Las Vegas NM ended 2023 with a median closed price of $230,000, up 7.4 % year-over-year yet still $185 k below Santa Fe County. Inventory sits at 2.3 months—technically a seller’s market, but nothing like the feeding frenzy in nearby Albuquerque. Single-family detached homes account for 82 % of sales; the rest are adobe townhomes near the university or rural ranchettes on 1–5 acre lots.

• East Las Vegas Historic District: $260 k median, 28 DOM, 6.1 % appreciation
• West Mesa Subdivisions: $235 k median, 45 DOM, 3.8 % appreciation
• Rural San Miguel (USDA zone): $210 k median, 55 DOM, 4.5 % appreciation

Investor activity is light—only 11 % of purchases—so owner-occupants still set pricing. Builders have broken ground on 42 new lots along Highway 518, but completion dates run into late 2025, supporting continued price stability.

University Heights tops the list for young families: 3-bed 1930s adobes run $225–240 k, and you can walk to Highlands University for weekend farmers markets. Apodaca Hill, just south of the hospital, offers 1950s brick ranch homes with $1,800–2,000 sq ft under $250 k; basements are stubbed for easy ADU conversions—perfect for house-hacking your mortgage.

If you crave rural privacy but need city utilities, the Ribera Road corridor delivers 1-acre lots, natural-gas hookups, and USDA zero-down eligibility. Expect elk in your yard and dark-sky Milky Way views, yet you’re 12 minutes to Walmart and the new Meow Wolf-funded art collective on Douglas Ave.

San Miguel County’s mill levy is 26.95, translating to roughly 0.78 % of assessed value. On a $230 k home, budget $1,800/year before exemptions. The state offers three big breaks:

• Head of Household: $2 k reduction in taxable value saves ≈ $50/year
• Veteran Exemption: $4 k reduction; NMHL can layer this with VA $0-down financing
• Senior Valuation Freeze: freezes assessed value at age 65, capped at $200 k market

Taxes are due November 10; if you escrow, NMHL will collect 1/12 monthly and pay on your behalf. Delinquency rate in the county is only 2.1 %, so tax-lien surprises at closing are rare.

New Mexico’s FirstDown gives $10 k at 0 % interest, forgiven after 10 years; combine with NMHL’s FHA 3.5 % down and you can buy with as little as $4,500 out-of-pocket on a $230 k home. Teachers, nurses, service-members qualify for an extra $2 k through the HEROES add-on.

City of Las Vegas Housing Dept. runs a smaller LOCAL Grant—$5 k at 3 % simple interest, deferred until sale or refinance. Income caps are 80 % AMI, which for a family of two is $55 k. Because NMHL is an approved LOCAL lender, we can stack both state and city assistance, covering nearly all down payment and closing costs.

Over 38 % of Las Vegas workers are self-employed—far above the national 11 %. Traditional lenders demand two years of tax returns, but write-offs for studio space, livestock feed, or gallery mileage often sink qualifying income. NMHL’s Flex-24 uses 12-months of business bank statements, adds back depreciation, and approves loans down to a 660 credit score with as little as 10 % down.

Case in point: a local printmaker with 712 FICO showed $42 k net on Schedule C, but gross deposits topped $98 k. Flex-24 calculated qualifying income at $86 k, approved a $275 k purchase on a Canyon Road territorial with 15 % down, and beat a conventional quote by 0.375 % in rate.

San Miguel County is home to 1,100 veterans and 120 active-duty dependents stationed at White Sands or Kirtland commuting distance. NMHL’s VA zero-down program covers the full appraised value, and the seller can pay up to 4 % in concessions—enough to wipe out the 1 % origination plus prepaid taxes and insurance.

Surviving spouses with VA COE can access the same benefit; we recently helped a widow purchase a $245 k hilltop home overlooking the Gallinas with $0 down and only $1,200 in total closing costs. VA funding fee drops to 1.25 % when you put 5 % down—something to consider if you want a lower monthly payment but keep cash reserves for studio equipment or livestock.