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Prices, inventory, and demand — distilled every month into one clear verdict: buyer’s market or seller’s. The investor’s read, before you make an offer.
The median asking price in Santa Fe is about $839,000 as of Sep 2026, down 9.3% from a year ago. The typical listing is 3% smaller than a year ago, and asking price per square foot is up 1.3%. So the size of homes on the market explains much of the drop. That is the asking price on listed homes, so sold-price and home-value sites show different numbers (why).
Only on the right house. Neither side has the upper hand in Santa Fe right now. Santa Fe is close to its 2017–2019 normal for this time of year. The market will not hand you a discount. You have to find it in one specific listing.
Santa Fe asking prices per square foot were above the year before in 69% of months since the data starts. Within a year, the cheapest and priciest months differ by about 8.5%. That is bigger than the yearly trend, so timing your purchase matters here. Nothing in Santa Fe's numbers is far from its own normal. Your return comes from the property and the price you negotiate.
The median asking price is 37.6% below its Mar 2022 peak. Per square foot the gap is smaller: 8.0% below the Aug 2022 high. Part of the drop is smaller homes coming to market. Prices stopped falling about a year ago. They are flat now. Waiting will not get you a cheaper house. It might still get you a more motivated seller. Santa Fe prices rose in only 77 of the last 111 months. This market goes up and down. Timing matters here. Growth will not rescue a bad price.
This market is turning. Which way is not settled yet. Check the monthly numbers above before you commit.
Ranked among the 8 New Mexico markets we track:
For every 100 homes still for sale, 31 are under contract. In 2017–2019 at this time of year it was 42. The rest are still waiting for a buyer. About 1 in 5 sellers has already dropped their price. Each one has learned their first price was too high. Start your offer below their new price.
Santa Fe listings spend a median 80 days on the market. There are 719 homes for sale in Santa Fe. That is 5.5 times the tightest month on record, but below the peak of 1,118. Supply is steady against last year.
In Santa Fe, 30 out of every 100 households rent. Most own their home. That share has held steady for five years. Santa Fe added about 2,100 renter households in five years. Renter households average 1.9 people. Singles and couples rent here. Two bedrooms beat four.
Households grew 15% in five years. The housing stock grew 8%. Demand is outrunning supply. 9.6% of homes sit empty. That is normal for a healthy market.
The median Santa Fe household earns $80,871 a year. Incomes here have grown 4.9% a year since 2019. Incomes are rising faster than home prices. Affordability is improving. A typical home costs 10.4 times the median income. Most locals cannot buy. That keeps rental demand deep. It also caps the rent they can pay. At 30% of income, a tenant on the median income can pay about $2,022 a month.
To see what one Santa Fe address would rent for and cash flow, run it through the app.
Read how rent-to-price works and how we read these numbers, then run the numbers on a deal.
The median asking price in Santa Fe is about $839,000 as of Sep 2026, down 9.3% from a year ago. The typical listing is 3% smaller than a year ago, and asking price per square foot is up 1.3%. So the size of homes on the market explains much of the drop. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Santa Fe figures cover the 9 ZIP codes with a Santa Fe mailing address, which can reach past city limits.
Neither side has the upper hand in Santa Fe right now. We compare Santa Fe with 2017–2019 at this time of year: there are 31 pending sales per 100 listings, against 42 then; 21% of sellers have cut their price, against 19% then; there are 9% fewer homes for sale.
The median asking price is 37.6% below its Mar 2022 peak. Per square foot the gap is smaller: 8.0% below the Aug 2022 high. Part of the drop is smaller homes coming to market. Prices stopped falling about a year ago. They are flat now. Waiting will not get you a cheaper house. It might still get you a more motivated seller.
87506. Only 21 homes under contract for every 100 still for sale. 15% of sellers there have cut their price, and listings there spend a median 98 days on the market.
Across 9 full years, Santa Fe asking prices ran lowest in January, about 5.9% below the year's average. They peaked in June. The most homes for sale show up in August, about 17% above the yearly average.
Assume +3.3% a year. Santa Fe grew 5.8% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Santa Fe grows about 3.3% a year. That is the number to type in. Prices rose 1.3% over the last year. Use it for timing. The five-year rate is the better guide.
HUD's fiscal year 2026 fair market rent for Santa Fe County is $1,685 a month for 2 bedrooms and $2,122 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.
ZIP 87501 is on both lists. That is rare. It is the one place in Santa Fe where leverage and growth overlap.
| ZIP | $/sqft, 2 yrs | $/sqft now | Buyers per home | For sale |
|---|---|---|---|---|
| 87506 | +6.4% | $575 | 0.21 | 133 |
| 87505 | +5.0% | $436 | 0.38 | 161 |
| 87501 | -0.1% | $515 | 0.25 | 154 |
| 87507 | -3.1% | $309 | 0.33 | 160 |
| 87508 | -4.6% | $334 | 0.39 | 111 |
Computed from each ZIP's own ten-year history. ZIPs with fewer than 10 homes for sale are excluded: a median across a handful of listings is noise, not a signal.
Santa Fe has nine ZIP codes. Each links to its live market dashboard.
Closest matches on asking price, price per square foot, time on market, buyer demand, and price cuts.
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