Overview of the Commercial and Residential
Real Estate Market in New Mexico
The Navajo are the largest Native American Group in the United States and occupy a New Mexico reservation that covers 14 million acres. The Indian Reservations of the state have some tribal laws that superseded state laws. The state is about 25 percent forest and has seven National Forests. One is the 3.3 million acre Gila National Forest. There are some isolated villages where residents are direct descendants of Spanish conquistadors. These people speak a version of 16th century Spanish that is heard no other place in the world. About one in three families in the state speak Spanish at home. According to the U.S. Census, New Mexico has a population of 2,085,572, a median home value of $160,000, and a median household income of $44,927. The largest city is Albuquerque with a population of 556,495, a median home value of $186,500, and median household income of $47,989. Las Cruces is a distant second with a population of 101,324 and median home value of $151,700.
Across the mostly rural state, approximately 15 percent of residents live in multi-unit structures, keeping the demand for apartments low. State-wide, there are about 17 people per square mile compared to 1,276 per square mile in Las Cruces city and 2,907 in Albuquerque. About one in four residents work for the Federal Government. State and local municipalities also employee a large number of residents. Scientific research and the mining of natural resources are significant aspects of the New Mexico economy. Many government jobs were cut during the recession and New Mexico has found it more difficult to recover than other states. Cities like Las Cruces are currently focusing a great deal of effort on attracting private industries and businesses to the area.
How to Become a Realtor in New Mexico
Headquartered in Albuquerque, The New Mexico Real Estate Commission regulates the licensing of all real estate agents for the state and regulates their conduct. The state has two types of real estate license: Associate Broker and Qualified Broker. They require applicants be at least 18 years old and a legal resident of the United States. While applicants for an associate broker are allowed to perform pre-licensing work before their 18th birthday, they must be 18 to obtain a license. They must successfully complete 90 hours of Commission-approved classes within three years of applying for a license. The classes must consist of 30 hours covering real estate principles and practice, 30 hours on real estate law, and 30 hours of broker basics. The state of New Mexico currently has Licensure Recognition agreements with Georgia, Tennessee, Louisiana, and Massachusetts.