Craig Cunningham of The Bunny Terry Group at REAL Broker reports a more balanced Santa Fe housing market as luxury real estate gains national recognition.
-- The Bunny Terry Group at REAL Broker announces a market update highlighting changing buyer and seller dynamics in Santa Fe, New Mexico, as the housing market enters the final quarter of 2026. Craig Cunningham, Associate Broker with the team, reports that longer market times, increased buyer choice and greater negotiating opportunities are shaping the broader residential market, while Santa Fe's luxury real estate sector continues to attract national attention.
The broader market reflects a shift from the intense competition of earlier years, with recent indicators pointing toward more measured conditions for buyers and sellers.
At the same time, Santa Fe's luxury market has demonstrated a different pattern. The Spring 2026 Wall Street Journal and Realtor.com Luxury Housing Market Ranking placed Santa Fe at number one among 60 luxury housing markets nationwide. The metro rose 18 positions in the ranking, with its 90th percentile luxury listing price reaching approximately $2.698 million.
For Cunningham, the contrast between the broader housing market and the luxury sector underscores the importance of understanding individual property conditions and neighborhood trends.
“Santa Fe hasn't cooled off, it's leveled off. For the past few years, buyers had to move fast and stretch their budgets just to compete. Now they have time to think, negotiate, and find the right home instead of just any home. That's a healthier market for everyone, including sellers who price correctly from day one,” Cunningham said.
Market Data Shows Greater Room for Negotiation
Recent market indicators provide context for the changing conditions across Santa Fe.
Redfin's data for the three months ending in August 2026 showed a median Santa Fe sale price of approximately $575,000, representing a 3.7 percent increase year over year. Homes spent a median of approximately 59 days on the market.
Zillow's August 2026 data placed the typical Santa Fe home value at approximately $581,279, up 0.8 percent from the previous year. The platform also reported 896 homes in for sale inventory as of August 31.
Redfin reported that the average Santa Fe home sold for approximately 3 percent below asking price in August, with a sale to list ratio of 97.4 percent. Approximately 38.4 percent of listings experienced price reductions.
Zillow's July data similarly showed that approximately 70.8 percent of sales closed below list price, while 10.4 percent sold above asking.
These figures describe broader market conditions rather than the outcome of every individual transaction. Property location, condition, price range and buyer demand continue to influence the terms available to buyers and sellers.
Buyers Gain More Time to Evaluate Properties
Longer market times and increased inventory are giving Santa Fe buyers more opportunities to compare properties, review comparable sales and complete due diligence before making an offer. Buyers may also have greater flexibility to negotiate price, repairs and other terms.
Cunningham notes that increased negotiating power does not mean every property is available at a discount, as desirable homes can attract strong interest.
“The goal isn't simply to win a house. It's to buy the right property at terms that make sense for the buyer's goals,” Cunningham said.
Sellers Face a More Selective Market
For sellers, the 2026 market places greater importance on preparation, pricing and presentation. Buyers have more opportunities to compare available properties, making the initial positioning of a listing increasingly significant.
Cunningham's approach includes evaluating comparable sales, active competition, property condition, neighborhood trends and the characteristics most likely to attract prospective buyers. Professional photography, strategic marketing and responsive adjustments can also form part of a property specific listing plan.
“The frenzy years rewarded almost any listing. This market rewards the right listing, priced correctly, presented well, and marketed strategically from day one,” Cunningham said.
The objective is to establish a realistic understanding of the property's market position before it reaches prospective buyers.
Santa Fe Luxury Real Estate Reaches a National Milestone
While the broader market has become more measured, Santa Fe's luxury housing sector has continued to demonstrate strong national visibility.
The Spring 2026 Wall Street Journal and Realtor.com Luxury Housing Market Ranking identified Santa Fe as the number one luxury housing market in the United States. The ranking's 90th percentile listing price of approximately $2.698 million reflected an 11.3 percent year over year increase in luxury prices, compared with a 2.9 percent national decline at the same tier.
Realtor.com's April luxury analysis also reported that million dollar listings represented approximately 40.3 percent of Santa Fe's inventory. The number of million dollar listings increased 20.7 percent year over year.
The findings highlight the distinct performance of Santa Fe's upper end, where architectural character, privacy, landscape and lifestyle considerations can influence demand.
Neighborhood Differences Shape Santa Fe's Housing Opportunities
Cunningham describes Santa Fe as a collection of micro markets rather than one uniform housing market. Buyers and sellers in different neighborhoods can encounter different pricing patterns, property characteristics and levels of competition.
Historic Eastside and Downtown properties may appeal to buyers seeking adobe architecture, walkability and proximity to the Plaza. Luxury properties in the foothills may emphasize acreage, privacy, views and architectural distinction. Condo buyers may prioritize convenience and access to downtown amenities, while new construction can attract buyers seeking modern layouts and newer building systems.
Communities including Santa Fe, Historic Eastside, Tesuque, Las Campanas, Eldorado, Rancho Viejo and Aldea each offer different residential environments.
“A well priced condo near the Plaza and a five acre luxury estate in the foothills are essentially two different markets moving at two different speeds. That's where local, neighborhood level expertise matters most,” Cunningham said.
The Bunny Terry Group Brings Local Experience to a Changing Market
Craig Cunningham is an Associate Broker with The Bunny Terry Group at REAL Broker, working alongside veteran Santa Fe real estate professional Bunny Terry. The team ranks among the top three producing real estate teams in the Santa Fe MLS, according to team market reporting.
Cunningham brings more than 30 years of luxury hospitality experience to his real estate practice, with a professional background focused on service, communication and attention to detail. His previous experience as a United States Coast Guard officer and professional performer also informs his approach to preparation and client service.
The Bunny Terry Group represents buyers and sellers across Santa Fe and surrounding communities, including residential, luxury and relocation clients.
About The Bunny Terry Group at REAL Broker
The Bunny Terry Group, led by veteran Santa Fe broker Bunny Terry, is a real estate team associated with REAL Broker, LLC, serving Santa Fe and Northern New Mexico. Through Move Me to Santa Fe, prospective buyers and sellers can learn more about the team’s services and the Santa Fe market.
The team combines local market experience with Craig Cunningham’s background in luxury hospitality to provide representation across diverse neighborhoods and property types. The team works with traditional residential buyers and sellers, luxury clients, relocating families, and clients seeking distinctive properties.
Bunny Terry also shares real estate insights and updates through her Facebook, LinkedIn, and Instagram profiles.
More information is available at ilovesantafehomes.com . For inquiries, email craigcunninghamsf@gmail.com. Located at 211 E. Palace Avenue, Santa Fe, NM 87501.
Contact Info:
Name: Craig Cunningham
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Organization: The Bunny Terry Group at REAL Broker
Website: https://ilovesantafehomes.com/
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