The story of this market
The typical home in ZIP 88240 sells for about $264,842, or $158 per square foot.
Prices are down 10.6% from a year ago, which gives buyers more room to negotiate. Homes take about 10 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $1,150 a month.
ZIP 88240 — Hobbs
The Hobbs housing market is currently experiencing a cooling phase, with median prices down 10.6% year-over-year as the local economy adjusts to energy sector fluctuations. While inventory remains relatively tight, the market is seeing faster sales compared to previous years, indicating a balanced but sensitive environment. Buyers are finding more negotiation room, though the overall market remains heavily influenced by the regional oil and gas industry.
This ZIP is primarily suited for energy-sector workers, families seeking affordable housing, and investors looking for yield in a resource-dependent economy.
Median prices moved down 10.6% year over year.
Homes spend a median of 10 days on market with 2.1 months of supply — a fast-moving market.
18% of listings have cut prices · homes sell at 98.2% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 5.7% · poverty 17.1% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 2.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 88240, Lea County NM
Crime rates in Hobbs are generally higher than the national average, with property crime being the most frequently reported issue in the area.
Schools in the Hobbs Municipal School District receive mixed ratings, with many institutions focusing on vocational and technical training to support the local energy industry.
The area faces moderate risks from wind and occasional severe weather, with property insurance premiums reflecting the regional climate and wildfire exposure.
The economy is heavily driven by the oil and gas industry, with significant infrastructure and development momentum tied to energy sector activity in the Permian Basin.
Property taxes are assessed by Lea County, with an effective rate of approximately 0.4% for residential parcels, significantly lower than the New Mexico state average.
Most residents rely on personal vehicles for commuting, with major employment hubs located within the city limits or in nearby oilfield service centers.
The area features local parks such as Harry McAdams State Park and various community sports complexes, with limited large-scale shopping options outside of local retail centers.
The rental market is characterized by moderate vacancy pressure, with demand closely linked to the cyclical nature of the energy sector workforce.
The economy is dominated by the oil and gas industry, with major employers including energy service companies and local government entities.
Transportation is primarily highway-based, with US-62 and NM-18 serving as the primary corridors for regional connectivity.
Development is focused on supporting the energy workforce, with ongoing projects for multi-family housing and commercial service centers.
The Lea County Assessor manages property valuations, with assessments typically reflecting market trends in the energy-dependent local economy.
Parcels are subject to Hobbs Municipal School District taxes and various local utility district assessments.
Property insurance costs are influenced by regional weather patterns and the high-risk nature of the energy-heavy local economy.
Net domestic migration is positive, driven by employment opportunities in the energy sector.
New Mexico is a judicial foreclosure state, requiring court intervention for the foreclosure process.
Sellers are required to provide a disclosure statement regarding the condition of the property, including known defects.
Data retrieved from Census Bureau ZCTA-level tables and local market reports.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Features a golf course and recreational facilities.
A major community hub for fitness and aquatic activities.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.