Gallup, NM metro housing market

What this means

• Valuation. Prices are 12% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are down 1.8% over the past year (U.S.: +1.2%).
• Supply. Listings are 39% below the 2017-19 norm: still a tight market.
• Negotiating. Buyer leverage is high (71/100; U.S.: 54): homes sell for about 6.5% below their final list price (as of Jul 2026); 15% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 40% of the median household income (U.S.: 35%); it takes about $64k a year to keep the payment at 30% of gross pay. That includes about $1,132 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $96 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. No clear direction: likely −8% to +7% over the next 12 months (55% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −8.3% to +6.7% (80% range; middle estimate +0.6%), chance of a rise 55%, of a 5%+ drop 18%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Counties in Gallup, NM metro