Fall of 2023 saw a general slow down in real estate nationwide. In December of 2023, Santa Fe home prices were down 3.8% compared to 2022, selling for a median price of $505K. On average, homes in Santa Fe sell after 64 days on the market compared to 50 days last year.
We believe the Santa Fe market will continue to remain strong in general, as we are still a very special destination for full-time residents and second homeowners from around the world. The slower market sectors are the mid-price ranges, who do more typically require a loan. The luxury market is more competitive than we have ever seen, so buyers are negotiating more, and the time to sell is taking longer. Patience is key.
Santa Fe Migration & Relocation Trends
In Nov ’23 – Jan ’24, 40% of Santa Fe homebuyers searched to move out of Santa Fe, while 60% looked to stay within the metropolitan area.
Where are people moving to Santa Fe from?
- Across the nation, 0.38% of homebuyers searched to move into Santa Fe from outside metros.
- Los Angeles homebuyers searched to move into Santa Fe more than any other metro followed by San Francisco and Dallas.
Where are people from Santa Fe moving to?
- 60% of Santa Fe homebuyers searched to stay within the Santa Fe metropolitan area.
- Minneapolis was the most popular destination among Santa Fe homebuyers followed by El Paso and Cape Coral.
The National Association of Realtors 2023 Housing Report is available at the link below. Please reach out to us for a confidential meeting if you have any questions. 505.986.2000.
