Santa Fe Median Home Price
The Santa Fe housing market in 2023 is experiencing competitiveness compared to neighboring cities, with homes selling in about 37 days on average. Some properties receive multiple offers and sell for 1% above the asking price, while others sell for about 1% below the list price. The sale-to-list price ratio of 99.5% reflects the strong demand, attracting homebuyers from major metropolitan areas. However, there is also a trend of residents leaving Santa Fe for destinations like Boise, Spokane, and Knoxville. The median home price currently stands at $510,000, representing an 11.5% decrease from the previous year.
Competitiveness in Santa Fe and Nearby Cities
Homes in Santa Fe typically sell in about 37 days, indicating a somewhat competitive market compared to nearby cities. When comparing competitiveness, Santa Fe’s market is not as intense as Los Angeles and San Francisco. According to Redfin‘s Compete Score, Santa Fe rates as “Somewhat Competitive,” while Los Angeles and San Francisco have higher scores. In Santa Fe, some homes receive multiple offers, and on average, homes sell for about 1% below the list price. However, hot properties in Santa Fe can sell for approximately 1% above the asking price. The sale-to-list price ratio in Santa Fe is 99.5%, suggesting strong market demand. Sellers in Santa Fe can expect to receive offers close to their list price, reflecting the high buyer interest.
Sale-to-List Price Ratio and Market Demand
Buyers in Santa Fe can expect offers that are close to their listed price, as the sale-to-list price ratio reflects the strong demand and competitiveness in the area. In 2023, Santa Fe had a sale-to-list price ratio of 99.5%, indicating that homes were selling for nearly the full list price. This ratio is a clear reflection of the market demand and competitiveness in Santa Fe’s housing market. Despite being rated as somewhat competitive by Redfin Compete Score, Santa Fe’s ratio suggests strong buyer interest. Homes in Santa Fe typically sell within 37 days, and some properties even receive multiple offers. While the sale-to-list price ratio in Santa Fe is lower compared to cities like Los Angeles and San Francisco, it still indicates a market that is favorable for sellers, with offers that are close to the listed price.
Moving Trends in Santa Fe
The popularity of Santa Fe, New Mexico as a destination is evident in the migration patterns, with a significant number of homebuyers coming from major metropolitan areas like Los Angeles, San Francisco, and Seattle. This indicates a growing population and interest in the city. However, when it comes to real estate affordability, Santa Fe may pose some challenges. The median home price in Santa Fe is currently $510,000, representing an 11.5% decrease compared to the previous year. Additionally, homes in Santa Fe sell after an average of 36 days on the market, indicating a competitive market. While the city attracts homebuyers from major metropolitan areas, it’s important to consider the affordability aspect when considering a move to Santa Fe.
Santa Fe Housing Market Forecast 2023-2024
In July 2023, the number of homes sold in Santa Fe decreased compared to the previous year. This decrease in home sales can be attributed to various factors, including the impact of COVID-19 on the Santa Fe housing market. The pandemic has caused economic uncertainty and job losses, leading to a decrease in buyer demand. Additionally, there has been a decrease in the median home price in Santa Fe. This can be influenced by factors such as increased housing inventory, reduced buyer competition, and sellers lowering their prices to attract buyers. The decrease in median home price indicates a more favorable market for buyers, as they can expect to find more affordable housing options in Santa Fe. However, it is important to note that the housing market is dynamic and can change over time.
Miscellaneous Statistics
Migration patterns reveal the popularity of Santa Fe as a destination for homebuyers from major metropolitan areas. The impact of this migration on the Santa Fe housing market is evident, as it experiences both challenges and opportunities. The current challenges in the Santa Fe housing market include an 11.5% decrease in median home prices compared to the previous year and a decrease in the number of homes sold in July 2023. However, the market shows strong buyer interest, with homes selling for nearly the full list price and staying on the market for an average of 36 days. It is also worth noting that 38% of homebuyers in Santa Fe are looking to move out of the city, while 62% are looking to stay within the metropolitan area. These statistics highlight the dynamic nature of the Santa Fe housing market and the influence of migration patterns on real estate trends.
