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Featured local agent — Cañones, NM
Sarah Mitchell
Compass Real Estate · Cañones, NM
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Cañones, NM Housing Market
The last median sale price Redfin published was $500,000 (through May 2026). With homes going under contract in about 127 days, Cañones is a buyer's market. At today's 7.03% 30-year fixed rate, 20% down on a $500,000 home is about $2,669/mo in principal and interest.
Key numbers for Cañones, NM
Median sale price
$500,000
Last published period
Redfin, through August 2021
Days on market
127
Slow-moving
Redfin, through August 2021
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$98,750
Home costs 5.1x income
U.S. Census ACS, 2023
Sale-to-list ratio
95.2%
Selling below asking
Redfin, through August 2021
Zillow figures refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Cañones a buyer's or seller's market?
Cañones, NM is a buyer's market and homes selling in about 127 days. We classify markets from months of supply, sale-to-list ratio and days on market together — no single number decides it.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Cañones housing market data show?
Every row below is Redfin's final published month for Cañones, NM. Redfin, through August 2021
| Metric | Value |
|---|---|
| Median sale price | $500,000 |
| Median price per sq ft | $197/sq ft |
| Median days on market | 127 days |
| Sale-to-list price ratio | 95.2% |
| Homes sold (that month) | 1 |
| Market condition | Buyer's market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Cañones is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Cañones is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Cañones home prices moved?
We hold fewer than three months of sale history for Cañones, NM, which is not enough to draw a trend line without misleading you. The Zillow value figures above are the current read for this city.
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What does it cost to buy a home in Cañones?
Priced off the median sale price of $500,000 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $100,000 | $400,000 | $2,669/mo |
| 5% | $25,000 | $475,000 | $3,170/mo |
Redfin, through August 2021 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $2,669, that implies roughly $114,397 a year before you add taxes and insurance. The median household in Cañones earns $98,750, about $15,647 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the median sale price to fit the 28% rule. That puts the price-to-income ratio at 5.1x — well above the 3x that was historically considered affordable, which is why down payment size drives who can buy here.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Cañones in the next 12 months?
Tell us your timeline. We send the Cañones market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Cañones?
Zillow does not publish a rent index (ZORI) for Cañones, NM, so we cannot compute a price-to-rent ratio here without borrowing a nearby market's rents and calling them local — which we will not do. The rent vs. buy calculator works with a rent figure you supply.
Is inventory rising or falling in Cañones?
We hold fewer than two months of inventory readings for Cañones, NM, so there is no trend to report yet.
How does Cañones compare to New Mexico and the U.S.?
Cañones homes sell for $500,000 — 26% above the New Mexico median of $395,500. Against the national median of $410,700, Cañones runs 22% higher.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Cañones, NM | $500,000 | not published | 127 days |
| New Mexico statewide | $395,500 | +10.8% | 53 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through August 2021 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Cañones
What buyers should watch
- The gap between 5% and 20% down here is $500 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $500,000 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Cañones listing goes under contract in 127 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 95.2% of asking. Price to that ratio from day one rather than chasing the market down in cuts.
- Comparable ZIP-level pricing inside Cañones varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Cañones
Explore homes currently listed for sale in Cañones, New Mexico across major real estate platforms.
Who lives in Cañones?
American Community Survey estimates for Cañones. U.S. Census ACS, 2023
Population
91
Households
57
Median income
$98,750/yr
Median age
64.5 years
Owner-occupied
100.0%
Median home value
$525,000
100.0% of occupied homes in Cañones are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market.
Which cities are near Cañones, NM?
Ordered by distance from Cañones, not by size. Compare Cañones side by side with any of them.
Cañones housing market FAQ
Is Cañones a buyer's or seller's market?
Cañones, NM is currently a buyer's market based on the supply, pace-of-sale and sale-to-list data we hold for this city. Redfin's public market tracker last published in May 2026, so this classification will not move until a new source fills that gap.
How much do homes cost in Cañones?
The median sale price in the last month Redfin published was $500,000, about $197 per square foot.
Is Cañones cheaper than the rest of New Mexico?
Cañones's median sale price of $500,000 is 26% higher than the New Mexico statewide median of $395,500, and 22% above the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Cañones?
Homes in Cañones, NM spent a median of 127 days on market before going under contract, versus 53 days statewide. Over two months means buyers have time to inspect, compare and negotiate. (Redfin, through May 2026.)
What income do you need to buy a home in Cañones?
At the current 30-year fixed rate of 7.03%, 20% down on a $500,000 home is about $2,669 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $114,397 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $98,750.
Are home prices rising in Cañones?
We do not hold a complete 12-month value series for Cañones, NM yet, so we are not going to call a direction. The price chart above shows every period we do have.
What are the cheapest ZIP codes in Cañones?
Cañones ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Cañones?
That depends on your timeline, not on a headline. What the data says today: Cañones, NM is a buyer's market, the 30-year fixed rate is 7.03%. Properties Incorporated publishes the data; it does not give financial advice.
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