The San Antonio real estate market is constantly changing. If you’re considering buying, selling, or are simply curious, it’s essential to stay informed about what’s happening. This report will break down the latest numbers from July 2022, allowing you to understand what’s happening in the San Antonio housing market.
Key Takeaways: San Antonio Real Estate in July 2022
- Home Sales Slowed Down: The number of homes sold in July 2022 was lower than in July 2021.
- Home Prices Increased: Even though fewer homes sold, the prices of homes continued to rise.
- Homes Sold Faster: On average, homes spent less time on the market before being sold than they did a year ago.
- More Homes Available: In July 2022, there were more homes for sale than in July 2021.
Let’s dive into the details.
Single-Family Homes in San Antonio
Single-family homes are the most common type of home. Here’s how they performed in July 2022:
- Sales: 3,333 homes were sold, which is less than the 3,910 sold in July 2021 (a 15% decrease).
- Price per Square Foot: The average price per square foot was $ 186, up from $138 in July 2021 (a 35% increase).
- Average Price: The average home price was $ 389,486, higher than the $349,271 from the previous year (a 12% increase).
- Days on Market (DOM): Homes were on the market for an average of 27 days, a little longer than the 25 days in July 2021 (8% increase).
What does this mean?
Fewer people purchased single-family homes in San Antonio in July 2022 compared to the same month in the previous year. However, the prices of those homes increased significantly. This could be because there are still more buyers than sellers, which drives prices up. The amount of time homes spent on the market was about the same as the year before, meaning homes are still selling relatively quickly.
Condominiums and Townhomes in San Antonio
Condominiums and townhomes are another popular choice for individuals seeking to reside in San Antonio. Here’s what happened with them in July 2022:
- Sales: 83 condos/townhomes were sold, a bit less than the 88 sold in July 2021 (a 6% decrease).
- Price per Square Foot: The average price per square foot was $ 207, up from $177 in July 2021 (a 17% increase).
- Average Price: The average price was $ 242,970, up from $219,197 in July 2021 (an 11% increase).
- Days on Market (DOM): Homes were on the market for an average of 15 days, which is much faster than the 44 days in July 2021 (a 66% decrease).
What does this mean?
Like single-family homes, fewer condos and townhomes were sold. However, the prices still went up. What’s really interesting is how much faster these properties sold compared to last year. This indicates that people are eager to purchase condos and townhomes as they become available.
Multifamily Properties in San Antonio
Multifamily properties are buildings with more than one living unit, like apartment buildings. Here’s the scoop:
- Sales: 62 multifamily properties were sold, compared to 47 in July 2021 (a 32% increase).
- Price per Square Foot: The average price per square foot was $ 149, up from $128 in July 2021 (a 16% increase).
- Average Price: The average price was $401,542, a significant increase from $323,399 in July 2021 (a 24% increase).
- Days on Market (DOM): Homes were on the market for an average of 26 days, a slight decrease from 29 days in July 2021 (10% decrease).
What does this mean?
Unlike single-family homes and condos, more multifamily properties were sold in July 2022 than in the same month the previous year. Prices also increased, indicating that the multifamily market remains strong. These properties also spent slightly less time on the market.
Residential Lots & Acreage in San Antonio
If you’re looking to build your own home or invest in land, here’s what happened with residential lots and acreage:
- Sales: 299 lots were sold, down from 451 in July 2021 (a 34% decrease).
- Average Price: The average price was $ 158,723, up from $ 141,972 in July 2021 (an 8% increase).
What does this mean?
Fewer land lots were sold compared to last year, but the prices of those that were sold increased. This could mean that there’s less demand for land right now, or that the available land is becoming more expensive.
San Antonio Rental Market
Let’s look at the rental market in San Antonio:
- Sales: 1,428 rentals were sold compared to 1,325 last year (8% increase).
- Price per Square Foot: $106, compared to $98 last year (a 9% Increase).
- Average Price: $1,908 compared to $1,724 last year (11% increase).
- Days on Market: 33 compared to 25 last year (32% increase).
What does this mean?
More people rented homes than last year, and the average rental price increased, as did the amount of time properties spent on the market.
Other Types of Property in San Antonio
Here’s a quick look at some other types of properties:
- Commercial: The average price was $391,613.
- Commercial Land: The average price was $381,000.
- Rural Farms & Ranches: The average price was $1,232,880.
These markets can be more complex and depend heavily on location, size, and specific features.
Overall Trends in the San Antonio Real Estate Market
- New Listings: The number of new homes being listed for sale decreased for both single-family homes and multi-family homes.
- Active Listings: The number of homes currently for sale (active listings) increased significantly for single-family homes. This means buyers have more choices than they did last year.
- Pending Sales: The number of homes under contract but not yet closed (pending sales) decreased for single-family homes, indicating a possible cooling in the market.
San Antonio Real Estate by Area
The SABOR report also breaks down sales by different areas of San Antonio. Here are a few highlights:
- Area 1: Average sales price increased from 331,578 to 387,692.
- Area 10: Average sales price decreased from 648,538to648,538 to648,538to612,063.
- Area 17: Average sales price increased from 256,027to256,027 to256,027to299,904.
- Area 27: Average sales price increased from 332,194to332,194 to332,194to366,998.
Important Note: These are just a few examples. The full report has data for many more areas.
Year-to-Date (YTD) San Antonio Real Estate
The report also includes data for the entire year up to July 2022. Here are a few key points:
- Single-Family Home Sales (YTD): 22,526 homes sold, down 5% from last year.
- Average Single-Family Home Price (YTD): $379,842, up 16% from last year.
What does this mean?
Although sales slowed in July, the overall market for the year remains strong, with prices significantly higher than those of last year.
Expert Predictions for the San Antonio Real Estate Market
Trying to guess what will happen in the future is always tricky, and remember that I don’t have predictive abilities. However, based on the July 2022 data, here are a few possible scenarios:
- Price Growth May Slow Down: With more homes on the market, buyers have more power. This could mean that prices won’t go up as quickly as they have been.
- Market Could Become More Balanced: A more balanced market means that neither buyers nor sellers have a significant advantage. This can make the process of buying and selling smoother.
- Interest Rates Will Play a Significant Role: Changes in interest rates can significantly impact how much people can afford to buy a home.
Tips for San Antonio Home Buyers
If you’re thinking about buying a home in San Antonio, here are a few tips:
- Get Pre-Approved for a Loan: This will help you know how much you can afford.
- Work with a Good Real Estate Agent: A local agent can help you find the right home and negotiate a fair price.
- Be Patient: Finding the perfect home can take time, especially with more choices available.
Tips for San Antonio Home Sellers
If you’re planning to sell your home, keep these things in mind:
- Price Your Home Right: Look at what similar homes in your area have sold for.
- Make Your Home Look Its Best: Clean, declutter, and make any necessary repairs.
- Be Flexible: Be willing to negotiate with buyers to finalize the deal.
How to Find More Information About San Antonio Real Estate
- SABOR Website: The San Antonio Board of Realtors’ website (https://www.sabor.com/) provides extensive information about the local market.
- Real Estate Agents: Consult with local real estate agents who are well-versed in the market.
- Real Estate News Sites: Stay up-to-date on the latest news and trends in San Antonio real estate.
The Bottom Line
The San Antonio real estate market is constantly changing, and July 2022 was no exception. While sales slowed down for some types of properties, prices generally continued to rise. With more homes on the market, buyers have more choices, and the market may become more balanced in the future. Whether you’re buying or selling, it’s essential to stay informed and work with experienced professionals.
FAQs About the San Antonio Real Estate Market
Q: Are home prices still going up in San Antonio?
A: Yes, in general, home prices in San Antonio were still higher in July 2022 than they were in July 2021. However, the rate of increase may be slowing down.
Q: Is it a good time to buy a home in San Antonio?
A: That depends on your personal situation. Interest rates, your financial situation, and your long-term goals all play a role. Consult with a real estate agent and an economic advisor to receive personalized advice.
Q: Is it a good time to sell a home in San Antonio?
A: With prices still relatively high, it could be a good time to sell. However, with more homes on the market, it’s essential to price your home competitively and present it at its best.
Q: Where can I find the full SABOR MLS report?
A: Contact the San Antonio Board of Realtors to find out how to access the full report.
Disclaimer: This report is based on data from the SABOR MLS and is for informational purposes only. Consult with qualified professionals before making any real estate decisions.