87505, Santa Fe, NM

Home equity is a measure of the value of a home minus any outstanding mortgages or other debts on the property. In Santa Fe, NM, the average home equity was $191,000 in 2017. This figure has been increasing steadily since 2007, when the average home equity was $157,000. The increase in home equity may be due to several factors: rising prices and wages over the past decade, low interest rates that have encouraged more homeowners to refinance their loans, and improvements made to homes over that time period.

The price of a home is also important factor in determining its value. In Santa Fe, NM, the median price of a single-family residence was $269,500 in 2017. This figure has increased by about 20% since 2007 and is significantly higher than the national median price of $217,500 during this same period. The high prices in Santa Fe may be attributable to several factors: excellent schools and amenities (including an abundance of cultural attractions), strong job market conditions (especially for professionals), and limited supply of properties for sale compared with other areas of the country.

Overall, it appears that both home equity and home prices are continuing to rise in Santa Fe – which could make it an attractive place to buy or invest in a property.