San Miguel de Allende Real Estate Market Tracker

$480K

Median closed sale price, H1 2026

181 house and condo sales, 1 January to 24 June 2026, AMPI MLS. Mike Fanelli, The Agency San Miguel, a commissioned source; dated 1 August 2026.

178 days

Median time to sell, H1 2026

Listing to closing, same source. August 2026 alone: 184 days on 27 sales (Fanelli, prepared 4 September 2026).

30 months

Months of inventory, August 2026

Realty San Miguel, a commissioned source, 9 September 2026. Computed on one month's closings; July was near 20.

814

Active resale listings, August 2026

Realty San Miguel, 9 September 2026. 860 in May, 745 in June, 805 in July.

San Miguel de Allende’s housing market in 2026 is selling fewer homes than it did in 2025, into a larger stock of listings, with no measured fall in closed prices. The median closed price for a house or condominium was $480,000 in the first half of the year, and the median home took 178 days to sell. Through August, closings were 12.5 per cent behind 2025, active listings stood at 814, and the latest months-of-inventory reading was 30. Every one of those figures is a commissioned brokerage’s reading of the AMPI San Miguel de Allende MLS. No public registry publishes sale prices here.

Closed-sale medians for this town are recent. Rafael Mora’s landing page for a gated first-quarter report, published on 14 April 2026, gives a market-wide median. Mike Fanelli’s half-year report, dated 1 August 2026, is the first public report we found with a median, an average, days to sell and a sale-to-ask ratio together, and he has published monthly since. Realty San Miguel publishes counts, listings and inventory every month. Meanwhile most of the price figures that come back from a search are asking prices. This page puts all of them side by side, names one canonical figure per metric with its period and its source, and explains where the others disagree. It is updated every month.

A word on the sources before the numbers. Mike Fanelli is an agent affiliated with The Agency San Miguel de Allende. Realty San Miguel is a brokerage whose monthly updates are written by Philip Hardcastle. Rafael Mora is a broker. All three are commissioned sources: they earn a commission when property sells, and so they have an interest in how the market is read. Their data is still the only closed-sale data there is, and we use it, labelled.

The canonical numbers, as of September 2026

Data runs through August 2026. Where a source publishes a half-year figure and a monthly one for the same metric, the half-year figure is canonical, because a month in San Miguel is 25 to 38 sales and its median moves with the mix of what closed.

Three figures in that table are our arithmetic rather than a source’s: the 31 per cent gap between average and median, the 12.5 per cent fall in closings (the firm itself rounds it to twelve), and the 26-month inventory figure. Everything else is quoted.

Where the published figures disagree, and why

How many homes sold in the first half: 181 or 186?

Fanelli counts 181 house and condominium closings from 1 January to 24 June 2026. Realty San Miguel reports 186 resales through June. Both read the same MLS. They do not agree, and the reasons are visible in their own pages.

Fanelli’s 214 and 241 are our sums of his published counts. His half-year report stops on 24 June and his July report starts on 1 July, so six days of June fall outside his series altogether.

He also cleans the archive before counting. His reports exclude rentals miscoded as sales, records bulk-archived from the legacy MLS whose dates reflect administrative archiving rather than a closing, and records with obviously corrupt prices. The cleaning is not trivial: July’s 53 raw sold records became 33 home and condominium closings plus 8 land parcels, and August’s 32 became 27 plus 3 land parcels.

Realty San Miguel counts in reporting weeks. Its April update notes that April contained five reporting weeks rather than the usual four. Its own year-to-date series is not stable either: its May update reports 197 closings through May, and its June update 186 through June, a year-to-date count that fell. The firm has not explained it.

The two counts agree to within 3 per cent on the half and within 5 per cent through August. That is close enough to say the market closed roughly 30 homes a month in 2026. The canonical year-to-date count is Realty San Miguel’s, because it is the only one published with a prior-year comparison. The canonical monthly composition is Fanelli’s, because his counts are calendar months with the cleaning disclosed.

Is the typical home $480,000 or $627,000?

The median is the sale in the middle of the list. The average adds every price and divides. In San Miguel they differ by a lot, because the distribution has a long tail of expensive homes and a short one of cheap ones.

July shows the problem in one line. A single $6.5 million closing lifted that month’s average by roughly $180,000, and 82 per cent of July’s sales closed below the average. In August, with a top sale of $1,795,000 and nothing above $2 million, the average and median sat within 3 per cent of each other. Same market, one sale different.

The Realty San Miguel averages cannot be compared with the 2026 medians. $568,829 is a mean for a different year from a different brokerage’s count. Its fall from $650,462 in 2024 was, on the firm’s own best estimate, roughly half down to fewer sales above $2 million, 12 against 19. A change in an average here is a change in the mix of what sold before it is a change in what homes are worth.

There is a second reason the median is a blend. Fanelli reports that homes listed in dollars sold for a median of $569,000 in the first half, and homes listed in pesos for about $299,000, or 5.2 million pesos. They barely overlap. The citywide median is the midpoint of two markets whose shares change month to month.

Currency matters to the dollar figure too. Fanelli converts peso sales at 17.4 pesos per dollar in this edition, and states that at 18.5 to 20 pesos per dollar the half-year median would land between $445,000 and $469,000. His report also says in one place that each month is converted at that month’s average rate; the methodology note gives the single 17.4 rate. Either way, part of every dollar median here is the exchange rate, not the house.

Why do the asking-price sites say $298,000, or $575,000?

Most of the price figures that came back in our searches for these questions on 24 September 2026 were TheLatinvestor’s. It is a content aggregator that sells market report packs. The four San Miguel pages of its that we read were all last updated on 21 September 2026, and they carry three different price levels.

The same publisher, on the same update date, gives one median of 5.2 million pesos and another of 9.9 million, a factor of 1.9, and a median price per square metre of MXN 28,500 on one page against MXN 40,000 to 45,000 on another. None of them is a closed price. The first page says it treated its portal data as asking prices; the second is drawn from brokerage listings.

One coincidence is worth recording and not over-reading. The MXN 5.2 million portal median equals the 5.2 million peso median Fanelli reports for peso-listed closings, and the US$575,000 house median sits close to his US$569,000 for dollar-listed closings. It may be that the two pages are sampling the two halves of a two-currency market. Neither page says so, and we cannot tell.

For the question most people are asking, what homes actually sell for, the answer is the closed median of $480,000. Two brokerages reached that same figure for different periods from the same MLS. That is weak corroboration rather than independent confirmation, but it is more than any asking-price figure has.

Why did the median jump from $422,000 in July to $595,000 in August?

Because 27 different homes closed. Monthly medians in 2026 have been $490K, $395K, $480K, $648K, $464K, $349K, $422,000 and $595,000, January to August. April’s is 86 per cent above June’s. Fanelli’s own explanation for that pair is mix: April’s closings were mostly expensive dollar-priced homes, June’s leaned to local peso-priced ones. With 25 to 38 sales a month, a handful of deals moves the whole median.

So a monthly median is never a price change. August’s median is 41 per cent above July’s, and nobody, including the source, suggests homes rose 41 per cent in a month. The canonical price on this page stays the half-year median until a longer-period closed figure is published, and we will not report a month-on-month price movement at all.

Months of inventory: 20, 26, 29.6 or 30?

All four figures are in circulation for 2026 and all four are defensible readings of different things.

Realty San Miguel’s May update gave 29.6 months as the average across January to May 2026, against 17.6 a year earlier. Its August update gave near 20 months for July and 30 for August, and explained the jump: its method uses only the current month’s closings, not a rolling 90-day window. The published figures reproduce on that basis. Listings of 805 in July divided by that month’s closings, 40 by differencing the firm’s year-to-date counts (226 less 186), give 20.1. Listings of 814 in August divided by 27 (253 less 226) give 30.1. That is our arithmetic on the firm’s numbers, and it rests on a year-to-date series that has been revised once.

Smoothing removes most of the swing. Divide 814 listings by the firm’s own year-to-date pace, 253 closings over eight months or about 32 a month, and the result is about 26 months. We think that is the steadier reading, and we label it as ours.

The same firm describes 15 to 18 months as normal for San Miguel, on the argument that it is primarily a cash market. On any of the four readings, supply is well above that. Separately, the president of AMPI San Miguel de Allende, Erwit Reichert, wrote in a piece published by Discover SMA on 27 August 2026 that resale inventory had nearly doubled over the past year. He gave no figures, and Realty San Miguel’s only published year-on-year listing comparison is 593 to 860 between May 2025 and May 2026, a 45 per cent rise. There is more on what the measure means in our inventory analysis.

96 per cent of which asking price?

Fanelli’s half-year report puts the sale-to-ask ratio at 96 per cent, about 4 per cent off, with 24 per cent of homes selling at or above asking. Two qualifications travel with it, and the source states both.

First, the ratio comes from the weekly AMPI transaction reports, not the sold archive, which carries no asking-price or price-history fields. The report says in terms that the archive cannot verify it.

Second, it is measured against the final asking price. In the same half there were 339 price changes, 311 of them cuts, averaging 6.9 per cent. A home that took that average cut and then sold at 96 per cent of the new price closed at about 89 per cent of its first asking price. That is our arithmetic on two averages, not a measured figure, but it is the honest answer to whether homes here sell below asking: modestly below the last price, and further below the first.

TheLatinvestor’s market page, updated 21 September 2026, still gives 92 to 97 per cent of asking and an estimated average of around 150 days on market. It states that Mexico publishes no clean public sale-to-list database, and says its days figure was inferred from the 2026 rise in listings, citing INEGI’s 2020 census and Realty San Miguel’s inventory signals. Measured figures are now published, by a commissioned source from the MLS: 96 per cent against final ask, and a median of 178 days with an average of 193. How long it takes to sell no longer has to be estimated.

Month by month

Only figures that appear in the rendered text of each source’s page are included. Where a cell says not published, the source did not state it.

Closed sales by month, AMPI MLS

The six half-year months sum to 181 closings and $113.5 million, consistent with the report’s “about $113 million”. New listings come from the weekly AMPI transaction reports rather than the sold archive. Monthly averages for January to April and June are shown only on a chart, which we have not transcribed.

What Realty San Miguel reported each month

Two entries need a note. The June update’s fall from 860 to 745 is 115 listings, not the 81 it states, and the firm attributes it to withdrawals and expirations rather than sales. The August update’s 12.46 per cent fall in contracts is, to the second decimal, the same as the fall in closings, 253 against 289. It may be a coincidence or a mislabel; the July update had contracts up, 279 against 262.

How long does it take to sell a house in San Miguel de Allende?

About six months from listing to closing, and the figure has been stable across three readings. The spread around it is not.

The median is measured to closing, not to a signed contract, and it counts only homes that sold. Listings that were withdrawn or expired never enter it, and Realty San Miguel attributes June’s fall of 115 listings to exactly those. The number describes the successes. The rising share of sales that had waited more than a year is the one moving figure in the table. On 27 sales, 19 per cent is five homes, so it is thin evidence, but it is the figure a seller should watch.

How much is a house in San Miguel de Allende?

Most homes that sell here sell for under $500,000. In the first half of 2026, 56 per cent of closings were under $500,000 and 88 per cent under $1 million. July leaned lower, with 67 per cent under $500,000; August higher, with 44 per cent.

At the bottom, Fanelli’s July report notes that its sales under $250,000 were small homes or renovation projects between $160,000 and $241,000, plus one $28,900 record with no construction listed, and treats that band as projects rather than move-in homes. At the top, only three homes sold above $1 million in July, and nothing sold above $2 million in August, whose highest sale was $1,795,000. Rafael Mora’s public page reports a median of $2 million for sales above $1 million in the first quarter. The luxury segment has too few sales in any month for a monthly median to mean much.

Fanelli also reports that 66 per cent of identified buyers in the first half were from the United States, and, from the weekly transaction reports, that American buyers bought 40 more homes than they sold while Mexican owners sold 28 more than they bought.

Is the San Miguel de Allende housing market slowing in 2026?

Activity is. Prices, as far as anyone can measure, are not shown to be moving either way.

The volume evidence points one way. Year-to-date closings ran 3.7 per cent ahead of 2025 through May, then 15.5 per cent behind through June, 12.4 per cent behind through July and 12.5 per cent behind through August; the percentages are our arithmetic on Realty San Miguel’s counts. Part of the swing between May and June is the unexplained revision to the firm’s own series, but three consecutive readings now sit about 12 to 15 per cent behind. The firm notes that 2025 was a record year for resales, so the comparison base is high. Listings stood at 814 in August against a May peak of 860. Of 339 price changes in the first half, 92 per cent were cuts.

The price evidence is thinner than it looks. The half-year median was $480,000, and the monthly medians since have landed either side of it. But no brokerage publishes a comparable 2025 median in public, so there is no year-on-year closed-price change to report. Rafael Mora’s public page states that the median in the top five areas rose 6.6 per cent from 2024 to 2025, which is a change in medians rather than a price index, and it predates 2026.

Both brokerages tie the pace to the United States. Realty San Miguel writes that many buyers are unable to sell their US homes, or are waiting, before they buy here. Fanelli gives the same reason, a home to sell first in the US or Canada, for the six-month median. Neither has published a number that tests it.

Our reading: fewer sales, more supply, more cuts, and a longer tail of homes that take over a year, with no measured fall in what the typical home closes for. That is consistent with a cash market that adjusts in time rather than in price. What would have to happen for that reading to become the downside case is set out on its own page.

What no source publishes

• A public registry of sale prices. The Guanajuato Registro Público de la Propiedad publishes no compraventa statistics, checked 23 July 2026. AMPI San Miguel de Allende’s public site shows listings and agents and no market statistics, checked 24 September 2026. Every closed-sale figure on this page is a brokerage’s reading of the AMPI MLS, which, in Fanelli’s words, records MLS transactions only and may not capture all private sales.
• A closed-sale median, days to sell or price change by neighbourhood, in public. Fanelli offers comparable sales for an area privately, on request. Rafael Mora’s gated report advertises medians for the top five areas; we have not read it and do not quote it. None of our neighbourhood pages can carry a closed median until someone publishes one.
• A price per square metre from closed sales. Every figure in circulation is an asking price or crowdsourced.
• A price index. No repeat-sales or hedonic series exists for San Miguel, so no measured appreciation rate can be quoted.
• A count of listings that expired or were withdrawn, which is the other half of any time-to-sell figure.
• Land. Both brokerages exclude it from their home figures; Fanelli reports parcels separately, 8 in July and 3 in August, without prices.

What nobody publishes keeps the full list.

How we update this page

This page is updated monthly, which makes it the exception on this site; our other market pages are revised quarterly.

When. Within seven days of the later of the two monthly brokerage reports. In 2026 Realty San Miguel’s updates appeared between 4 and 18 days after month end, and Fanelli’s August report was prepared on 4 September. September’s figures should therefore be here by late October.

How a figure becomes canonical. Closed sales beat asking prices. A longer period beats a single month for any median or average, so the half-year median stands until a second-half or full-year figure is published. Where two closed-sale sources publish the same metric, we show both and say which we treat as canonical and why. Our own arithmetic is always labelled as ours. Where a source’s figures stop being comparable, as Realty San Miguel’s five-month average of 29.6 and its single-month 30 are not, we say so in the table rather than lining them up as a trend.

What would change our reading.

• A second consecutive month at or above 30 months of inventory, or listings above May’s 860.
• The share of sales on the market for more than a year rising past 19 per cent again.
• A second-half median that departs from $480,000 by more than the monthly noise, which in 2026 has run from $131,000 below it (June) to $168,000 above it (April).
• The year-to-date closing gap to 2025 widening beyond 12.5 per cent.
• Any closed-sale figure from a source without a commission, including AMPI itself or the state registry. That would replace the brokerage figures as canonical.

Corrections. If a figure here is wrong, out of date, or misattributed, tell us through the route set out in our methodology. We correct it and log the change below, dated.

Change log. 24 September 2026: page first published, with data through August 2026.

For the quarter’s analysis rather than the month’s figures, the free SMA Wealth Intelligence Report is where we publish it.

We earn no commission on any San Miguel transaction and have no financial interest in how this market is read. That is why the figures on this page are chosen by rule rather than by what they say. This is published research, not investment advice.