The median home value in Elephant Butte, NM is $160,000. This is higher than the county median home value of $142,450. The national median home value is $308,980. The average price of homes sold in Elephant Butte, NM is $160,000. Approximately 48% of Elephant Butte homes are owned, compared to 7% rented, while 45% are vacant. Elephant Butte real estate listings include condos, townhomes, and single family homes for sale. Commercial properties are also available. If you see a property you're interested in, contact a Elephant Butte real estate agent to arrange a tour today! Learn more about Elephant Butte Real Estate.