Santa Fe, NM, is the Land of Enchantment. The city is a melting pot of culture, tradition, and arts. At the start of May 2021, the city's real estate trend has continually grown. Take a look at this data:
Quick Facts
- 84,683 population
- Santa Fe is the 4th largest community in New Mexico.
- The cost of living is 115.4.
- The city is some of the most expensive real estate in New Mexico.
- Santa Fe is currently a seller's market.
Exploring Santa Fe, NM
Santa Fe is a great place for a lifestyle change if looking for a beautiful area. The city is a balance of natural beauty and outstanding quality of life.
Weather and Temperature
Over the year, the temperature varies from 18F to 83F and rarely below 7F or above 90F. Moreover, the summers are generally warm, and the winters are freezing and snowy.
Economy
The most common and in-demand industries in Santa Fe, NM, are mixed blue and white-collar jobs. It is a city of office workers and service providers. In a more complex market, most are in cuisine, arts, culture - and aerospace.
One of Santa Fe's best assets is its transportation. Most of its errands are done by car; but the place is also bike-friendly. Santa Fe is not necessarily walkable.
Public Schools
Santa Fe, NM, has over 50 public schools. Here are some:
- Pinon Elementary School (K-6)
- Carlos Gilbert Elementary School (K-6)
- Mandela International Magnet (7-10)
- NM School For The Arts (9-12)
Sought-after Neighborhoods
Santa Fe has 38 neighborhoods. Sierra del Norte is the most expensive neighborhood, with a median listing price of $1.7M. Meanwhile, Las Acequias is the most affordable neighborhood, with a median listing price of $292.5K.
Here are some of the best neighborhoods in Santa Fe:
- Arroyo Chamisa-Sol y Lomas
- Don Diego
- Nava Ade
Real Estate Condition In Santa Fe, NM
(Data from May 2021)
The area is dense suburban with 38.4% of home rentals and 61.6% homeownership.
Here are some of Santa Fe's property listings:
- Condo units
- Townhomes
- Single-family detached homes
- Multi-family houses
- 2 bedroom listings
House Trends in Santa Fe, NM
The median listing home price is $457K, and the price per square foot is $288. Thus, the median list price of homes was trending up 3.3% year-over-year. Further, the average rent per month is $1,458.
Moreover, the average number of days on the market is 51 days. So, compared to the market days last May 2020 - 60 days - May 2021 has shorter days which is good for Santa Fe's real estate.
Experts predict that there will be a positive trend in Santa Fe's real estate market in the coming years. Similarly, it will become a good place for real estate investment.
Housing Market in Santa Fe, NM
Moreover, hot homes can go only 1% above their listing price and are on the market for an average of 25 days. The average home sells for around 1% below its listing price and and is on the market for 108 days.
As of now, the city is a seller's market. As a result, there are more buyers than available houses. For instance, in Arroyo Chamisa-Sol y Lomas, Don Diego, and Nava Ade there were 973 homes for sale and 39 homes for rent. 84 of which are new listings. There are 35,327 active units in the city last month.
Real Estate Prediction In Santa Fe, NM
In the coming months, the average home prices are expected to rise. That is to say, the mortgage rates are currently in a phase of uncertainty. As a result, more mortgage lenders are considering alternative solutions to welcome the opportunities in real estate.
However, it still signifies the chance of having higher mortgage rates in 2021. The prediction also says that homebuilding is slower than before. As a result, the average home prices may also increase.
Final Thoughts
Above all, this diverse city will give people a jumpstart to change their career, lifestyle - and even change their environment. It is ideal for people who love to explore the great outdoors and are interested in a growing economy.
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