ZIP 87506 — Tesuque and north Santa Fe County — gets labeled a "balanced-to-buyer's market" this month: only 10.6% of the 341 active listings are under contract, and true absorption sits at 6.0 months, the textbook equilibrium number. If you stopped reading there, you'd assume this is an easy market to negotiate in. It isn't — it's just negotiable at a very different price tier than the label implies.
Look at what actually closed. Over the last 12 months, 222 homes sold in 87506 at a median of $1,497,500 ($482/sqft), with sellers netting 97.0% of list price in a median 52 days. Break that down by price band and the real story shows up: 55% of all closings landed between $1M and $2M, and another 25% cleared $2M. That's 80% of every sale in this ZIP code over $1 million. Only 2% closed under $400K.
Meanwhile the zip-level "median list price" headline reads $925,000 — which sounds affordable next to that sold data, until you realize 149 of the 341 active listings are vacant land parcels (median $292,945) dragging that number down. Strip land out and look at residential listings only, and the median list price jumps to $1,935,000. Neither number alone tells you what a buyer or seller here should expect — the closed-sale price bands do.
The takeaway for anyone buying, selling, or pricing in Tesuque: a “buyer's market” here means more negotiating room inside a market where 4 out of 5 sales are seven figures, not a discount entry point into the zip code.
Full price-band tables and methodology are in the complete 87506 / Tesuque market report. Browse current inventory at Tesuque homes for sale, get a data-grounded estimate at Tesuque home values, or compare every Santa Fe-area ZIP and neighborhood in our full library of market reports, updated monthly straight from MLS data.
— Matthew Scarborough, Scarborough Realty Group, Keller Williams Santa Fe
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