Santa Fe home prices on the rise

ALBUQUERQUE, N.M.- It’s never been more expensive to buy a home in Santa Fe.

Over the last year, the median home price in Santa Fe county jumped by more than 13% to $650,000.

In the city, it rose by more than 9% to $428,000.

"This is really the first time we’ve seen this type of market where it’s just moving so fast and there’s no much demand and not enough homes," said Roger Carson, president of the Santa Fe Association of Realtors.

Carson said the higher prices are due to a supply and demand issue.

"We’re thinking that as the economy starts to open back up, we’ll see a lot more listening of the market and inventory and sellers that were reluctant to sell during the pandemic will be ready to move," Carson said.

Carson says the demand is being driven by out-of-of state buyers who are looking to leave big cities for a better quality of life in Santa Fe.

"We see a lot of people coming from California, particularly last summer when they were having the extreme wildfires and the sky in San Francisco was orange, people are moving here," he said.

Carson expects the market to level out as more homes are built.

"The storm’s going to pass. We’ll see more inventory coming on," he said. "Just last night, the Santa Fe County approved the Oshara expansion that’s going to add 800 homes. A week ago, the City of Santa Fe approved the Zia Station. That’s going to add 400 more units. So more inventory is starting to catch up. So it’ll get better don’t give up."