Data from the Federal Mortgage Society’s (SHF) Home Price Index show that Querétaro was among the three states with the highest average home values in Mexico, with prices exceeding 2 million pesos in 2025. Only Mexico City and Baja California Sur registered higher average values. This dynamic reflects the pressure of residential demand and accessibility challenges in a market with population and income growth.
Querétaro has positioned itself as one of the states with the highest average housing prices in the country, according to the Housing Price Index published by the Federal Mortgage Society (SHF). In the first quarter of 2025, the entity reported an average home value of more than 2 million pesos, placing it in third place nationally only below Mexico City and Baja California Sur.
Key market data according to SHF
- In 2025, Querétaro ranked third among the entities with the most expensive housing, with an average price reported by the SHF of more than 2 million 357 thousand pesos.
- Mexico City maintained first place with approximately 3.8 million pesos of average home value, followed by Baja California Sur with around 2.6 million pesos.
- The national average housing in Mexico in that same period was close to 1.86 million pesos, which places Querétaro above the national average.
This ranking reflects prices of homes with mortgage financing in each state, calculated based on actual transactions recorded with credit — the usual focus of the SHF index.
Recent price dynamics in Querétaro
The housing market in Querétaro has shown sustained price growth. According to official reports:
- Between January and September 2025, the average price of homes in the state increased approximately 7.3% compared to the same period last year, according to the SHF price index.
This increase reflects demand pressures and tight supply conditions, where urban expansion, population growth and the attraction of the population for job opportunities have influenced residential values.
Structural factors
Several structural facts help explain why Querétaro is among the states with the most expensive housing:
- Sustained population growth: The state has experienced faster population growth than the national average in recent decades, driving demand for housing.
- Economic development and employment: the dynamism of the local economy, particularly in the industrial and service sectors, has strengthened purchasing power.
- Tight residential supply: In certain higher-income submarkets, available housing inventory is limited in the face of demand.
Together, these factors have generated upward pressures on prices, placing Querétaro behind entities such as Mexico City and Baja California Sur in terms of average housing cost.
What does this positioning imply?
For players in the real estate market in Mexico, Querétaro’s status as one of the states with the most expensive housing has several implications:
- Housing accessibility: With average prices higher than the national average, the ability to access home ownership may be more limited for low- and middle-income segments, pushing part of the demand towards renting or other peripheral locations.
- Investment and appreciation expectations: Higher residential values can attract buyers/investors seeking capital appreciation, although they also imply a higher barrier to entry.
- Planning and public policy: these data feed the debate on housing policies and the need for public and private instruments that address the gap between demand and affordable supply.
Comparison with other entities
Querétaro’s position in the ranking occurs in a context where regional variations are also observed:
- In Baja California Sur, the median price of housing was around 2.6 million pesos, ranking above Querétaro in 2025.
- Mexico City led the ranking with about 3.8 million pesos of average value, highlighting the concentration of real estate value in the country’s capital.
- Other states with high values include Yucatán, with average prices also higher than the national average.
Signs and risks
Although Querétaro’s positioning reflects a strong market, several risks and signals to monitor are:
- Credit accessibility and interest rates: Variations in mortgage rates and credit terms can moderate households’ purchasing power.
- Supply of new housing: the balance between new and used housing, as well as social and private development projects, will influence price dynamics.
- Demand mobility: Internal migration flows and housing preferences (urban vs. peripheral) can redistribute pressure on prices in different areas.
Querétaro continues to consolidate itself as a high-relative value residential market within Mexico, with housing prices reflecting both local structural conditions and broader demand trends and supply shortages.
Source: Source: Inmobiliare
