The story of this market
The typical home in ZIP 87505 sells for about $573,161, or $365 per square foot.
Prices are roughly flat from a year ago (+0.4%), a market in balance. Homes take about 67 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,835 a month.
ZIP 87505 — Santa Fe
The 87505 housing market is currently experiencing a period of stabilization with modest price growth and balanced buyer-seller dynamics. Inventory remains tight, which continues to support home values despite higher interest rates. The market is driven by steady demand from local professionals and retirees, with limited new construction keeping supply constrained.
This ZIP is well-suited for a diverse mix of residents, including government employees, healthcare workers, and retirees who value proximity to city amenities and the cultural offerings of Santa Fe.
Median prices moved up 0.4% year over year.
Homes spend a median of 67 days on market with 4.7 months of supply — a balanced-paced market.
18% of listings have cut prices · homes sell at 98.2% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 4.1% · poverty 11.5% — 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 6.9%/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 87505, Santa Fe County, NM
Crime rates in Santa Fe are generally higher than the national average, with property crime being the most prevalent concern for residents in this ZIP code.
Schools serving the 87505 area are part of the Santa Fe Public Schools district, which maintains a mix of ratings with several institutions focusing on specialized arts and language immersion programs.
The area faces moderate wildfire risk common to the high-desert environment of Northern New Mexico, necessitating proactive defensible space management for residential properties.
Economic momentum is driven by state government, tourism, and the healthcare sector, with ongoing infill development projects aimed at increasing housing density near the city core.
Property taxes are administered by Santa Fe County based on assessed values; the state utilizes a 33.33% assessment ratio and provides a head-of-household exemption for primary residences.
Residents primarily commute via St. Michael's Drive and Cerrillos Road, which serve as major arterials connecting the ZIP to the downtown employment core and the Rail Runner Express station.
The area features extensive access to the Santa Fe River Trail, numerous neighborhood parks, and proximity to the shopping hubs along Cerrillos Road and the Santa Fe Place Mall.
The rental market is characterized by high demand and low vacancy rates, with significant pressure from both long-term residents and the short-term vacation rental market.
The economy is anchored by the State of New Mexico government offices, the Santa Fe Public School system, and a robust tourism and hospitality industry.
The area is served by the Santa Fe Trails bus system and is positioned near the Cerrillos Road corridor, a primary transit artery.
Development is currently focused on the Midtown site and various infill projects along the St. Michael's corridor.
The Santa Fe County Assessor manages property valuations, with assessments typically updated annually to reflect market changes.
Parcels in this ZIP are subject to Santa Fe Public Schools district taxes and various municipal utility service fees.
Property insurance premiums are rising due to regional wildfire risk and the increasing cost of construction materials in the Southwest.
New Mexico has seen steady net domestic migration, with Santa Fe attracting retirees and remote workers from larger urban centers.
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 covering known material defects at the time of listing.
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.
A major multi-use trail system providing connectivity across the city.
The primary regional shopping destination located within the ZIP.
A popular community park offering sports fields and recreational space.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.