The story of this market
The typical home in ZIP 87508 sells for about $749,000, or $350 per square foot.
Prices are roughly flat from a year ago (+0.4%), a market in balance. Homes take about 62 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $2,400 a month.
ZIP 87508 — Santa Fe
The 87508 housing market remains stable with a median list price of $749,000, reflecting steady demand for high-quality residential properties. While inventory remains tight, the market is balanced by a moderate pace of sales and consistent interest from buyers seeking the area's unique lifestyle. Market conditions are currently driven by limited supply and the sustained appeal of the Santa Fe foothills.
This ZIP is ideal for retirees and established professionals seeking a quieter, scenic environment with proximity to Santa Fe's cultural amenities, while offering larger lot sizes than the city center.
Median prices moved up 0.4% year over year.
Homes spend a median of 62 days on market with 4.2 months of supply — a balanced-paced market.
18% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.8% · poverty 7.2% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.1%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 87508, Santa Fe County NM
Crime rates in the 87508 area are generally lower than the Santa Fe city average, with property crime being the primary concern in more isolated residential pockets.
Schools serving this ZIP are part of the Santa Fe Public Schools district, which maintains a varied performance profile with several highly-rated magnet and charter options available to residents.
The area faces moderate wildfire risk due to its proximity to the Sangre de Cristo foothills, necessitating proactive defensible space management for homeowners.
Economic momentum is driven by the tourism, government, and arts sectors in nearby Santa Fe, with limited new commercial development occurring within the residential-heavy 87508 ZIP.
Property taxes are assessed by Santa Fe County based on the property's taxable value, with rates influenced by local school district and municipal levies.
Residents primarily commute by car to downtown Santa Fe, with travel times typically ranging from 15 to 25 minutes depending on traffic along the I-25 and NM-14 corridors.
The area offers extensive access to outdoor recreation, including proximity to the Dale Ball Trails, various community parks, and high-desert hiking opportunities.
The rental market is characterized by low vacancy rates and high demand, with a notable presence of long-term rentals and some seasonal/short-term vacation properties.
The local economy is anchored by state government, the Los Alamos National Laboratory, and the robust tourism and hospitality industry of Santa Fe.
Transportation is heavily reliant on private vehicles, with limited public transit options connecting the residential areas of 87508 to the city center.
Development is strictly managed by Santa Fe County zoning regulations, focusing on preserving the rural-residential character of the area.
The Santa Fe County Assessor manages property valuations, with assessments typically updated annually based on market sales data.
Parcels may be subject to specific school district taxes and local improvement district assessments for infrastructure maintenance.
Property insurance premiums are rising due to increased wildfire risk and regional climate factors, impacting overall housing affordability.
New Mexico has seen steady net domestic migration, with Santa Fe County attracting retirees and remote workers from out-of-state.
New Mexico is a judicial foreclosure state, requiring court intervention for the foreclosure process, which typically extends the timeline for lenders.
Sellers are required to provide a comprehensive property disclosure statement detailing known material defects to potential buyers.
Data retrieved from data.census.gov ZCTA-level tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Extensive network of hiking and mountain biking trails in the foothills.
Private golf facility serving the local community.
Community-integrated walking and biking paths.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.