Santa Fe, New Mexico Housing Market Prices
Santa Fe Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 13% above the New Mexico median$231,673
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Median rent 36% above the New Mexico median$1,452
Housing Market Overview
| Metric | Santa Fe | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $231,673 | $204,122 | $248,835 |
| Price Trend (Annual %) | -1.6% | 3.1% | 7.5% |
| Median Gross Rent | $1,452 | $1,067 | $1,407 |
| Rent Trend (Annual %) | 5.3% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Santa Fe is about 13% higher than in New Mexico. Rent is about 36% higher than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Santa Fe: home prices fell about 1.6% a year while rent rose about 5.3% a year. That is an unusual pattern worth watching.
Median rent in Santa Fe rose about 52.8% between 2015 and 2024, from $950 to $1,452. Over the same span, rent in New Mexico rose about 37.3%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Santa Fe.
Buying the median-priced home in Santa Fe costs roughly 13.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Santa Fe. The price-to-rent ratio in New Mexico is about 15.9.
| Metric | Santa Fe | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $231,673 | $204,122 | $248,835 |
| Median Household Income | $73,497 | $64,523 | $80,455 |
| Price-to-Income Ratio | 3.2 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Santa Fe fell about 28.5%, while median household income rose about 41.5% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Santa Fe | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.5% | 61.3% | 58.5% |
| Rental Rate | 33.6% | 26.2% | 31.2% |
| Vacancy Rate | 9.9% | 12.5% | 10.2% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Santa Fe has a homeownership rate of 56.5%, lower than the New Mexico average of 61.3%. Its housing vacancy rate is 9.9%, compared with 12.5% in New Mexico.
Housing Stock
| Metric | Santa Fe | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.08 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1983 | 1983 | 1978 |
| Median Number of Rooms | 5.0 | 5.3 | 5.5 |
The typical housing unit in Santa Fe was built around 1983. On average, 2.1 people live in a home with about 5.0 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Santa Fe, New Mexico.
What is the median home price in Santa Fe, New Mexico?
The median home price in Santa Fe, New Mexico is $231,673, higher than the New Mexico average of $204,122.
What is the average home price in Santa Fe, New Mexico?
The typical home price in Santa Fe, New Mexico, reported as the median sale price, is $231,673. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Santa Fe, New Mexico?
The median gross rent in Santa Fe, New Mexico is $1,452 per month, higher than the New Mexico average of $1,067.
What was the median gross rent in Santa Fe in 2020?
In 2020, the median gross rent in Santa Fe, New Mexico was $1,128 per month.
What is the price-to-rent ratio in Santa Fe, New Mexico?
The price-to-rent ratio in Santa Fe, New Mexico is about 13.3, meaning it would take roughly 13.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Santa Fe.
Are home prices or rent rising faster in Santa Fe, New Mexico?
Home prices and rent are moving in opposite directions in Santa Fe: home prices fell about 1.6% a year while rent rose about 5.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Santa Fe, New Mexico?
56.5% of households in Santa Fe, New Mexico own their home, lower than the New Mexico average of 61.3%.
What is the vacancy rate in Santa Fe, New Mexico?
The housing vacancy rate in Santa Fe, New Mexico is 9.9%, lower than the New Mexico average of 12.5%.
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