The San Antonio real estate market is constantly changing. Whether you’re considering buying, selling, or want to stay informed, it’s essential to be aware of the latest developments. This report breaks down the numbers from January 2023 to help you understand the current trends in the San Antonio housing market.
January 2023 San Antonio Real Estate Market: Key Insights
- Home Sales Decreased: The number of homes sold in January 2023 was lower than in January 2022.
- Average Prices Increased Slightly: While sales were down, the average price of homes still saw a slight increase overall.
- Active Listings are Up: Buyers have more choices with a higher number of homes on the market.
- Interest Rate Impact: Rising interest rates continue to influence buyer behavior and market dynamics.
Let’s dive into the specific details and see what they mean for you.
Single-Family Homes in San Antonio
Single-family homes are the most common type of home people buy. Here’s how they performed in January 2023:
- Sales: 1,743 homes were sold, down 30% from the 2,496 sold in January 2022. That is a 30% decrease year over year.
- Average Price: The average home price was $369,668, representing a 6% increase from January 2022, up $6,369.
- Median Price: The median price was $308,249, an increase of $ 3,308, or 1% over last year’s median price of $308,249, which is an increase of $ 3,000.
- Price per Square Foot: The average price per square foot was $176, an increase of 4% year over year.
- Days on Market (DOM): Average days on market was 66 days.
- New Listings: There were 3,357 new homes listed.
- Active Listings: There were 9,678 active home listings.
- Pending Sales: There were 2,379 pending home sales.
- Close to Original List Price: Homes sold for an average of 94% of their original list price.
What does this mean?
Significantly fewer people purchased single-family homes in San Antonio in January 2023 compared to the same month in 2022. While prices did increase slightly, the substantial decline in sales volume suggests a cooling market. The combination of higher interest rates and increased inventory may be impacting buyer affordability and confidence. The increased number of days on market shows that homes are sitting on the market longer than last year.
Condominiums and Townhomes in San Antonio
Condos and townhomes offer a different lifestyle and price point. Here’s what happened with them in January 2023:
- Sales: 44 condos/townhomes were sold, down 24% from the 58 sold in January 2022.
- Average Price: The average price was $229,449, a decrease of $ 20,294, or 8.8% from $229,449 in January 2022.
- Median Price: The median price was $125,000, a decrease of 15% year over year.
- Price per Square Foot: The average price per square foot was $207, an increase of 17% year over year.
- Days on Market (DOM): Average days on market was 54 days.
- New Listings: There were 95 new condo/townhome listings.
- Active Listings: There were 244 active condo/townhome listings.
- Pending Sales: There were 50 pending condo/townhome sales.
What does this mean?
The condo and townhome market mirrors the single-family home market, with fewer sales.
Multifamily Properties in San Antonio
Multifamily properties, like apartment buildings, often reflect investment trends. Here’s how they performed:
- Sales: 25 multifamily properties were sold, a 29% decrease from the 35 sold in January 2022.
- Average Price: The average price was $391,973, representing a 22% increase from last year.
- Median Price: The median price was $440,000, representing a 203% year-over-year increase.
- Price per Square Foot: The average price per square foot was $171, up 13% from January 2022.
- Days on Market (DOM): Average days on market was 53 days.
- New Listings: There were 26 new multifamily listings.
- Active Listings: There were 189 active multifamily listings.
- Pending Sales: There were 26 pending multifamily sales.
What does this mean?
Although there were fewer sales, the increased median price indicates that these assets have appreciated year over year.
Residential Lots & Acreage in San Antonio
For those dreaming of building their own home or investing in land, here’s what happened with residential lots and acreage:
- Sales: 180 lots were sold, a 45% decrease from the 329 sold in January 2022.
- Average Price: The average price was $152,743, representing a 1% increase from the previous year.
- Price per Square Foot: The average price per square foot was $63, representing a 31% decrease from January 2022.
- Days on Market (DOM): Average days on market was 101 days.
- New Listings: There were 177 new residential lots & acreage listings.
- Active Listings: There were 3,136 active residential lots & acreage listings.
- Pending Sales: There were 177 pending residential lots & acreage sales.
What does this mean?
The land market also experienced a significant decrease in sales. The average price increased, while the cost per square foot decreased.
San Antonio Rental Market
Let’s check out the rental market in San Antonio:
- Sales: 1,116 rentals were leased compared to 946 last year, an increase of 18%.
- Average Price: The average rental price was $1,786, a 3% increase from $ 1,736 in January 2022.
- Median Price: The median rental price was $1,700, also up 3% year over year.
- Price per Square Foot: The average price per square foot was $113, representing a 5% year-over-year increase.
- Days on Market: Average days on market was 47 days.
- New Listings: There were 1,138 new rental listings.
- Active Listings: There were 2,644 active rental listings.
- Pending Sales: There were 57 pending rental sales.
What does this mean?
Unlike the sales market, the rental market saw an increase in activity. This could be due to more people choosing to rent rather than buy in the current economic climate.
Other Types of Property in San Antonio
Here’s a quick look at some other types of properties:
- Commercial: Average price was $1,180,875.
- Commercial Land: Average price was $750,000.
- Rural Farms & Ranches: Average price was $475,000.
These markets are often driven by specific investment and business factors.
Overall Trends in the San Antonio Real Estate Market
- New Listings: The number of new homes being listed for sale has been increasing across different property types.
- Active Listings: The number of homes currently for sale (active listings) has also increased, giving buyers more choices.
- Pending Sales: The number of homes under contract (pending sales) has decreased, indicating a potential slowdown in sales momentum.
San Antonio Real Estate by Area
The SABOR report breaks down sales by different areas of San Antonio. This can provide valuable insights into neighborhood-specific trends. (See attached report for details)
Important Note: The complete report contains detailed data for numerous specific areas. It is advisable to examine the places that interest you the most.
Year-to-Date (YTD) San Antonio Real Estate
The report includes data for January 2023 as the first month of the year.
Expert Predictions for the San Antonio Real Estate Market
Predicting the future is always uncertain, but based on the January 2023 data, here are some potential scenarios:
- Price Appreciation May Moderate: With an increased number of homes on the market and fewer sales, buyers may have more negotiating power. This could result in slower price increases or even price decreases in certain areas.
- Market Could Shift Toward Balance: A more balanced market would mean neither buyers nor sellers have a significant advantage. This can create a smoother buying and selling process, but it may require more patience.
- Interest Rates Will Remain a Key Factor: Changes in interest rates will continue to influence buyer affordability and overall market activity.
Tips for San Antonio Home Buyers
If you’re thinking about buying a home in San Antonio, here’s some helpful advice:
- Get Pre-Approved for a Loan: This gives you a clear understanding of your budget.
- Work with a Knowledgeable Real Estate Agent: A local agent can guide you through the buying process, particularly in a shifting market.
- Be Prepared to Negotiate: With more choices available, you may have more leverage in negotiations.
Tips for San Antonio Home Sellers
If you’re planning to sell your home, keep these considerations in mind:
- Price Your Home Competitively: Research recent sales of comparable homes in your area to determine a realistic listing price.
- Make Your Home Market-Ready: Clean, declutter, and address any necessary repairs or upgrades to enhance your home’s appeal.
- Be Flexible and Open to Negotiation: Be willing to work with potential buyers to reach a mutually agreeable and mutually beneficial deal.
How to Stay Informed About San Antonio Real Estate
- SABOR Website: The San Antonio Board of Realtors website (https://www.sabor.com/) offers a wealth of information about the local market.
- Local Real Estate Agents: Connect with real estate agents specializing in the San Antonio area for expert guidance and insights.
- Real Estate News Sources: Stay updated on the latest news and trends in San Antonio real estate through reputable news outlets and market analysis reports.
In Conclusion
The San Antonio real estate market in January 2023 experienced a decrease in sales activity compared to the same month in the previous year. While average prices remained somewhat elevated, the increased inventory and cooling sales suggest a shift in market dynamics. Staying informed and collaborating with experienced professionals is crucial for making informed real estate decisions in this rapidly evolving landscape.
FAQs About the San Antonio Real Estate Market
Q: Are home prices expected to decline in San Antonio?
A: It’s challenging to predict definitively, but the data suggests that the rate of price increases is slowing. In some areas, prices may experience downward adjustments.
Q: Is now a good time to buy a home in San Antonio?
A: It depends on your individual circumstances. Consider factors such as interest rates, your financial situation, and your long-term goals. Consult with a real estate agent and a financial advisor for personalized guidance.
Q: Is now a good time to sell a home in San Antonio?
A: While prices are still relatively high, the increased inventory means sellers may need to be more strategic with pricing and marketing to attract buyers.
Q: Where can I find the complete SABOR MLS report?
A: Contact the San Antonio Board of Realtors for information on accessing the full report and detailed market statistics.
Disclaimer: This report is based on data from the SABOR MLS and is intended for informational purposes only. Consult with qualified professionals before making any real estate decisions.