Mexico City, Baja California Sur, and Querétaro are the states with the highest average home prices, according to records from the Federal Mortgage Society (SHF).
During the first quarter of the year, the nation’s capital topped the list with the highest average price, at 3,866,210 pesos, according to preliminary figures from the SHF Home Price Index in Mexico.
Next comes Baja California Sur with a price of 2,644,915 pesos, followed by Querétaro with 2,357,145 pesos.
Also among the highest prices are Yucatán with 2,319,233 pesos, Baja California with 2,272,653 pesos, Nayarit with 2,203,298 pesos, and Morelos with 2,118,711 pesos.
Together, these are the seven states with an average price above 2 million pesos. Therefore, the remaining 25 states have a lower price, ranging between 1 and 1.9 million pesos.
In the country, the average home price reached 1,859,043 pesos during the first quarter of the year; 13 states had a value higher than the national average, while the remaining 19 had lower values.
According to the SHF (National Health Service), the national average price (1.8 million pesos) corresponds to the price of a median home, based on the price of homes with mortgage loans.
In contrast to the higher prices, Durango reported the lowest average price in the country, at 1,065,371 pesos; followed by Tamaulipas, where homes reached an average value of 1,068,190 pesos.
Also among the five lowest prices were Tlaxcala, at 1,181,536 pesos, Zacatecas, at 1,186,806 pesos, and Veracruz, at 1,323,751 pesos.
Among the 32 states, Tlaxcala saw the largest increase in housing prices, registering an annual variation of 14.7% in the January-March period, based on the SHF Housing Price Index.
The second most significant increase was in Quintana Roo, at 12.2%; Baja California Sur followed with 11.7%, and Nayarit and Colima shared a 10.9% increase.
Conversely, the most modest increases were detected in Mexico City, at 4.9%; in Sinaloa, at 5%; in the State of Mexico, at 5.6%; in Guerrero, 5.8%; and in Coahuila, 5.9%.
In the country, the SHF Index increased 8.2% annually; 21 states showed increases greater than the national average and 11 showed smaller increases.
The national increase was more moderate than a year ago, when in the first quarter of 2024 the SHF housing price index increased 9.7%; it was also lower than the 8.7% variation the indicator experienced in the previous quarter, in the fourth quarter of 2024.
The increase in housing values occurs in a macroeconomic environment in which GDP grew 0.8% annually in the first quarter of the year, the SHF specified, citing indicators from the National Institute of Statistics and Geography (INEGI). Furthermore, the average mortgage rate in the first quarter was 11.65%, reports the Bank of Mexico.
Source: eleconomista
