. The fourth cheapest place to build is Gallup at -7% below the national average, followed by Albuquerque at -3% below the national average.  The fifth cheapest place to build a home is Fort Summer at -2% below the national average. Construction costs in Farming are –1% below the national average.

Expensive Places To Build in New Mexico:

If anything between 5% and 10% is considered expensive, then there is no such metropolitan area in New Mexico.

More Expensive Places To Build in New Mexico:

If anything between 10% and 15% is considered more expensive, then there is no such metropolitan area in New Mexico.

Very Expensive Places To Build in New Mexico:

The most expensive places to build a house in New Mexico are those 15% above the national average. There is no such metropolitan area in New Mexico.

New Mexico State Average Costs:

Private home building costs in the state of New Mexico are -8% below the national average. Building cost rates in the metropolitan areas of Las Cruces, Santa Fe, Truth or Consequences and Tucumcari are equivalent to the New Mexico state average. Residential development costs in Gallup are closer to the state average by a deviation of 1%. New Mexico and Nebraska are the second cheapest states to build a home in the United States after Idaho.