Santa Fe, NM Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are home prices dropping in Santa Fe NM? ›

City home prices, sales fall

Median home prices in the city of Santa Fe fell 8.3% between the fourth quarter of 2022 and the fourth quarter of last year—from $599,750 to $550,000—according to data released yesterday by the Santa Fe Association of Realtors.

So what makes Santa Fe more expensive? Two things: 1) Tourism drives the economy in Santa Fe. 2) Our housing market is more expensive than average. Santa Fe gets about 2 million visitors a year.

Is Realtor.com or Zillow more Accurate? This is another frequently asked question from home sellers and buyers. The main difference between Realtor.com home values and Zillow Zestimates is that Zillow uses its own program to create a Zestimate, while Realtor.com uses several 3rd parties to provide multiple home values.

Santa Fe households with two adults and two children need to make approximately $81,217 per year to live well. This figure takes into account expenses such as food, transportation, housing, child care, taxes, health care, and other necessities.

Albuquerque is a more affordable place to live compared to Santa Fe. Albuquerque has a Cost of Living Index that is 9.2% higher than the national average, whereas Santa Fe is 14% higher than the national average.

Winner: 2024 Hyundai Tucson

The base Tucson SE starts at $27,250 and the range-topping Limited trim comes in at $36,510. Meanwhile, the Santa Fe starts at $28,450, and its top trim costs $44,000.

In New Mexico, the richest city is Santa Fe: Median household income, 2022: $72,544 – the highest of the 4 state metro areas. Statewide median household income, 2022: $59,726 – #43 highest of 50 states.

Santa Fe's severe and worsening housing shortage is evident in skyrocketing home sales prices, meager housing inventories, and rental vacancy rates that average 2.83 percent, but are below 1 percent for 3-bedroom apartments and less than one-half of one percent for 4-bedroom units.

Lead Quality and Conversions

Zillow offers broader exposure and potentially more leads, but their quality and accuracy can be a concern. Realtor.com boasts higher quality leads due to its focus on licensed agents, but they come at a cost, and competition within the platform can be fierce.

Is Redfin more accurate than Zillow? ›

Redfin's Algorithm

According to Redfin, they say their estimates are much more accurate than Zillow. Half of homes that sold came within 2.1% of the Redfin estimate. The other 50% were much further off.

The seller and the buyer both pay closing costs in New Mexico. In New Mexico, real estate transactions are usually closed by escrow agents and title companies.

Selling a house in Mexico means paying a capital gains tax. But then you can take a deduction on your U.S. return. When you sell a Mexican property, the buyer will pay most of the closing costs. But you are responsible for selling and professional-service costs, fees, and taxes.

The long and short of it is you can sell your house for $1, but it is viewed as a gift. When the home is resold, your children will be subject to far more capital gains tax than usual. Whether this is worthwhile for your family is a personal decision.

Is it a buyer's or seller's market in New Mexico? It is considered a seller's market right now. Housing inventory is down since last year, which means supply is more constrained.

This population growth is one big reason that home appreciation rates in Santa Fe continue to be among the highest in the United States at 21% in the last 12 months. Home appreciation rates are expected to continue increasing over 2022.

If you want to live in New Mexico with low property taxes, Santa Fe County could be an excellent option. The county's average effective property tax rate being 0.64%, the tenth-highest in the state. At that rate, a $282,600 home would have annual taxes of $1,808.

The median sale price of a home in Albuquerque was $335K last month, up 6.3% since last year. The median sale price per square foot in Albuquerque is $198, up 3.1% since last year.…