Santa Fe, N.M.'s median home prices spiked up in the fourth quarter of 2018, according to a report from the Santa Fe Association of Realtors. This spike is a whopping 27% increase for 2017 making it a pretty substantial end to the year.
The median home price climbed from $394,000 to $412,000 from the third to fourth quarter, however, the number of sales reportedly dropped by close to 5%, according to National Mortgage News.
"With record low inventories, Santa Fe's housing market is experiencing a strong uptick in median home prices similar to those during the overheated housing market of 2007," the association's president, Beth Stephens, said in announcing the latest data, according to NMN.
"She also said an increase in land and real estate sales in the area 'may be the result of investors wanting to diversify their holdings as stocks take a bumpy ride entering 2019.'"
With higher home prices, it is becoming tougher for prospective homebuyers to find an affordable option, a trend we have been seeing pretty often out West.
"The inventory of homes for sale in Santa Fe decreased by 14%, to 1,015, in the fourth quarter," according to the report.
To learn more about Santa Fe's median home price and current trends in its housing market, click on the image above.