ZIP Code Market Report
87935 — Elephant Butte, NM
Data through February 2026 · Updated monthly
Avg Home Value
$236,746
▲ 3.2% year-over-year
Month-over-Month
-0.5%
▼ 0.5%
Single Family
$237,274
Condo / Co-op
--
The average home value in the 87935 ZIP code (Elephant Butte, NEW-MEXICO) is $236,746 as of February 2026. Home prices are rising, up 3.2% compared to last year.
A 3-bedroom home in 87935 is valued at $290,602.
The market in 87935 has a $195,772 spread between bottom-tier homes at $155,373 and top-tier homes at $351,145. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
This report is part of the Sierra County market area in NEW-MEXICO. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Sierra County report.
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Market Snapshot
87935 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $239,968 | $237,963 | $236,746 | ▼ 1.3% |
| Single Family Value | $237,386 | $237,765 | $237,274 | No Change |
Home Values
87935 Home Value Trend
Historical home values for ZIP code 87935. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 87935
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 2 Bedrooms | $219,134 |
| 3 Bedrooms | $290,602 |
Property Types
Home Values by Property Type in 87935
How different property types compare in this ZIP code.
All Homes
$236,746
Single Family
$237,274
Bottom Tier
$155,373
Top Tier
$351,145
Data Sources and Methodology
Home value data for ZIP code 87935 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
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