A fresh housing snapshot shows that prices in Mexico are still rising. The pace looks more measured than some recent official readings. The national average rose in February, and Mexico City kept its place as the country’s costliest market by square meter. For readers watching the market, the bigger story may be the gap beneath the headline. Price pressure is not uniform, and the distance between the capital and lower-cost states remains wide for would-be buyers this year.
A national housing market that is still moving higher
Home prices in Mexico continued to rise in February. The latest monthly reading put the national average at 31,600 pesos per square meter, up 4% from a year earlier. That is not a sudden surge. It shows that prices are still climbing rather than easing.
The February figure matters because it offers a timely look at listing prices. It helps readers see what sellers are asking right now. Closed sales data often arrives later. For anyone thinking about buying this year, that signal can shape expectations before they ever book a viewing.
Mexico City stays far ahead of the national average
Mexico City remained the most expensive market in the country by square meter in the February reading. The average there reached 57,931 pesos per square meter. That was well above the national figure. At the other end of the range, Tamaulipas was the least expensive state in the sample at 18,558 pesos per square meter.
That gap is one of the clearest takeaways for readers. A national average can make the market look more uniform than it is. In practice, buyers face very different conditions depending on where they look. Mexico City remains a market with high entry costs. Lower-priced states still sit in a very different band, even after their own gains.
The broader trend still points to expensive housing
The February snapshot also fits into a wider pattern. A separate official housing price index from Sociedad Hipotecaria Federal showed that home values tied to mortgage-financed purchases rose 8.7% during 2025. In the fourth quarter alone, the annual increase was 8.9%. This is a different measurement from a monthly listing-price indicator, so the figures are not directly interchangeable.
That distinction matters. The monthly Banorte indicator is built from online housing listings. The SHF index follows homes purchased with mortgage financing. They capture different parts of the market and move on different timelines. Read together, though, they build a fuller picture. Housing did not become meaningfully cheaper going into 2026.
What the February data means for buyers
For readers planning a purchase, the February report does not indicate a broad price pullback. It points to a still-firm market. The strongest pressure remains in the country’s most expensive urban areas. That does not mean every neighborhood is moving the same way. It does mean the national backdrop still works against the idea that waiting alone will solve affordability.
For expats and other buyers comparing cities, the numbers are also a reminder that Mexico’s housing market is not one market. It is a collection of very different local markets. Job growth, demand, land constraints, and the type of housing on offer all matter. The headline number is useful, but the local spread may matter more when it is time to decide where to buy.
With information from Sociedad Hipotecaria Federal, Obras by Expansión, Banorte
