Santa Fe Real Estate Values Slide While Per-Square-Foot Prices Hold Steady Through 2023-2024

Overview of Real Estate Trends in Santa Fe and Nearby Cities

From June 2023 to May 2024, Santa Fe experienced a downward trend in average property values, starting at a high of $735,000 and dipping to $598,000. However, despite these fluctuations in average values, the sale price per square foot showed remarkable stability, ranging from $346 to $362. The number of sold homes peaked significantly in February 2024 with 1,226 properties changing hands, contrasting with June 2023 when 948 properties were sold.

Looking at nearby cities, Lamy’s market is notably sporadic, with average values hitting a peak of $1,890,000 in February 2024 but also experiencing months with no properties listed. Los Alamos showed a different pattern, with a consistent increase in average values across the analyzed period.

In contrast, markets like Glorieta and Cerrillos experienced high variability in activity (the number of homes sold) and property values, while Espanola maintained lower average values but consistent sales when properties were available.

Month-by-month analysis highlights specific trends in Santa Fe’s real estate landscape.

Starting in June 2023, the area set a year-high average property value benchmark of $735,000 with 948 sold homes. However, by May 2024, the average value had decreased to $627,250 with a minor slump in the number of properties sold to 977.

The significant drop in average values is most notable between June 2023 and April 2024, when it reached the year’s low at $598,000. Additionally, the properties available in the market showed a slight decrease from 87 in April 2024 to 85 in February 2024, despite the highest sales recorded in February with 1,226 properties sold. This indicates a potential increase in market activity even as average values dropped.

Trends in Nearby Cities

In May 2024, Lamy had an average value of $875,000 with only 1 property listed for sale, yet 14 properties were sold recently, suggesting a market with high-value, low-volume sales. Los Alamos’s trend is quite distinct; for May 2024, it recorded a low average value of $205,000 but with higher market activity including 127 properties sold.

Glorieta and Cerrillos also exhibited irregular market activities with a few properties listed but varying numbers of sales. For instance, Glorieta had an average value of $737,000 with only 2 properties available and 6 sold in May 2024. Cerrillos reported similar conditions with 10 properties sold despite only 2 listings. Espanola consistently showed significantly lower average values, with $175,000 in May 2024, yet it managed a reasonable number of sales at 46.