Thinking about buying a house, condo, or land in San Antonio? It’s a big decision! To help you make the best choice, let’s look at what’s been happening in the San Antonio real estate market. This blog post will break down the latest numbers from September 2021, so you can understand what’s happening and be prepared to make informed decisions.
What This Report Covers
This information comes from the San Antonio Board of Realtors (SABOR) MLS report. It provides us with insights into sales, prices, and the duration of homes on the market. We’ll cover different types of properties, including:
- Single-family dwellings (regular houses)
- Condos and townhomes
- Multifamily properties (like duplexes or small apartment buildings)
- Residential lots and acreage (land for building or farming)
- Rental properties
- Commercial properties (like stores or office buildings)
- Commercial land
- Rural farms and ranches
Overall Market Summary
In general, the San Antonio real estate market in September 2021 was hotter than it had been the previous year. This means that more homes were selling, and prices were increasing. However, there were some differences depending on the type of property.
Here’s a quick look at the main points:
- Sales: For most types of properties, sales were up compared to September 2020.
- Prices: Average prices also went up for most property types.
- Days on Market (DOM): Homes were selling significantly faster than the previous year. This means that if you’re selling, you might receive an offer quickly.
Let’s dive into the details for each type of property.
Single-Family Homes: The Heart of the Market
Single-family homes are the most common type of property, so let’s start there:
- Sales: 3,651 homes were sold in September 2021. That’s about the same as the 3,645 sold in September 2020 (a 0% change).
- Average Price: The average price of a home was $351,379.That′sa15351,379. That’s a 15% increase from the 351,379—that’s a $15,306,814 average in September 2020.
- Price Per Square Foot: The price per square foot was $ 165, up 18% from $165 in September 2020.
- Days on Market: Homes were selling in an average of 27 days, much faster than the 53 days in September 2020 (a -49% change).
- Median Price: The median price (the middle price, where half are above and half are below) was $ 296,900, a 15% increase from $ 152,900 last year.
- New Listings: 3,808 new homes were added to the market.
- Active Listings: There were 6,112 homes available for sale.
- Pending Sales: 3,008 homes were under contract (meaning an offer was accepted, but the sale wasn’t finalized yet).
- Sold-to-List Price: Homes sold for 103% of the list price on average.
What does this mean?
It means that the single-family home market was still strong. While sales were about the same as last year, prices increased, and homes were selling significantly faster. This suggests there were still more buyers than sellers, pushing prices higher.
Condos and Townhomes: A Growing Choice
Condos and townhomes can be an excellent option for people who want less maintenance or want to live closer to the city center. Here’s what happened in September 2021:
- Sales: 102 condos and townhomes were sold, representing a 42% increase from the 72 sold in September 2020.
- Average Price: The average price was $ 213,851, a 11% increase from $ 213,468 last year.
- Price Per Square Foot: The price per square foot was $ 171, up 7% from $ 7160 in September 2020.
- Days on Market: Condominiums and townhomes were selling in an average of 44 days, faster than the 61 days last year (a 28% decrease).
- Median Price: The median price was $ 166,000, up $ 8,166,000, or 8% from $ 166,000, up $ 8,153,300.
- New Listings: 116 new condos and townhomes were added to the market.
- Active Listings: There were 224 active listings.
- Pending Sales: There were 91 sales pending.
What does this mean?
The condo and townhome market was even hotter than the single-family market, with a significant increase in sales. This could be because more people are looking for these types of properties, or because there were more available to buy.
Multifamily Properties: Investing in San Antonio
Multifamily properties (like duplexes and small apartment buildings) are often bought by investors who want to rent them out. Here’s how this market looked:
- Sales: 48 multifamily properties were sold, down 9% from the 53 sold in September 2020.
- Average Price: The average price was $ 360,509, a 23% increase from $ 360,509 last year.
- Price Per Square Foot: The price per square foot was $ 136, up 16% from $ 136 in September 2020.
- Days on Market: These properties were selling in an average of 35 days, much faster than the 84 days last year (a -58% change).
- Median Price: The median price was $321,400.
- New Listings: 67 new multifamily properties were added to the market.
- Active Listings: There were 151 active listings.
- Pending Sales: There were 30 pending sales.
What does this mean?
Even though sales were down slightly, the significant price increase and the much faster selling time indicate that the multifamily market remained strong, investors were willing to pay more, and properties weren’t staying on the market for long.
Residential Lots and Acreage: Building Your Dream
Do you want to build your own home or have some land for farming or recreation? Here’s what was happening with residential lots and acreage:
- Sales: 324 lots and acreage properties were sold, down 22% from the 417 sold in September 2020.
- Average Price: The average price was $ 140,408, a 28% increase from $ 140,408 last year.
- Days on Market: These properties were selling in an average of 109 days, faster than the 177 days last year (a -38% change).
- Median Price: The median price was $98,800.
- New Listings: 459 new lots and acreage properties were added to the market.
- Active Listings: There were 2,135 active listings.
- Pending Sales: 305 sales were pending.
What does this mean?
While sales were down, the prices were up, and the time it took to sell decreased substantially. This suggests that, while there may be fewer transactions, the demand for land remains strong, and sellers are receiving more for their properties.
Residential Rentals: What’s the Rent Like?
If you’re looking to rent a place in San Antonio, here’s what the market looked like in September 2021:
- Sales: 1,122 residential rental properties were rented, down 8% from the 1,218 rented in September 2020.
- Average Price: The average rent was $ 1,714, a 11% increase from the previous year.
- Price per 100 Square Feet: The cost per 100 square feet was $ 96, up 9% from $ 96 in September 2020.
- Days on Market: Rental properties were being rented in an average of 30 days, faster than the 39 days last year (a -23% change).
- New Listings: 1,203 new rental properties were listed.
- Active Listings: There were 891 active listings.
- Pending Sales: 1,052 rentals were pending.
What does this mean?
The rental market saw a slight decrease in the number of rentals compared to last year, but prices increased. This could mean higher demand for fewer properties on the market.
Commercial, Land, and Farms
Here’s a quick look at some other types of real estate:
- Commercial: Sales were up a whopping 125%, and prices were up 1%.
- Commercial Land: Sales increased by 13%, and prices rose by a substantial 85%.
- Rural Farms & Ranches: Sales were down 18%, but prices were up 37%.
Year-to-Date Numbers: The Bigger Picture
Examining the year-to-date (YTD) numbers provides a clearer understanding of the overall trend. Here’s a quick summary:
- Single-Family Homes: Sales up 8%, average price up 16%.
- Condos and Townhomes: Sales up 36%, average price up 30%.
- Multifamily Properties: Sales up 20%, average price up 9%.
- Residential Lots & Acreage: Sales up 37%, average price up 38%.
- Residential Rentals: Sales down 16%, average price up 8%.
- Commercial: Sales up 84%, average price up 25%.
- Commercial Land: Sales up 73%, average price up 85%.
- Rural Farms & Ranches: Sales up 52%, average price up 39%.
What does this mean?
The year-to-date numbers confirm that the San Antonio real estate market has been strong overall in 2021. Sales and prices are up for most types of properties.
Sales by Area: Where’s the Action?
The report also breaks down sales by different areas of San Antonio. This can be helpful if you’re interested in a specific part of town. (Note: The full report has detailed numbers for each area, but this blog post provides a general overview.)
Generally, most areas saw an increase in average sales price compared to September 2020. Some areas saw bigger jumps than others. To find the specifics, you need to refer to the chart.
What This Means for You
So, what does all this mean if you’re thinking about buying or selling in San Antonio?
- For Buyers: Be prepared to move quickly! Homes are selling fast, so you need to be ready to make an offer when you find a place you like. You may also have to compete with other buyers. Make sure you’re pre-approved for a loan and work with a good real estate agent who can help you navigate the market.
- For Sellers: It’s a good time to sell! Prices are up, and homes are selling quickly. Work with a real estate agent to price your home correctly and prepare it for showings.
Conclusion: Staying Informed
The San Antonio real estate market is constantly changing. By staying informed about the latest trends, you can make smart decisions whether you’re buying, selling, or investing. Keep an eye on these numbers and consult with a real estate professional for personalized advice.
Disclaimer: This is a summary of the September 2021 San Antonio Board of Realtors MLS report. Market conditions can change. Consult with a qualified real estate professional for personalized advice.