Overview of Mexico’s Housing Market
According to the SHF Housing Price Index, Mexico experienced an 8.7% appreciation in housing prices during the second quarter of 2025, compared to the same period in 2024. The national average housing value with credit stands at approximately 1.86 million pesos, while the median is around 1.2 million pesos.
Top Expensive Housing Markets
Querétaro, Mexico City, Baja California Sur, and Querétaro maintain the highest average housing values in Mexico, surpassing 2 million pesos, as reported by the Sociedad Hipotecaria Federal (SHF) up to the second quarter of 2025.
- Mexico City: The capital maintains the highest price at an average of 3.87 million pesos, being the only entity with an average price over 3 million pesos.
- Baja California Sur: The second-highest average housing price is found in Baja California Sur, where homes cost around 2.6 million pesos on average.
- Querétaro: Querétaro follows with an average housing price of 2.31 million pesos.
- Yucatán: Yucatán comes in fifth with an average price of 2.24 million pesos.
- Baja California: Baja California rounds out the top five with an average price of 2.21 million pesos.
Housing Price Distribution
Based on housing credit values, the SHF reports that 25% of transactions occurred at or below 775,796 pesos. The median price was 1.2 million pesos, meaning that half of the market transactions were below this amount and the other half above it. Furthermore, 75% of homes sold for less than 2.18 million pesos, while the rest commanded a higher price.
Regional Variations in Housing Prices
In the first half of 2025, Quintana Roo (13.5%), Tlaxcala (13.4%), and Baja California Sur (12.4%) experienced the most significant housing price increases, while Ciudad de México (4.9%), Estado de México (5.3%), and Durango (6%) saw the smallest variations.
Macroeconomic Factors Influencing Housing Prices
The SHF attributes the rise in housing values to a macroeconomic environment where Mexico’s Gross Domestic Product (GDP) grew by 0.1% in the second quarter of 2025 compared to the same period in 2024. Additionally, according to Banco de México, the average mortgage rate during the second quarter was 11.64%.
Key Questions and Answers
- What are the most expensive housing markets in Mexico? Querétaro, Mexico City, Baja California Sur, and Querétaro have the highest average housing values, surpassing 2 million pesos.
- How have housing prices changed in Mexico? Housing prices appreciated by 8.7% in the second quarter of 2025 compared to the same period in 2024, with an annual increase of 8.4% in the first half.
- Which regions experienced the most significant housing price increases? Quintana Roo, Tlaxcala, and Baja California Sur saw the most substantial housing price growth in the first half of 2025.
- What macroeconomic factors are influencing housing prices in Mexico? The rise in housing values is linked to a growing GDP (0.1% in Q2 2025 compared to Q2 2024) and an average mortgage rate of 11.64%.
