The story of this market
The typical home in ZIP 88124 sells for about $98,750, or $78 per square foot.
Prices are down 2.1% from a year ago, which gives buyers more room to negotiate. Homes take about 112 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $716 a month.
ZIP 88124 — Melrose
The housing market in ZIP 88124 is characterized by low volume and stable, affordable pricing consistent with its rural location. Market activity is minimal, with few listings and limited price volatility, reflecting a steady, non-speculative environment.
This ZIP is best suited for those seeking a quiet, rural lifestyle, including retirees or local agricultural workers who prioritize affordability and community scale over proximity to urban amenities.
Median prices moved down 2.1% year over year.
Homes spend a median of 112 days on market with 7.0 months of supply — a slower-moving market.
12% of listings have cut prices · homes sell at 96.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 5.8% · poverty 14.1% — 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 2.1%/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 2.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 88124, Roosevelt County NM
Crime rates in the Melrose area are generally low, consistent with rural Roosevelt County trends and significantly lower than state urban averages.
The area is served by the Melrose Municipal Schools district, which maintains a small-town educational environment with limited extracurricular variety compared to larger regional districts.
The region faces moderate risks from wind and occasional severe thunderstorms, with standard insurance coverage typically available for rural residential properties.
Economic momentum is primarily driven by local agriculture and regional support services, with limited new commercial development or major infrastructure projects currently underway.
Property taxes are assessed by the Roosevelt County Assessor based on local millage rates; the Village of Melrose operates as a municipal entity with its own local tax levies.
Commuting is primarily car-dependent, with residents traveling to Clovis or Portales for major employment and retail services via state highway corridors.
Local recreation is centered on community parks and rural outdoor activities, with limited commercial shopping or entertainment venues within a 3-mile radius.
The rental market is characterized by low inventory and limited turnover, with most stock consisting of single-family homes rather than large multifamily complexes.
The local economy is heavily reliant on agriculture, ranching, and regional public sector employment, with limited industrial diversification.
Transportation is entirely reliant on private vehicles, with no public transit infrastructure serving the village.
There are no major commercial or residential developments currently approved or under construction within the ZIP code.
The Roosevelt County Assessor manages property valuations for the area, following standard New Mexico assessment cycles.
Parcels are subject to local school district taxes and standard county-level service district levies.
Property insurance remains available, though premiums are influenced by regional exposure to wind and hail damage common in Eastern New Mexico.
New Mexico has experienced modest net domestic migration, with rural areas like Roosevelt County seeing stable or slightly declining population trends.
New Mexico is a judicial foreclosure state, requiring court intervention for the foreclosure process.
Sellers are required to provide a property disclosure statement detailing known material defects at the time of sale.
Data retrieved from data.census.gov ZCTA 88124 profile.
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.
Local community green space serving the village residents.
Small community resource center.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.