San Antonio Housing Market Trends & Forecast for 2024 – Norada Real Estate Investments

7 minutes, 1 second Read

The San Antonio housing market maintains a balanced equilibrium with 4.5 months of inventory, indicating a market that caters to both buyers and sellers. Despite a slight dip in total sales, opportunities abound across various market segments. Home prices in the San Antonio area are not dropping. The average price has shown a steady 2% year-over-year increase, reaching $375,845. This reflects consistent growth and stability in the pricing spectrum.

Current San Antonio Housing Market Trends

The San Antonio area witnessed 2,207 transactions in November 2023, reflecting a 4% year-over-year decrease. However, the average price demonstrated consistent growth, standing at $375,845, marking a steady 2% year-over-year increase, according to the San Antonio Board of REALTORS® (SABOR). The median price remained solid at $313,975, showcasing stability in the pricing spectrum.


Buy/sell, rent/lease residential &
commercials real estate properties.

  • Total Sales: 2,207 transactions (4% YoY decrease)
  • Average Price: $375,845 (2% YoY increase)
  • Median Price: $313,975
  • Days on Market: 70 days (35% YoY increase)
  • Months of Inventory: 4.5 months

The notable 35% year-over-year increase in the average days on market indicates a shift in property turnover, while the months of inventory at 4.5 months maintain a balanced market for both buyers and sellers.

Insights from SABOR’s Chair of the Board

Sara Briseño Gerrish, SABOR’s 2023 Chair of the Board, emphasized the market’s resilience amid changing dynamics. Despite a marginal decrease in total sales and pending listings, opportunities persist across various market segments.

Regional Analysis: Bexar County and Beyond

In Bexar County, the average price in November experienced a 2.5% increase, reaching $346,662, indicating sustained value appreciation. The median price saw a modest 1.7% decrease, resting at $294,975. Swift turnover is evident, with properties spending an average of 65 days on the market, and the inventory standing at 3.9 months, offering balanced options for buyers and sellers.

Comparatively, Travis County reported a median price of $535,000, Harris County at $320,000, and Dallas County at $375,000.

Statewide Perspective: Thriving Texas Real Estate Landscape

In the broader Texas real estate landscape, the latest data showcases a resilient market with nuanced trends. The average price has seen a healthy 1.6% increase, reaching $410,406, reflecting sustained appreciation in property values. The median price and price per square foot have experienced slight but positive year-over-year increases of 0.3% and 0.7%, respectively, now standing at $331,499 and $184.

  • Days on Market: 55 days
  • Months of Inventory: 3.7 months

Properties are seeing quick turnover, with an average of 55 days on the market, and there is a balanced inventory with 3.7 months of supply, indicating favorable conditions for both buyers and sellers.

Is Now a Good Time to Buy a House in San Antonio?

Yes, the current San Antonio housing market presents opportunities for buyers. Despite a marginal decrease in total sales and pending listings, the market continues to offer options across various segments. The balanced inventory and steady pricing trends contribute to a favorable environment for prospective homebuyers.

San Antonio Housing Market Forecast 2024

Zillow serves as a valuable source for evaluating the current dynamics of the San Antonio housing market. As of November 30, 2023, let’s delve into the key statistics shaping the real estate landscape in the San Antonio-New Braunfels area.

The average home value in San Antonio-New Braunfels stands at $284,292, reflecting a 2.7% decrease over the past year. Homes, on average, go pending in approximately 36 days, indicating a dynamic and moderately fast-paced market.

One-Year Market Forecast for San Antonio

Looking ahead to the next year, the market is expected to experience a 2.1% adjustment, as forecasted by data available until November 30, 2023. This projection provides valuable insights for both buyers and sellers navigating the San Antonio real estate landscape.

Considering the current market indicators and the -2.1% one-year forecast, the San Antonio housing market appears to be undergoing a mild correction rather than a significant crash. However, stakeholders must stay informed and adapt to evolving market conditions for informed decision-making.

Inventory and Listings

  • For Sale Inventory (November 30, 2023): 10,503
  • New Listings (November 30, 2023): 2,366

The ample inventory and consistent influx of new listings contribute to the market’s vibrancy, offering a diverse array of options for potential homebuyers.

Price Dynamics

  • Median Sale Price (October 31, 2023): $309,000
  • Median List Price (November 30, 2023): $340,000

The median sale price and list price provide a comprehensive view of the pricing landscape. Sellers may find these figures crucial for setting competitive and attractive listing prices, while buyers gain insights into the prevailing market rates.

Sale-to-List Ratio and Market Dynamics

  • Median Sale to List Ratio (October 31, 2023): 0.986
  • Percent of Sales Over List Price (October 31, 2023): 17.4%
  • Percent of Sales Under List Price (October 31, 2023): 59.5%

The median sale-to-list ratio and the percentage of sales above or below the list price provide valuable insights into the negotiation dynamics between buyers and sellers. A ratio above 1 indicates a market where homes are typically sold above the listed price.

San Antonio Housing Market Forecast 2024
Source: Zillow

San Antonio Real Estate Investment: Should You Invest Here?

San Antonio is a city located in South Central Texas that has shown steady growth in its real estate market over the years. With its strong economy and affordable cost of living, San Antonio is a great place for real estate investment. Whether you are a first-time investor or an experienced one, San Antonio offers a wide range of real estate opportunities.

Top 7 reasons to invest in San Antonio for the long term:

  • Strong Job Market: San Antonio’s economy is diverse and has a low unemployment rate, which makes it an attractive place for job seekers. This means that the demand for housing will continue to grow, making it an ideal place for real estate investment.
  • Affordable Housing: San Antonio’s housing market offers affordable options for both investors and homebuyers. With a lower median home price compared to other major cities in Texas, San Antonio offers a chance for investors to buy properties at a lower cost.
  • Population Growth: San Antonio is among the fastest-growing cities in the United States, with a population growth rate of 16.5% from 2010 to 2020. This population growth has resulted in a high demand for housing, which translates to a stable real estate market for investors.
  • Military Presence: San Antonio is home to several military bases, which has a positive impact on the local economy. The presence of military personnel means that there is a consistent demand for housing in the area, making it an ideal place for real estate investment.
  • Pro-Business Climate: San Antonio is known for its pro-business environment, which attracts new businesses and creates job opportunities. This environment helps to keep the local economy stable and supports the growth of the real estate market.
  • Favorable Landlord-Tenant Laws: Texas has some of the most favorable landlord-tenant laws in the country, which can make investing in San Antonio’s real estate market less risky for investors. These laws provide landlords with more control over their properties and help ensure that tenants fulfill their lease agreements.
  • Strong Rental Demand: San Antonio has a strong rental market, with a vacancy rate of less than 6%. This means that there is a high demand for rental properties, which can help investors generate a steady stream of rental income.
  • Appreciation Potential: San Antonio’s real estate market has been appreciating steadily over the past decade, and this trend is expected to continue in the coming years. This means that investors who purchase property in San Antonio now could see their investments appreciate in value over time
  • Favorable Tax Laws: Texas has favorable tax laws for real estate investors, including no state income tax and low property taxes. This can help investors save money on taxes and increase their net returns on investment.
  • Tourism: San Antonio is a popular tourist destination, attracting millions of visitors each year. The city is home to several famous landmarks, including the Alamo and the River Walk, which contribute to the local economy and provide additional opportunities for real estate investment.
  • Quality of Life: San Antonio offers a high quality of life with excellent schools, affordable cost of living, and a warm climate. This makes it an attractive place for families and retirees, which in turn increases the demand for housing and creates a stable real estate market for investors.
  • Low Cost of Living: San Antonio’s low cost of living makes it an attractive destination for residents and investors alike. The city offers affordable housing, transportation, and entertainment options, which can help investors maximize their returns.

Overall, San Antonio’s growing population, diverse housing options, strong economy, and favorable landlord-tenant laws make it an attractive destination for real estate investors. With strong rental demand, appreciation potential, and favorable tax laws, San Antonio is a promising market for long-term real estate investment.


References

  • https://realestate.sabor.com/
  • https://www.zillow.com/sanantonio-tx/home-values
  • https://www.zumper.com/rent-research/san-antonio-tx
  • https://www.rentcafe.com/average-rent-market-trends/us/tx/bexar-county/san-antonio/

This post was originally published on 3rd party site mentioned on the title of this site

Similar Posts

X
0
    0
    Your Interest
    Your Interest List is emptyReturn to Buying
    ×