Metro area index
Home appreciation in the Santa Fe, NM metro area
FHFA HPI® data shows the Santa Fe, NM metro area's all-transactions index changed +4.0% over the year to Q2 2026, versus +2.1% for New Mexico and +3.0% for the U.S. That ranks 157th of 410 metro areas and divisions FHFA tracks.
- 1-year change
- +4.0%
- 5-year change
- +42.0%
- Since Q1 1995
- +251%
- Metro rank (1 year)
- 157th
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Santa Fe, NM vs New Mexico and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Santa Fe, NM: 351.4
- New Mexico: 318.0
- United States: 391.6
Appreciation by time window
| Window | Metro | NM | U.S. | Gap vs NM | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +4.0% | +2.1% | +3.0% | +1.9 pts | +1.0 pts |
| 3 years | +15.5% | +13.5% | +12.9% | +2.0 pts | +2.7 pts |
| 5 years | +42.0% | +42.6% | +41.3% | −0.7 pts | +0.7 pts |
| 10 years | +102% | +87.6% | +93.3% | +14.4 pts | +8.7 pts |
| Since Q1 1995 | +251% | +218% | +292% | +33.5 pts | −40.1 pts |
3-digit ZIP regions in the Santa Fe, NM area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 875 · Santa Fe, NM area | NM | +3.4% | +43.3% | +252% | 58% |
Boom, bust, and recovery in Santa Fe, NM area
Santa Fe, NM area's index peaked in Q4 2007, fell 22.2% to its low in Q2 2012, and regained its peak in Q2 2019, about 11.5 years after the top. Today it sits +74.0% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q4 2007 | Q2 2012 | -22.2% | Q2 2019 (11.5 yrs) | +74.0% |
| NM | Q1 2008 | Q2 2012 | -15.7% | Q2 2019 (11.2 yrs) | +69.4% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Santa Fe, NM area's index has changed +58.7% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | NM after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | +0.1% | -1.7% | -0.8% |
| 3 years | +9.8% | +5.2% | +3.4% | +2.8% |
| 5 years | +24.0% | +14.5% | +15.0% | +13.9% |
| 10 years | +39.1% | +45.3% | +34.9% | +39.0% |
| Since Q1 1995 | +121% | +58.7% | +43.6% | +76.8% |
If you bought in the Santa Fe, NM area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +244% | $1,032,403 |
| Q2 2000 | +206% | $917,412 |
| Q2 2005 | +108% | $624,320 |
| Q2 2010 | +106% | $616,616 |
| Q2 2015 | +112% | $636,572 |
| Q2 2020 | +60.7% | $482,027 |
| Q2 2021 | +42.0% | $425,924 |
| Q2 2023 | +15.5% | $346,601 |
| Q2 2025 | +4.0% | $312,031 |
Frequently asked questions
- How much have home prices risen in the Santa Fe, NM area?
- FHFA HPI® data for the Santa Fe, NM metro area shows changes of +4.0% over one year, +42.0% over five years, and +102% over ten years to Q2 2026, and +251% since Q1 1995.
- Is the Santa Fe, NM area beating the national average?
- Over the past year the metro's index moved +1.0 pts versus the U.S.; over five years the gap is +0.7 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.