San Antonio Real Estate Market Insights for December 2024
Are you wondering what’s been happening with the housing market in San Antonio? Whether you’re thinking of buying, selling, or want to stay in the know, this report will give you the highlights of December 2024. We’ll break down the numbers and explain their meaning in simple terms. Let’s jump in!
What’s Inside This Report?
This report comes from the San Antonio Board of REALTORS®. It gives you a snapshot of the real estate market in San Antonio for December 2024. Here’s a peek at what it covers:
- Different Types of Properties: Single-family homes, condos, townhomes, multi-family properties, residential land (including residential lots & acreage), residential rentals, commercial properties, and rural farms & ranches.
- Sales Numbers: How many of each type of property were sold?
- Prices: Average and median prices for different kinds of properties.
- Dollar Volume: The total amount of money spent on real estate sales.
- New Listings: How many new properties were listed for sale?
- Active Listings: How many properties are currently available for sale?
- Days on Market (DOM): How long it takes for properties to sell, on average.
- Price per Square Foot: A way to compare the cost of different properties based on their size.
- Closed Listings by Price Range: A look at how many single-family homes were sold in different price ranges.
- “Hotness” in Different Areas: Which parts of San Antonio are selling the fastest?
Quick Overview of the Market
Here’s a quick summary of the San Antonio real estate market in December 2024:
- Single-Family Home Sales Increase: The number of single-family homes sold rose by 8% compared to last December.
- Condo/Townhome Sales Mixed: Sales of condos and townhomes decreased by 6%.
- Dollar Volume Increased: The total value of all homes sold was $977,059,163, representing a 10% increase.
- Average Price Increased: The average price of a single-family home was $374,209, representing a 2% increase from the previous year.
- Median Price Increased: The median price (the middle price) was $320,300, also up by 2%.
- Active Listings Increased: More choices for buyers! The active listings have gone up
Taking a Closer Look: Single-Family Homes
Single-family homes are the most common, so let’s look at those numbers:
- Existing Home Sales Increased: More existing single-family homes were sold! They jumped up by 9%. The average price for these homes was $382,105.
- New Home Sales Increased: New construction single-family home sales increased by 6%.
- Price per Square Foot: The average price per square foot for single-family homes was $176, a small change.
What About Condos and Townhomes?
The condo and townhome market looked a little different:
- Sales Decreased: The number of condos and townhomes sold decreased by 6%.
- Average Price Decreased: The average price for condos and townhomes went down by 3% to $252,117.
- Median Price Decreased: The median price also went down by 5% to $220,000.
- Price per Square Foot: The price per square foot was $209.
What’s Happening with Other Types of Properties?
Here’s a quick look at other property types:
- Multifamily Properties: Sales increased, with an average price of $647,734.
- Residential Lots & Acreage: Sales decreased, with a median price of $110,000.
- Residential Rental Properties: The average rental price was $1,802.
- Commercial Properties: Sales increased. The average sales price was $723,621.
- Rural Farms & Ranches: Sales remained the same, and the average price was $1,940,832.
How Fast Are Homes Selling?
- Days on Market (DOM) Increased: The average days on market (DOM) increased to 79 days, a 7% increase from last year. This means it’s taking a bit longer to sell a home than before.
What’s Available to Buy?
- New Listings Increased: New listings increased by 7% showing that more homes are being put on the market.
- Active Listings Increased: The number of active listings increased this year, indicating that the options available to buyers have expanded.
Sales Breakdown by Price Range (Single-Family Homes)
Here’s a look at the most popular price ranges for single-family homes:
- Under $70,000: Not many homes are selling in this price range.
- $70,000 – $99,999: 25 homes sold in this price range.
- $100,000 – $149,999: 65 homes sold in this price range.
- $150,000 – $199,999: 204 homes sold in this price range.
- $200,000 – $249,999: 378 homes sold in this price range.
- $250,000 – $299,999: 459 homes sold in this price range.
- $300,000 – $399,999: The most popular price range, with 688 homes sold.
- $400,000 – $499,999: 320 homes sold in this price range.
- $500,000 – $749,999: 313 homes sold in this price range.
- $750,000 – $999,999: 86 homes sold in this price range.
- $1,000,000 and Up: 58 homes sold in this price range.
Which Areas Are “Hot” Right Now?
The report also measures the “hotness” of different areas. This is done by comparing homes under contract (pending listings) to homes for sale (active listings). If the number is higher, it means that those homes are selling faster
Here are the top 3 hottest areas:
- Area 23: Hotness Ratio of 25.1
- Area 01: Hotness Ratio of 20.4
- Area 04: Hotness Ratio of 19.8
Check the full report to see which areas are hottest in the city!
What Does This All Mean for You? (Buyers and Sellers)
- For Buyers:
- There are more homes to choose from.
- Be patient, as it might take a bit longer to find the right one.
- Talk to an agent to help you find homes.
- For Sellers:
- Know your local market and price competitively to meet buyers’ needs.
- Homes may take longer to sell, so prepare to wait.
- Work with an agent to make your home look its best.
Things That Can Influence the Market
The real estate market is a living thing. It’s constantly being affected by different factors:
- Interest Rates: Changes in interest rates can impact how much people can afford.
- The Economy: A healthy economy usually means more people buying homes.
- Population Growth: San Antonio is experiencing growth, which is driving up housing demand.
What Are the Experts Saying?
Real estate experts are closely monitoring these trends to inform their clients’ decisions. It’s essential to remember that the market can change rapidly, so stay tuned for further updates.
Conclusion: A Look Back and a Peek Ahead
The San Antonio real estate market in December 2024 indicates that changes are underway, with prices increasing. Staying informed about these shifts can help you make wise choices. Always consult with a qualified real estate professional before making any big decisions about buying or selling.
Disclaimer: This report is based on data from the San Antonio Board of REALTORS® MLS Summary Report for December 2024. It’s intended to provide a general overview of the market and should not be used as a substitute for professional financial advice.