Home Values in Santa Fe, New Mexico — 2026 Market Report
Updated March 2026 | Seller's Market | +5% YoY
The median home value in Santa Fe, New Mexico is $535,000 as of March 2026, which is above the national median of $400,000. Home values in Santa Fe have increased by 5% over the past year and 27.6% over the last five years. With a population of 89,117 and a median household income of $58,250, the price-to-income ratio stands at 9.2x, making Santa Fe affordable for the average household.
Santa Fe Housing Market Conditions
| Metric | Santa Fe | National Avg |
|---|---|---|
| Median Home Value | $535,000 | $400,000 |
| YoY Appreciation | +5% | +3.8% |
| 5-Year Appreciation | +27.6% | +22.4% |
| Price per Sq Ft | $165 | $222 |
| Days on Market | 38 days | 45 days |
| Months of Supply | 2.1 | 3.5 |
| List-to-Sale Ratio | 99.8% | 98.5% |
| Monthly Homes Sold | 48 | — |
| Foreclosure Rate | 0.2% | 0.3% |
Home Value Trends in Santa Fe
A homeowner who purchased at the median price of $419,279 five years ago in Santa Fe would have gained approximately $115,721 in equity, representing a 27.6% return on investment. Over the past year alone, the typical homeowner gained $25,476 in home equity.
Affordability in Santa Fe, NM
With a median household income of $58,250 and a median home price of $535,000, the price-to-income ratio in Santa Fe is 9.2x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $4,255 compared to estimated monthly ownership costs of $2,889 gives a rent-vs-buy ratio of 0.68. In Santa Fe, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Santa Fe
The effective property tax rate in New Mexico is 0.78%. On a home valued at $535,000, the estimated annual property tax bill is $4,173, or approximately $348/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Santa Fe is 108.5 (100 = national average), indicating living costs are near the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Santa Fe, NM?
The median home value in Santa Fe, New Mexico is $535,000 as of March 2026. Home values have changed +5% over the past year, with a 5-year appreciation of 27.6%.
Is Santa Fe a buyer's or seller's market?
Santa Fe is currently a seller's market with 2.1 months of housing supply. Homes spend an average of 38 days on market, and the list-to-sale price ratio is 99.8%. Low inventory gives sellers an advantage.
Are home values going up in Santa Fe?
Yes, home values in Santa Fe have increased by 5% over the past year. The 5-year appreciation rate is 27.6%, meaning a home worth $419,279 five years ago is now worth $535,000.
Is it better to rent or buy in Santa Fe?
The average monthly rent in Santa Fe is $4,255, while estimated monthly homeownership costs are approximately $2,889. The price-to-rent ratio is 10.5. Based on current conditions, buying may be more cost-effective than renting in this market.
Home Values in Other New Mexico Cities
Related Resources
Disclaimer: Home value data for Santa Fe, New Mexico is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.