Are you interested in the San Antonio real estate scene? Whether you’re thinking about buying, selling, or want to stay informed, this report gives you the highlights of what happened in November 2024. We’ll break down the numbers and explain their meaning in simple terms. Let’s get started!
What’s Included in This Report?
This report is put together by the San Antonio Board of REALTORS®. It gives you a quick overview of the real estate market in San Antonio for November 2024. Here’s what it covers:
- Different Types of Properties: Single-family homes, condos, townhomes, multi-family properties, land (residential lots & acreage), residential rentals, commercial properties, and rural farms & ranches.
- Sales: How many of each type of property were sold?
- Prices: Average and median prices for different types 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 breakdown of single-family home sales by price range.
- “Hotness” in Different Areas: Which parts of San Antonio are selling the fastest?
Quick Look at the Overall Market
Here’s a summary of the San Antonio real estate market in November 2024:
- Single-Family Home Sales Up: The number of single-family homes sold increased by 16% compared to last November.
- Condo/Townhome Sales Down: Sales of condos and townhomes decreased by 28%.
- Dollar Volume Increased: The total value of all homes sold was $1,008,955,913, up by 18%
- Average Price Remains Stable: The average price of a single-family home was $357,153, up 1% from the previous year.
- Median Price Remained Steady: The median price (the middle price) was $299,990, also up by 1%.
- Active Listings Increased: There were 14,235 active listings, representing a 14% increase, providing buyers with more choices.
Diving Deeper: Single-Family Homes
Single-family homes are the most common type of property, so let’s examine those more closely:
- Existing Home Sales Increased: 1,536 existing single-family homes were sold, representing a 21% increase. The average price was $378,904, a 3% increase.
- New Home Sales Increased: New construction single-family home sales increased 10% year-over-year.
- Price per Square Foot: The average price per square foot for single-family homes was $173, unchanged from last year.
Condos and Townhomes: A Different Story
The market for condos and townhomes saw a slowdown:
- Sales Decreased: Only 40 condos and townhomes were sold, representing a 28% decrease from last year.
- Average Price Down: The average price for condos and townhomes went down by 7% to $302,914.
- Median Price Also Down: The median price went down by 2% to $200,000.
- Price per Square Foot: The average price per square foot was $217, representing a 5% increase.
What About Multifamily, Land, and Other Property Types?
Here’s a quick summary:
- Multifamily Properties: Sales declined, with an average price of $391,181.
- Residential Lots & Acreage: Sales increased slightly, with a median price of $130,000.
- Residential Rental Properties: The average rental price was $1,811.
- Commercial Properties: Sales increased. The average sales price was $364,742.
- Commercial Land: Sales volume decreased, and the median price was $860,000.
- Rural Farms & Ranches: Sales remained the same, and the average price was $1,326,856.
How Fast Are Homes Selling?
- Days on Market (DOM) Increased: The average days on market (DOM) increased to 72 days, which is a 7% increase from last year. This means it’s taking slightly longer to sell a home, on average.
What’s Available for Buyers?
- New Listings Increased: New listings increased significantly by 25% to 3,593. This indicates more homes are being put on the market.
- Active Listings Increased: There were 14,235 active listings, a 14% increase. Buyers have more choices than they did at this time last year.
Sales Breakdown by Price Range (Single-Family Homes)
Here’s a look at which price ranges were most popular for single-family homes:
- Homes Under $70,000: Very few sales occurred in this price range.
- $70,000 – $99,999: 28 homes sold, down 7%
- $100,000 – $149,999: 78 homes sold, up 15%.
- $150,000 – $199,999: 276 homes sold, a jump of 45%!
- $200,000 – $249,999: 535 homes sold, up 13%.
- $250,000 – $299,999: 484 homes sold, about the same as last year.
- $300,000 – $399,999: 676 homes sold, an increase of 21%.
- $400,000 – $499,999: 308 homes sold, up 18%.
- $500,000 – $749,999: 273 homes sold, up 7%.
- $750,000 – $999,999: 93 homes sold, a significant increase of 52%.
- $1,000,000 and Up: 59 homes sold, a significant increase of 40%.
Which Areas Are “Hot”?
The report also measures the “hotness” of different areas by comparing homes under contract (pending listings) to homes for sale (active listings). A higher “hotness ratio” means homes are selling faster.
Here are a few of the hottest areas for single-family homes in November 2024:
- Area 23: Hotness Ratio of 28.1
- Area 01: Hotness Ratio of 24.6
- Area 05: Hotness Ratio of 21.6
(See the full report for more details and a complete list of areas.)
What This Means for Buyers and Sellers
- For Buyers:
- You have more choices with a higher number of homes on the market (active listings are up).
- It might take a little longer to find the right home (days on market are up).
- Work with an agent to find homes within your price range and in your desired location.
- For Sellers:
- It’s essential to price your home strategically to stay competitive.
- Consider making improvements to make your home more attractive to buyers.
Key Factors Influencing the Market
The real estate market is affected by several things:
- Interest Rates: Higher interest rates can make it more expensive for people to buy homes.
- Economic Conditions: A strong economy usually leads to more home sales.
- Population Growth: As more people move to San Antonio, demand for housing increases.
Expert Advice
Real estate professionals are carefully analyzing these trends to help their clients make informed decisions. Keep in mind that the market is constantly evolving.
In Conclusion: A Changing Market
The San Antonio real estate market in November 2024 shows some interesting shifts. While single-family home sales are up and dollar volume has increased, the condo/townhome market has slowed down. Staying up-to-date on these trends can help you make wise choices, whether you’re buying, selling, or simply tracking the market.
Disclaimer: This report is based on data from the San Antonio Board of REALTORS® MLS Summary Report for November 2024. This information is provided for general awareness only and should not be considered a substitute for professional real estate advice.