How’s the Market?
The real numbers behind San Miguel de Allende real estate, explained in plain language.
$0K
Median Sale Price
every closing, in USD
$0K
Average Sale Price
every closing, in USD
0.0 mo
Median Time to Sell
178 days, listed to closed
0.0 mo
Average Time to Sell
193 days, listed to closed
0%
Sale-to-Ask Ratio
weekly reports, about 4% off ask
0%
Buyers from the U.S.
of identified buyers
The Big Picture
How is the San Miguel market actually doing?
181 homes sold in the first half of 2026, for about $113 million. Prices are holding steady & the typical home sold for 96% of its final asking price. More homes came up for sale than actually sold, so buyers have plenty to choose from right now.
Weekly market activity
Each bar is one reporting week. Weeks are numbered within their month, not by calendar date.
- New listings
- Under contract
- Closings
- Price changes
What this means in plain terms
There are more homes for sale than there are buyers. For every home that sold, another 3.2 came on the market. Of the 339 price changes this half, 92% were price drops, and the typical home took 6 months to sell. Even so, well-presented, realistically priced homes for sale in San Miguel de Allende are still selling quickly and close to their asking price.
Put simply: homes priced too high sit for months. Homes priced correctly sell soon after they list. Same market, two very different outcomes.
Closings, prices & time to sell come from the AMPI MLS sold archive. New listings, price changes & the sale-to-ask ratio come from the weekly AMPI transaction reports, which the sold archive cannot verify.
Price & Volume
Where are prices heading?
We use the median, which is the sale right in the middle of the list. It is a better guide than the average, because a few very expensive homes pull the average up. Peso prices are converted to dollars at that month’s average exchange rate so everything can be compared fairly.
Monthly closing price, median vs. average
The gap between the two lines is caused by the most expensive homes that month.
- Median
- Average
Monthly sales volume
Total dollars closed each month. June is a partial month, through the 24th.
Why does the median jump around month to month?
Homes are not swinging in value every month. What changes is the kind of home that sells. April’s median hit $648K because mostly expensive dollar-priced homes closed, & June fell to $349K because more local peso-priced homes closed. With only 25 to 38 sales in a month, a handful of deals moves the whole median.
Month by Month
How did each month move against the one before it?
Pick a month to see how activity and pricing shifted. The arrows compare against the prior month.
27
Closings
$349K
Median Price
$11.1M
Sales Volume
106
New Listings
June ran to the June 24 cutoff with 27 home & condo closings worth $11.1 million. The $349K median reflects a heavier share of local, peso priced buyers rather than falling values.
* June covers through the 24th.
Who Is Buying
Who is actually buying in San Miguel de Allende?
This comes from the sales where buyer nationality & age were reported. San Miguel still draws mostly foreign buyers, but they are younger & more local than most people assume.
Buyer nationality
Share of identified buyers.
- United States
- Mexico
- Canada
- Dual nationals
- Elsewhere
Buyer age
The decade of life they are in.
What buyers actually paid
Share of closings by price band, in USD.
66%
Most buyers come from the US
Two of every three identified buyers are American, & Canadians add a few points more. When the economy up north slows down, San Miguel feels it.
1 in 5
One in five buyers is under 50
About 19% of buyers are under 50. They usually work remotely & buy for the lifestyle. Retirees are still the majority, but younger buyers keep arriving.
56%
Most homes sell under $500,000
56% of sales closed below half a million dollars, & 88% closed below a million. Luxury homes get the attention, but the real market sits below that number, & that is where buyers actually compete with each other.
The Verdict
What does all of this mean for you?
The same numbers read differently depending on whether you are buying or selling. Here is each side.
If you are buying
You have more room to negotiate than in years
There are plenty of homes available, nearly every price change is a cut, & the typical seller ends up accepting about 4% less than they asked. You can take your time & be picky without missing out. New to this? Start with the buyer's roadmap and grab the free buyer's guide.
- About 3.2 new homes come up for sale for every one that sells
- 92% of price changes were cuts, averaging 6.9%
- The typical home takes about 6 months to sell, so there is no need to rush
- But well priced homes go quickly, & those you have to decide on fast
If you are selling
Price it right on day one
Realistically priced homes still sell for 96% of what they ask, & one in four sells at the asking price or above. Starting too high is expensive: the homes that had to cut gave up almost 7% & lost months along the way. Here is how we sell San Miguel homes.
- 24% of homes sold at the asking price or above
- Homes that listed too high sat unsold, then had to cut 6.9%
- You are competing against 100+ new homes every month
- A fair price & good presentation beat starting high to test the market
Price change & sale-to-ask figures come from the weekly AMPI transaction reports. Closings, prices & time to sell come from the MLS sold archive.
What Most People Miss
What do the market headlines leave out?
Details you will not see in the average sale price, but that do change how you should buy or sell, from the neighborhoods of San Miguel de Allende to the currency each home was listed in.
Two price ranges, side by side
Median sale price in dollars, based on the currency the home was listed in.
Who buys more than they sell
Homes bought minus homes sold. A positive number means that group is gaining property here.
2 markets
Two very different price ranges
Homes listed in dollars, almost always aimed at foreign buyers, sell for a median of $569K. Homes listed in pesos, almost always local, sell for about $299K, or 5.2 million pesos. They barely overlap, so a single average price does not describe either one well.
+40 / -28
Americans are buying more than they sell
American buyers bought 40 more homes than they sold. Mexican owners sold 28 more than they bought. Each half, a few more San Miguel homes end up in foreign hands.
6 months
Many buyers must sell a home first
One reason the median home takes close to 6 months, 178 days, is that many buyers need to sell a home in the US or Canada before they can close here. If that sale gets delayed, the San Miguel purchase gets delayed too.
92%
Prices are being cut, not raised
Of 339 price changes, 311 were cuts & only 28 were increases. When nearly every seller is lowering their price, that is the clearest sign there is room to negotiate.
24%
One in four sells at full price or better
Even with so many homes available, 24% sold at the asking price or above. Not everything gets negotiated down. When the price & the condition are right, buyers pay what is asked.
21%
Homes either sell fast or sit a long time
21% sold in under 90 days while 7% took more than a year. Half took longer than 178 days, which is close to 6 months. If you are selling, budget about 6 months to get a signed contract, plus 30 to 45 days to close. What decides which group your home lands in is the price on day 1: homes listed at the level of recent sales go quickly, homes listed above it reach that same price months later.
Median prices & time to sell come from the AMPI MLS sold archive. Price changes, the sale-to-ask ratio & net buyer flow come from the weekly AMPI transaction reports.
Where we think it is heading
A grounded read on the second half of 2026, based on the data above & not on wishful thinking.
Prices
Expect broadly flat to slightly firmer median prices into year end. With inventory deep & price cuts common, sellers will not be able to push prices up, but steady foreign demand & limited quality supply should prevent any real decline. Independent forecasts point to 3% to 7% annual appreciation over the medium term.
Activity
Fall usually reawakens buyer traffic. The number to watch is homes going under contract, which ticked up to 15 in the final week of June, the strongest week of the half. If that holds, expect a firmer third quarter of closings after the summer lull.
The wildcard
The biggest risk is not local. It is a sharp move in the peso or a shock to the U.S. economy that freezes the North American buyer. Absent that, the most likely path is more of what we are seeing: a balanced, negotiable market that rewards realistic sellers & patient buyers.
Want to know how your neighborhood or price range is doing?
Citywide averages will not help you decide anything. Tell me the area or the budget you care about & I will show you the comparable homes that actually apply to your situation.
Figures cover reported San Miguel de Allende closings, January 1 - June 24, 2026. Peso prices are converted to USD at the relevant month’s average exchange rate.
All figures are compiled from the AMPI San Miguel de Allende MLS, the official multiple listing service of the Mexican Association of Real Estate Professionals. Mike Fanelli is an active AMPI member, affiliated with The Agency San Miguel de Allende.
How’s the Market? Market report covering January 1 - June 24, 2026.
Source: AMPI San Miguel de Allende MLS, closed sales recorded January 1 through June 24, 2026, restated August 1, 2026. 181 cleaned house & condominium closings & 339 price changes recorded over the period.
Methodology & disclaimer. Figures cover houses & condominiums; land & commercial sales are excluded from price statistics. Counts exclude rental listings & records bulk-archived from the legacy MLS, whose recorded dates reflect administrative archiving rather than actual closings, along with a small number of records carrying obviously corrupt prices. Peso-denominated sales are converted to U.S. dollars at the prevailing exchange rate, 17.4 MXN per dollar in this edition; at 18.5 to 20 pesos per dollar the median would still land between $445K & $469K. Medians & averages are computed on transactions with reported prices; nationality, age & days-on-market statistics use the subset of records where those fields were reported. Price changes, the sale-to-ask ratio & net buyer flow come from the weekly AMPI transaction reports, since the sold archive carries no asking-price or price-history fields. June 2026 is a partial month, through the 24th. Figures represent MLS-recorded transactions only & may not capture all private sales. This report is provided for general informational purposes; it is not an appraisal or financial advice, so consult a licensed professional for decisions on a specific property.
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