Taos Real Estate Market Report | 2024 Year-End

Taos concluded 2024 on a largely positive note, with low inventory sustaining higher prices in many segments, especially for properties under $1M, where supply sits at roughly 8 months. However, in the luxury tier (over $1M), the supply stands at about 18 months, reflecting a slower high‑end market. Meanwhile, approximately 50% of active listings have undergone price adjustments, indicating that initial asking prices often need to align more closely with shifting buyer expectations.

Single Family Homes

• Closed Sales: Down 8.5% from 2023
• Total Dollar Volume: Up 3% (supported by higher sale prices)
• Average Price: Up 12.5% year over year
• Median Price: Up 15.6%, showing strong demand in the mid‑range market
• Days on Market: Increased 11.9%; buyers may be taking extra time due to higher loan costs

Key Insight: Below $1M, tight inventory is still pushing up prices and often leading to quicker sales. Above $1M, the longer supply (18 months) means high‑end listings can take more time to sell, and many ultimately need a price reduction before going under contract.

Condos

• Closed Sales: Up 17.9%
• Total Dollar Volume: Surged nearly 80%, driven by more transactions and rising prices
• Average Price: Up 4.5%
• Median Price: Up 6.8%
• Days on Market: About 20.9% longer compared to last year

Key Insight: Condos remain appealing to both local buyers and second‑home seekers due to lower maintenance and often lower price points. While higher mortgage rates can lead to more price adjustments over time, demand for condo living in Taos continues to be robust.

Land Parcels / Lots

• Closed Sales: Down 7.3%
• Total Dollar Volume: Down 10.2%
• Average Price: Down 3.1%
• Median Price: Down 6.3%
• Days on Market: Shortened by 11.5%

Key Insight: Buyers in the land market are more cautious, with construction costs and financing requirements playing a role. However, well‑priced parcels in desirable locations still tend to move quickly, underscoring Taos’s enduring scenic appeal.

Bottom Line

• Under $1M: Demand remains high, yet many listings still require price reductions to draw offers.
• Over $1M: Slower turnover due to the 18‑month supply; sellers in this range may need to be flexible or realistic with pricing.
• Overall Prices: Have stayed resilient, especially for single family homes and condos, reflecting Taos’s ongoing draw for those seeking its lifestyle and scenic setting.
• Buyer Behavior: While rising rates have tempered some segments, Taos’s year‑round appeal continues to attract serious buyers, making strategic pricing more crucial than ever.

These factors culminate in a market where pricing strategy is critical. If you’re thinking about selling, or simply want clarity on your home’s standing, reach out for a free, personalized valuation to ensure you’re making the most informed decisions in this evolving environment.

For more detailed information on Toas and other key markets around the Enchanted Circle, please see the chart below. All data provided by TCAR.

Enchanted Circle Estate Market Stats

2024 vs 2023 YTD | 12-month Snapshot | Single Family Homes