Sales of Santa Fe residential homes priced above $1 million rose 22% in 2025 against 2024. Across the same twelve months, the Santa Fe MLS as a whole, every residential sale in it, rose 6%. The luxury segment grew close to four times faster than the market that contains it.
Those figures come from Drew Lamprich, Vice President and Brokerage Manager of Sotheby’s International Realty Santa Fe, who wrote the Santa Fe letter in the 2026 Luxury Outlook and sourced them there to the Santa Fe MLS. A market whose top end rises at four times the rate of its middle is saying something specific.
Two price bands, two rates of growth
A third number belongs beside them. Our own reading of Santa Fe MLS data puts residential sold properties above $2.5 million up 64.81% in 2025 against 2024.
That is not a contradiction of the 22%, it is a different band. The $1 million threshold now captures a wide stretch of ordinary Santa Fe housing, including in-town property that would not have crossed it a decade ago. The $2.5 million threshold captures a far smaller set: walled compounds, land holdings, and architecturally significant houses with provenance. Both rose. The higher, narrower band rose faster. Momentum increases as you move up through this market.
Supply moved as well. Active inventory of $1 million-plus residential homes rose 20% year over year, which matters for how the sales growth should be read. Buyers were not simply competing harder over a shrinking pool. More came to market, and more sold.
Where the buying concentrated
Lamprich identifies three areas that absorbed the bulk of luxury activity: the Historic East Side, Las Campanas, and Monte Sereno. The East Side offers walkability to the Plaza and a stock of adobe that cannot be reproduced at any price. Las Campanas offers acreage, golf, and design guidelines that have kept it coherent across decades. Monte Sereno offers height, long views, and a short drive back into town.
The most expensive residential sale in the Santa Fe MLS in 2025 was 211 Camino Del Norte, a compound in the foothills above downtown with three guest casitas and room for more than a hundred guests. Lamprich notes what we would note ourselves: in Santa Fe, the casita was the original accessory dwelling unit. The report treats multigenerational living as an emerging national preference. Here it is the inherited plan of the place, which is why the guest casita remains among the most requested features on a Santa Fe search, and why the adobe vocabulary of portal, placita, and courtyard reads to buyers as a feature rather than a constraint.
What the report says beyond Santa Fe
The Luxury Outlook is Sotheby’s International Realty’s annual survey of the global high end. The 2026 edition runs to 76 pages, and three of its findings carry usefully into a Santa Fe conversation.
Its organizing idea is what it calls a tale of two economies: luxury and general real estate now behave as two markets, and through 2025 luxury outperformed traditional real estate in both sales and value. Second, United States luxury inventory has recovered to pre-pandemic levels, which the report reads as a healthier market offering buyers more choice. Third, its counsel to buyers and sellers alike is the first mover advantage: acting decisively when the right opportunity appears rather than waiting on a clearer signal that may never arrive.
We hold the report and will send a copy to anyone who asks. We will not reproduce it here: our reading of what it means in this valley is worth more than a duplicate of what Sotheby’s already publishes.
The Luxury Outlook sits alongside our other Santa Fe reports, including the 2026 Resort Report, which sets Santa Fe against its peer markets across the Mountain West.
Questions we are asked
How did the Santa Fe luxury market perform in 2025? Sales of homes above $1 million rose 22% against 2024, while the Santa Fe MLS as a whole rose 6%. Above $2.5 million, sales rose 64.81%.
What is the Luxury Outlook report? Sotheby’s International Realty’s annual global survey of the luxury housing market. The 2026 edition’s Santa Fe letter was written by Drew Lamprich.
Where are luxury buyers concentrating in Santa Fe? The Historic East Side, Las Campanas, and Monte Sereno.
None of the above is a forecast. 2025 is a result, 2026 is an outlook. What we can tell you is what we see in the properties we represent and write about in the Journal, where we have set out at greater length what we think a home is worth and why Santa Fe was ranked the country’s leading luxury market. If you are weighing a purchase or a sale here, tell us what you are considering.
The Webster Estates Team
Chris Webster · Patti Webster · Christopher Webster III · Paisley Mason Webster
Webster Estates is the real estate brokerage arm of Webster Santa Fe, a team of Associate Brokers at Sotheby’s International Realty. The team has operated from 54½ Lincoln Avenue on The Plaza since 1976.
