Are you curious about what’s happening with homes in San Antonio? Whether you’re thinking of buying, selling, or just like to keep up with the local market, this report breaks down the latest real estate trends in San Antonio for March 2024. We’ll examine what’s selling, its cost, and what experts are saying. Let’s dive in!
What This Report Covers
This report comes from the San Antonio Board of REALTORS® (SABOR). It provides a summary of the events that occurred in the real estate market in March 2024. It includes information about:
- Types of Properties: Single-family homes, condos, townhomes, land, and more.
- Sales: How many properties were sold?
- Prices: Average and median prices of homes.
- Dollar Volume: Total money spent on real estate.
- New Listings: How many new homes were put up for sale?
- Active Listings: How many homes are currently for sale?
- Days on Market: How long it takes for a home to sell.
Overall Market Picture
In March 2024, the San Antonio real estate market saw some interesting changes:
- More Homes Sold: The total number of homes sold went up by 3% compared to last year.
- Dollar Volume Increased: The total value of all homes sold was $ 1.2 billion, which is up 5% from last year.
- Average Price Increased: The average price of a home went up by 2% to $370,824.
- Median Price Remained About the Same: The median price, which is the price in the middle, increased slightly by 1% to $310,223.
Single-Family Homes
Single-family homes are the most common type of home, so let’s take a closer look:
- Sales: 3,244 single-family homes were sold, a 3% increase from last year.
- Existing Homes Sold: A total of 1,989 existing homes were sold, representing a 5% decrease from the previous year. The dollar volume for existing homes was $752,654,128, representing a 33% increase. The average price of an existing home rose by 3% to $378,898.
- New Homes Sold: 1,255 new homes were sold, a big jump of 20% from last year.
- Average Price: The average price for all single-family homes was $370,824, a 2% increase.
- Median Price: The median price was $310,223, a 1% increase.
Condos and Townhomes
Condos and townhomes are another popular option, especially for people who want less yard work:
- Sales: 49 condos and townhomes were sold, representing a 16% decrease from last year.
- Existing Homes Sold: 49 existing condos/townhomes were sold, down 13%. The dollar volume was $14,282,040, representing a 5% decrease.
- Average Price: The average price for condos and townhomes went down by 16% to $291,470.
- Median Price: The median price went down by 27% to $220,000.
Other Types of Properties
Besides single-family homes and condos, here’s a quick look at other types of properties:
- Multifamily: Sales decreased by 10%, with an average price increase of 9% to $447,333.
- Residential Lots & Acreage: Sales decreased by 21%, with a median price increase of 104% to $1,326,379.
- Residential Rental: Sales increased by 3%, with an average price decrease of 8% to $425,000.
- Commercial: One commercial property was sold, representing a 100% increase.
- Commercial Land: No change in sales, with a median price increase of 60% to $725,000.
- Rural Farms & Ranches: Sales increased by 14%, with the average price increasing significantly by 56% to $358,815.
Price Per Square Foot
Another way to look at home prices is by price per square foot. This tells you how much you’re paying for each square foot of the home:
- Single-Family Homes: The price per square foot is $178, representing a slight 1% increase.
- Condos and Townhomes: The price per square foot is $229, which is a 13% increase.
- Multifamily: The price per square foot is $143, which is a 7% decrease.
- Residential Lots & Acreage: The price per square foot is $109, which is a 173% increase.
- Residential Rental: The price per square foot is $112, which is a 59% increase.
- Commercial: The price per square foot is $119, which is a 29% increase.
- Rural Farms & Ranches: The price per square foot is $1,231, which is a 154% increase.
How Quickly Are Homes Selling?
The report also tells us how long it takes for a home to sell:
- Days on Market (DOM): The average days on market (DOM) increased to 79 days, which is a 7% increase. This means it’s taking a little longer to sell a home compared to the same period last year.
What’s Available?
Here’s a look at the number of homes available for sale:
- New Listings: The number of new listings increased by 14% to 4,606. This indicates more homes are being put on the market.
- Active Listings: The number of active listings increased by 35% to 12,495. This means buyers have more choices than they did last year.
Year-to-Date (YTD) Summary
The report also gives us a look at the year so far:
- Closed Listings: Total closed listings year-to-date increased by 8% to 7,948.
- Dollar Volume: The total dollar volume year-to-date increased by 7% to $2,852,595,035.
- Average Price: The average price year-to-date decreased slightly by 1% to $358,907.
- Median Price: The median price year-to-date remained steady.
Closed Listings by Price Range
The report breaks down sales by price range:
- Homes Under $150,000: Very few homes are selling in this price range.
- $200,000 – $249,999: 511 homes sold in March, making up 15.8% of sales, up 22% from the prior year.
- $250,000 – $299,999: 634 homes sold, making up 19.5% of sales, down 5% from the preceding year.
- $300,000 – $399,999: The most popular price range, with 894 homes sold, making up 27.6% of sales, a 7% increase.
- $400,000 – $499,999: 377 homes sold, making up 11.6% of sales, down 13% from the prior year.
- $500,000 – $749,999: 339 homes sold, making up 10.5% of sales, a 5% increase.
- $1,000,000 and Up: 69 homes sold in this price range, a significant increase of 47%.
Sales by Area
The report also examines which areas in San Antonio are selling the most homes and the corresponding prices in those areas. See full report for details.
What Does This Mean for You?
- For Buyers: There are more homes to choose from, but it might take a little longer to find the right one.
- For Sellers: Homes are still selling, but it’s essential to price your home correctly and make it look its best.
Factors Affecting the Market
Several things can affect the real estate market, including:
- Interest Rates: Higher interest rates can make it more expensive to buy a home.
- Economy: A strong economy usually means more people are buying homes.
- Population Growth: The influx of people moving to San Antonio can increase demand for housing.
Expert Opinion
Real estate experts are closely monitoring these trends. They say that while the market is changing, San Antonio remains a desirable place to live, and real estate is still a good investment.
Conclusion
The San Antonio real estate market in March 2024 shows a mix of changes. While prices are still increasing, there are more homes available, and it’s taking a bit longer to sell them. Staying informed about these trends can help you make informed decisions, whether you’re buying, selling, or simply monitoring the market.
Disclaimer: This report is based on data from the San Antonio Board of REALTORS® MLS Summary Report for March 2024. This is a general overview; please consult with a real estate professional for personalized advice.