Regional Alignment
Santa Fe’s housing market is starting to look more like its feeder metros than the destination towns it’s often compared to. Home sales are down about 5 percent year over year, right in line with places like Denver and Los Angeles, and not far off Austin’s small dip of just over one percent. The pattern is clear: Santa Fe is now moving with the broader metro economies that send us buyers, rather than the resort-driven markets where seasonal swings tend to dominate.
One possible reason is a shift in who’s calling Santa Fe home. Fewer buyers seem to be purchasing second homes, while more are settling here as full-time residents. It’s something many longtime locals have noticed firsthand, from the changing pace of daily life to the increase in traffic that would have seemed unthinkable just a few years ago. That change helps explain why our market is behaving more like a primary-home community than a seasonal one.
What stands out is how pricing has held firm even with fewer sales. The median list price is up 5 percent compared to last year, stronger than any of our major feeder markets. While cities like Austin, Los Angeles, and Bozeman have all seen prices slide, Santa Fe’s steady rise shows a confident seller base that values long-term equity more than quick turnover.
Luxury Market Strength
At the top of the market, Santa Fe’s luxury segment continues to perform exceptionally well. The average sale price climbed to roughly 2.7 million in September, up sharply from midsummer and well above last year’s levels. Sales volume has stayed steady, which tells us the demand for well-presented, high-value homes hasn’t faded. Many of these buyers are cash clients from out of state who remain focused on lifestyle, location, and quality over price.
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