88240 — Hobbs, NM Home Values
Typical home value $200,981 as of June 2026 · 2nd of 6 in Hobbs, NM
Blue: typical home value (Zillow ZHVI) in ZIP code 88240, June 2021 to June 2026. This page shows observed data only; no forecast.
How 88240 compares in the Hobbs, NM area
ZIP code 88240 (Hobbs, NM) has a typical home value of $200,981 as of June 2026, ranking 2nd of 6 ZIP codes tracked in the Hobbs, NM area, more expensive than about 83% of ZIP codes in the metro. Prices here have moved +3.2% over the trailing 12 months. Over the past five years, the typical value in this ZIP code has changed -13.5%, from $232,369 in June 2021 to $200,981 in June 2026. Against observed rent, the typical home here sells for 12.9× the annual rent ($1,299/mo), a common way to gauge whether buying looks cheap relative to renting in this ZIP code.
Every figure above is observed Zillow data. Sialim's forecasting engine works at the metro level; see the Hobbs, NM forecast for a modeled outlook, or browse the full ranked list of ZIP codes in Hobbs.
Population and demographics
ZIP code 88240 has a population of 41,612, per the Census Bureau's American Community Survey 5-year estimate. By race and ethnicity: 63.5% Hispanic or Latino, 28.7% White, 4.9% Black or African American, 1% two or more races, 0.9% Asian, 0.6% American Indian or Alaska Native, and 0.3% another race.
Nearby public schools
| School | Address | Distance |
|---|---|---|
| LAE COUNTY CORRECTIONS | 6900 WEST MILLEN DR, HOBBS, NM | 14.3 mi |
| JEFFERSON ELEMENTARY | 1200 WEST PARK, HOBBS, NM | 17.4 mi |
| COLLEGE LANE ELEMENTARY | 2000 COLLEGE LN, HOBBS, NM | 18 mi |
Distance is straight-line from the ZIP code's center; driving distance will be longer. School attendance is set by district boundaries, not proximity. Confirm which school a specific address is zoned for with the local school district. Source: National Center for Education Statistics.
Frequently asked questions
What is the typical home value in ZIP code 88240?
$200,981 as of June 2026, the latest month Zillow has published observed data for.
Is 88240 an expensive ZIP code in the Hobbs, NM area?
88240 ranks 2nd of 6 ZIP codes in the Hobbs, NM area by typical home value, more expensive than about 83% of ZIP codes in the metro.
How much have home values in 88240 changed over the past year?
+3.2% over the trailing 12 months, from observed Zillow data.
Is it cheaper to buy or rent in ZIP code 88240?
The typical home price is 12.9× the observed annual rent in this ZIP code ($1,299/mo). Lower multiples favor buying over renting, all else equal.
What is the population of ZIP code 88240?
41,612, per the US Census Bureau's American Community Survey 5-year estimate.
What are the closest public schools to ZIP code 88240?
LAE COUNTY CORRECTIONS (14.3 mi), JEFFERSON ELEMENTARY (17.4 mi), COLLEGE LANE ELEMENTARY (18 mi), by straight-line distance from the ZIP code's center. School attendance is set by district boundaries, not proximity. Confirm assignment with the local school district.
Is this page showing a forecast for 88240?
No. Every number on this page is observed Zillow data as of June 2026, not a forecast. Sialim's forecasting engine runs at the metro level; see the Hobbs, NM forecast for a modeled outlook.
ZIP-level values shown here are observed Zillow data, not forecasts. Sialim's forecasting engine works at the metro level today; ZIP-level forecasts are planned for Sialim Pro. Data © Zillow, via Zillow Research.