SANTA FE, N.M. (KRQE) – Santa Fe was already one of the most expensive places to live in New Mexico, and home prices have just kept soaring. It’s raising concerns about who is being priced out there.
A report released by the Santa Fe Association of Realtors this week paints a staggering picture of rising home prices. Since this time last year, the median price for a home in Santa Fe County rose 22 percent. It rose the same amount in the city just this year.
Now, the median home price in the county is around $789,000 and around $583,000 in the city. “I think there’s a few factors. Again, you know, just supply and demand. There’s not a lot of homes on the market which does tend to drive prices up a bit…and then, I think again with COVID we saw people that could move from anywhere in the world and they decided they wanted to live in Santa Fe because it’s such a spectacular place to live,” says Andrea Dobyns, president of the Santa Fe Association of Realtors.
Condo and townhome median prices rose by nearly a quarter since last year, and land prices also rose by eleven percent. Bottom line: it’s getting even pricier to live in Santa Fe, and homeowners in Santa Fe tell KRQE News 13 they’re concerned about what these rising prices will mean for the next generation.
“One of my daughters had to move out of state. One of my sons, he has to have a roommate. My other son right now, he wants to buy a house. He’s ready to buy a house. Can’t find anything in town he can afford. Which is really unfortunate that he may have to move out of town as well,” says Laura Montoya, Santa Fe homeowner.
“You know it’s sad that local people who are born and raised in Santa Fe can no longer afford to live in Santa Fe,” says Felina Ortega, Santa Fe homeowner, “the new builds about two years ago were probably in the low four’s, maybe five’s. Now they’re like in the seven’s.”
“My husband and I were fortunate that we were able to purchase our own home. But I’m just really concerned for our up-and-coming generations. What’s that going to do to our town?” Montoya says.
The report also shows as prices of properties rose in Santa Fe, sales of homes, condos, and townhomes and land dropped across the board as well.