ZIP Code Market Report
87508 — Santa Fe, NM
Data through February 2026 · Updated monthly
Avg Home Value
$637,952
▼ 0.7% year-over-year
Month-over-Month
-0.5%
▼ 0.5%
Single Family
$639,428
Condo / Co-op
--
The average home value in the 87508 ZIP code (Santa Fe, New Mexico) is $637,952 as of February 2026. Home prices are stable, down 0.7% compared to last year.
A 3-bedroom home in 87508 is valued at $634,551. 1-bedroom units start around $408,667.
The market in 87508 has a $386,068 spread between bottom-tier homes at $481,244 and top-tier homes at $867,311. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
Looking ahead, Zillow's forecast model projects home values in the 87508 ZIP code will increase 0.1% over the next 12 months, bringing the projected average to approximately $638,590. This modest projected change should be factored into any investment analysis for properties in this area.
This report is part of the Santa Fe County market area in New Mexico. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Santa Fe County report.
Free Home Value Estimate
What's your home worth in 87508 (Santa Fe)?
Get a free estimate based on recent sales and market data in your neighborhood. See how your home compares.
Free · Takes 30 seconds · Based on real sale data
Market Snapshot
87508 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $644,223 | $641,394 | $637,952 | ▼ 1.0% |
| Single Family Value | $638,374 | $639,277 | $639,428 | ▲ 0.2% |
Home Values
87508 Home Value Trend
Historical home values for ZIP code 87508. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 87508
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 1 Bedroom | $408,667 |
| 2 Bedrooms | $504,535 |
| 3 Bedrooms | $634,551 |
| 4 Bedrooms | $764,866 |
Property Types
Home Values by Property Type in 87508
How different property types compare in this ZIP code.
All Homes
$637,952
Single Family
$639,428
Bottom Tier
$481,244
Top Tier
$867,311
Forecast
12-Month Home Value Forecast for 87508
Zillow projects home values in 87508 will increase 0.1% over the next year, reaching approximately $638,590.
Current Value
$637,952
Projected Change
+0.1%
▲ 0.1%
Projected Value
$638,590
Source: Zillow Home Value Forecast (ZHVF). Forecasts are not guarantees.
Data Sources and Methodology
Home value data for ZIP code 87508 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
Investing in Santa Fe?
Run your ARV and MAO instantly with live market data