In recent studies, we analyzed and determined the most expensive ZIP codes in a series of western states, including Texas, Nevada, and Utah. Now, we wanted to turn to another state in the vicinity — New Mexico.
New Mexico saw some serious growth in home values over the last five years. The growth was most significant in the suburbs outside urban areas like Santa Fe and Albuquerque. But there were also more rural ZIP codes who saw their home values increase substantially as well. Read on to find out the most expensive ZIP codes in New Mexico in 2025, based on the latest data from Zillow’s home value index.
The Most Expensive ZIP Codes in New Mexico
Using data from Zillow’s home value index, we analyzed tens of thousands of ZIP codes across America in order to assemble our list of the top 15 most expensive ZIP codes in New Mexico. As part of our analysis, we took into consideration the latest monthly home values Zillow has — December 2024 — as well as the average of 12 months of median home values from January 2024 to December 2024.
The Top 5 Most Expensive ZIP Codes in New Mexico
ZIP code 87506 is the most expensive one in New Mexico. It stretches from northern Santa Fe in the south. It covers numerous towns, such as Tesuque, Tesuque Pueblo, Cuyamungue, Nambe, Pojoaque, and many more. Just over one fifth of households in 87506 earn incomes of $200,000 or more. The median household income is much lower, at $90,504. The mean household income is $141,030. ZIP code 87506 got quite expensive over the last five years. In December 2019, the median home value was $687,928, already expensive for the time. But five years later, the median home value had grown by 55.3%, reaching more than $1.068 million.
The second most expensive ZIP code in New Mexico lies to the south of Santa Fe, and covers Lamy and Galisteo. The many ZIP codes covering rural areas that we’ve analyzed, this one has seen its home values carried higher by more expensive sections. The median home value in December 2019 was $549,953. It then rose at a similar rate as ZIP code 87506 — 52.3% — reaching $837,420 by December 2024.
The No. 3 most expensive ZIP code in New Mexico — 87501 — covers an area northeast of downtown Santa Fe, including Hyde Park. In its southwest corner, the ZIP code contains the Georgia O’Keeffe Museum. Almost a fifth of households earn $200,000 or more. The median household income is $81,229, while the average household income is $123,549. Home values received a boost in recent years. The median home value, $508,987 in December 2019, increased by 41.5%, to reach $720,363 in December 2024.
The fourth most expensive ZIP code is 87122, which covers an area northeast of Albuquerque, centered on Sandia Heights. Incomes in this ZIP code are very high for New Mexico. The median household income is $161,299, while the average household income is $203,900. Home values appreciated substantially, though not as much as in the first and second most expensive ZIP codes. Back in December 2019, the median home value was $482,123. This then rose by 47.3%, settling at $710,280 in December 2024.
The No. 5 most expensive ZIP code in New Mexico is 87048, which covers Corrales, north of Albuquerque. More than a fifth of households make $200,000 or more a year. The median household income is $112,716 and the average household income is $152,381. Home value appreciation here has been significant. Over the last five years, home values rose by 54.6%, going from $437,676 in December 2019 to $676,541 in December 2024. Home value growth did slow down noticeably from 2023 to 2024, increasing by only 2% annually.
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