Santa Fe, NM

Real Estate Prices in Santa Fe, New Mexico Are Unlikely to Drop Anytime Soon

Daniella Cressman

What with inflation, the Russia-Ukraine conflict, skyrocketing gas prices, and the extremely high cost of real estate, it isn't exactly unreasonable to wonder whether these prices might drop.

Unfortunately, it does not seem as though real estate prices will become lower in Santa Fe, New Mexico—or anywhere in the country for that matter—anytime soon.

CoreLogic determined only four markets had a very high or higher than 70 percent of a housing bubble burst: Bend, Ore.; Prescott, Ariz.; Lake Havasu City, Ariz.; and Bridgeport, Conn. But Santa Fe, Albuquerque, Las Cruces, El Paso and the greater Denver region all fall in the very low categories, the lowest of five categories. Most of the country has a low or very low chance of housing price corrections in the next year. The Pacific Northwest stands out as the only larger region with a high chance of falling home prices. New England and pockets of rural California have medium chances, with a few metros in Pennsylvania and New Jersey ranked high. —Teya Vitu

With all of these occurrences, the housing market has slowed down, according to Fortune magazine, but that simply means prices are going up at a slightly more modest rate than they were before.

With rising mortgage rates, the national housing market has slowed down, Fortune acknowledged. “However, that’s a deceleration — meaning prices are going up at a more modest rate — not a price correction,” the magazine reported. —Teya Vitu

In short, it's a seller's market right now, unless you have a lot of money on your hands to purchase investment properties!

It could also be a great time to rent out any homes you do own.

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Canadian-American author writing about local politics, personal finance, & dining in Albuquerque.

Albuquerque, NM

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