What’s Happening in Santa Fe Real Estate

It’s a perfect fall in Santa Fe! The evenings are fresh and cool and the afternoons sunny. If you are wondering about what’s happening in the Santa Fe real estate market, here is our nickel report, with a full evaluation link below.

In August 2023, the median list home price in Santa Fe, NM increased by 6.9% over last year, or an average sales price of $850K. The median listing home price per square foot was $391. The median home sold price was $485K.  The main reason prices have gone up continues to be low inventory. The number of sales, however, has been down every month but one in 2023 over 2022. There is are slow down happening. We are seeing the Fed’s ease off interest rates, as they just dropped from over 8% to 7.65%.

We believe Santa Fe will continue to remain strong in general, as we are still a very special destination to full time residents and second homeowners from around the world. The slower market sectors are the mid-price ranges, who do more typically require a loan. The luxury market is more competitive then we have ever seen, so buyer are negotiating more and time to sell is taking longer. Patience is key.

Sotheby's full presentation about the market is available at the link below. Should you have any questions about buying a home, or selling your property, please reach out to me for a confidential meeting. We are here for you for any of your housing needs.