KSFR reporter Mary Lou Cooper talked with Beth Caldarello, president of the Santa Fe Association of Realtors (SFAR) and broker with Coldwell Banker Mountain Properties, to discuss the Santa Fe real estate market at the end of the first quarter of 2025. While current sales, prices and inventory are up, national tariffs and market volatility could change the picture by year’s end.
A new report from the realtors says that the median price of a single-family home in the city is $570,000 while in the county the median home price is a whopping $890,000. Condo and town home prices have dipped with the current median at $438,000. The Federal Reserve Board reports median household income in Santa Fe to be just over $78,000. To qualify for a loan to buy a median-priced home, a buyer would need a household income of $110,000. This gap is at the heart of the affordable housing crisis.
Caldarello says that high-priced real estate in Santa Fe is due to greater demand than supply. And the situation is very similar nationally.
Right now, it’s a seller’s market but not to the degree that it was during COVID. Caldarello advises sellers to work with a realtor and price homes realistically to ensure quicker sales. Making sure your house is in good shape is also key. Buyers should assess their needs and price range and be prepared to move quickly if they find the perfect home.
Additional resources for first-time buyers trying to get into the Santa Fe real estate market include:
· The Housing Trust - Santa Fe https://www.housingtrustonline.org/
· Housing NM https://housingnm.org/ and https://housingnm.org/programs/homebuyers
· Homewise https://homewise.org/buy-a-home/
