RESMA - Blog #market reportRESMA - Blog #market reporthttps://www.resma.mx/blogs/tag/market-reportSat, 14 Nov 2026 07:17:58 -0800http://zoho.com/sites/<![CDATA[Is San Miguel de Allende Real Estate Overpriced? What the Data Can—and Cannot—Tell Us]]>https://www.resma.mx/blogs/post/is-san-miguel-de-allende-real-estate-overpricedIs San Miguel de Allende in a bubble? Closed prices, sale-to-list ratios, price cuts and days on market in 2026, and what the data cannot prove.]]>

By Jesús Barrios Huerta, CEO of RESMA Real Estate · San Miguel de Allende · Updated: 11 Nov 2026 · Leer en español

Short answer: the data do not show a general collapse or a runaway rise. They do show a market that punishes overpricing: 37% of the homes sold in 2026 needed at least one price cut, and those homes took much longer to sell. "Overpriced" is less a feature of the city than of individual listings.

What we can measure

SignalWhat our 2026 closed sales showWhat it suggests
Closed median price (US$ sales)US$562,500, between 2024 (US$580,000) and 2025 (US$525,000)Stable, no sharp move
Closing vs. last asking price96% median, same for three yearsBuyers pay close to well-set prices
Homes with a price cut37%; they took a median 241 days and closed at 87% of their original priceMany listings start above market
Homes with no price cutMedian 128 days, 96% of asking priceWell-priced homes still sell
Median days on market188 (2025: 204; 2024: 132)Slower than 2024, steady vs. 2025

Source: RESMA closed-sales database, January–October 2026. Medians.

Why it can feel overpriced

  • Asking prices are visible; closed prices are not. Our inventory's median asking price for dollar-listed homes was US$730,000 on 11 November 2026, well above the US$562,500 closed median.
  • The high end is large. 58 of the 162 dollar-listed homes in our inventory were priced at US$1 million or more.
  • Comparisons with other cities mislead. San Miguel's international demand and heritage center make national averages a poor yardstick.

What the data cannot tell us

  • Whether prices will fall or rise in the future.
  • Whether a specific property is fairly priced: that requires comparing truly similar homes, with the same location, condition, size and paperwork.
  • The behavior of the whole municipality: our database records the sales we track, not every private sale.

What this means for you

Buyers: negotiate from closed comparables, not from the asking price, and look at time on market. Owners: starting high does not protect the price; in our data it cost about four months and a lower result. See how we prepare a sale.

Frequently asked questions

Is San Miguel de Allende in a housing bubble?

Our data do not show the signs usually associated with a bubble, such as rapidly rising closed prices. Closed medians were stable and sale-to-list ratios unchanged. Data cannot predict future prices.

How much do buyers negotiate?

At the median, homes closed at 96% of their last asking price in 2026; homes that needed price cuts closed at 87% of their original price.

Why are so many listings above US$1 million?

San Miguel has a large high-end segment. Among dollar sales, 20% closed above US$1 million in 2026.

Talk to someone who knows San Miguel

Tell us what you are looking for and we will share options from our listings and the AMPI MLS, and help you plan your next steps.

Explore available propertiesSpeak with the RESMA teamSearch the AMPI MLS

Related reading

Sources

Sources and data consulted on 11 Nov 2026.

]]>Wed, 11 Nov 2026 09:54:06 -0600<![CDATA[San Miguel de Allende Real Estate Market: 2026 Results So Far and the Outlook for 2027]]>https://www.resma.mx/blogs/post/san-miguel-de-allende-real-estate-market-2026-outlook-2027Preliminary 2026 results for San Miguel de Allende real estate: closed prices, currency, days on market and inventory, plus scenarios for 2027. Data through Oct 2026.]]>

By Jesús Barrios Huerta, CEO of RESMA Real Estate · San Miguel de Allende · Updated: 11 Nov 2026 · Leer en español

Short answer: through October 2026, San Miguel de Allende shows an active but more selective market. The median home sold in dollars closed at US$562,500, about six months after listing and at 96% of its last asking price. This is a preliminary report: the year has not closed, and we will update it when full-year data is available.

What this report covers

We combine two sources. The first is RESMA's database of closed sales in San Miguel de Allende, January to October 2026 (372 closings, of which 310 were homes). The second is a snapshot of the 449 properties for sale in RESMA's own inventory on 11 November 2026. Closed prices describe what buyers paid; asking prices describe what owners hope for. We keep them separate throughout.

Closed sales, January–October 2026

Indicator (homes)202420252026 (Jan–Oct)
Median price, sales agreed in US$US$580,000US$525,000US$562,500
Median days from listing to closing132204188
Median closing price vs. last asking price96%96%96%
  • Currency: 69% of the homes sold were agreed in US dollars. Lots behave differently: 80% were sold in pesos.
  • Price per square meter: the median was US$2,375 per m² of construction, 2% above 2025 and 6% above 2024.
  • Price ranges: of the homes sold in dollars, 44% closed between US$300,000 and US$600,000, 24% between US$600,000 and US$1 million, and 20% above US$1 million.
  • Price reductions: 37% of the homes sold had at least one reduction before selling.
  • Buyers: among closings with a recorded nationality, 69% of buyers were American; Mexican buyers rose from 22% in 2025 to 27% in 2026.

Source: RESMA closed-sales database; methodology in our article San Miguel de Allende doesn't have just one price. Medians, not averages. The database does not include every private sale in the municipality.

What is for sale now (RESMA inventory, 11 Nov 2026)

Our published inventory had 449 properties: 363 homes, 73 lots and 13 other properties. Of the homes, 162 were listed in dollars (median asking price US$730,000) and 201 in pesos (median MX$6.8 million). Asking prices sit above the closed median, which is normal: listings include the high end and properties that have not yet met their market.

Homes listed in US$ by asking priceListings
Under US$300,00023
US$300,000 – 600,00040
US$600,000 – 1 million41
US$1 – 2 million32
US$2 million and above26

What the numbers say

  • Prices held, they did not jump. The dollar median is within the range of the last three years. Value per m² rose moderately.
  • Selling takes time. About six months is the norm, and homes that started too high took longer and closed further below their original price.
  • Two markets in one city. Dollar-priced homes aimed at international buyers and peso-priced homes for Mexican buyers move differently. Mexican demand is growing.
  • Context: Mexico's mortgage-backed home price index (SHF) rose 7.3% year over year in the second quarter of 2026. It measures mortgage-financed homes nationally, so it is a reference, not a San Miguel price.

The outlook for 2027: scenarios, not predictions

No one can promise where prices will go. These are the conditions we will watch, and what each would likely mean:

  • If international demand stays steady and pricing discipline holds, expect stable medians and similar selling times, with the best-located, well-documented homes selling first.
  • If more inventory reaches the market than buyers absorb, expect longer selling times and more negotiation, especially for homes priced above their comparables.
  • If Mexican demand keeps growing, peso-priced homes in well-served neighborhoods could gain share of sales.

We will publish the full-year 2026 figures in January 2027 and update this page with them.

About these data. Figures come from RESMA's records and inventory and do not represent the entire market. They are informative and do not replace a valuation of a specific property.

Frequently asked questions

Are prices falling in San Miguel de Allende?

Not according to our 2026 closed sales through October: the dollar median was US$562,500, between the 2024 and 2025 figures, and value per m² rose about 2%. What changed is how long sales take and how much overpricing costs.

Is this the full-year 2026 report?

No. It covers January to October 2026. We will update it with full-year data in January 2027.

Why are asking prices higher than closed prices?

Listings include the high end and properties that have not sold yet. Closed prices show what buyers actually paid; the median closing price was 96% of the last asking price.

Talk to someone who knows San Miguel

Tell us what you are looking for and we will share options from our listings and the AMPI MLS, and help you plan your next steps.

Explore available propertiesSpeak with the RESMA teamSearch the AMPI MLS

Related reading

Sources

Sources and data consulted on 11 Nov 2026.

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