If you’re considering buying or selling a home in San Antonio, it’s crucial to stay informed about the local real estate market. This report provides the latest information for May 2023, enabling you to make informed decisions.
We’ll look at:
- How many homes are being sold
- How much do homes cost
- What types of homes are popular
- How long are homes staying on the market
This information is provided by the San Antonio Board of REALTORS® and compiled by experts at Texas A&M University.
Key Takeaways for May 2023
- Home sales are down slightly. Overall, the number of homes sold in May 2023 was lower than in May 2022.
- Home prices are still going up. The average cost of a home in San Antonio is higher than it was a year ago.
- New homes are selling better than older homes. Sales of new homes are up, while sales of existing homes are down.
- Condos are becoming more popular. Sales of condos and townhomes are up compared to the same period last year.
Let’s dive into the details!
How Many Homes Are Being Sold?
The number of homes sold is referred to as “closed listings.” Here’s how the numbers look for May 2023:
- Total Homes (New and Existing): 3,487 (down 3% from last year)
- This means that a slightly smaller number of homes were sold in May 2023 than in May 2022.
- Existing Single-Family Homes: 2,436 (down 14% from last year)
- Fewer people are buying older, single-family homes.
- New Single-Family Homes: 1,051 (up 36% from last year)
- More people are buying new, single-family homes.
- Condos and Townhomes: 77 (up 28% from last year)
- Condos and townhomes are becoming more popular.
- Land: 292 (Down 33% from last year)
- People are buying less land than before
- Multi-family homes: 38 (Down 10% from the previous year)
- People are buying fewer multi-family homes than before
What does this mean?
The market might be changing. Although prices are still rising, fewer homes are being sold. This could be because interest rates are higher, or there are fewer houses for sale.
How Much Do Homes Cost?
Let’s look at the average and median prices of homes in San Antonio:
- Average Price (All Homes): $388,593 (about the same as last year)
- Median Price (All Homes): $324,750 (down 3% from last year)
- The median price is the midpoint—half of the homes sold for more than this amount, and half sold for less.
- Average Price (Existing Single-Family Homes): $390,155 (down 1% from last year)
- Median Price (Existing Single-Family Homes): $319,950 (0% change from last year)
- Average Price (New Single-Family Homes): $404,606 (up 40% from last year)
- Median Price (New Single-Family Homes): $355,000 (up 42% from previous year)
What does this mean?
Homes are still costing more than they did before, but not by a lot. This might mean prices are starting to level out.
Dollar Volume
- Total Dollar Volume (All Sales): $1,355,024,264 (down 3% from last year)
- This is the total amount of money spent on homes in San Antonio in May 2023. Since this number is down, it shows that fewer homes are being sold overall.
Price Per Square Foot
Another way to look at home prices is by price per square foot:
- Single-Family Homes: $182 per square foot (down 2% from last year)
- Condos and Townhomes: $225 per square foot (up 17% from last year)
What does this mean?
Condos and townhouses are more expensive per square foot than single-family homes.
How Quickly Are Homes Selling?
- Days on Market (DOM): 39 days
- This is the average time it takes for a home to sell.
What does this mean?
Homes are selling reasonably quickly, but a little slower than before.
What Types of Homes Are Being Sold?
People have different needs and preferences when it comes to housing. Here’s a breakdown of what’s popular:
- Single-Family Homes: Still the most common type of home sold in San Antonio.
- Condos and Townhomes: Gaining popularity, especially for people who want less maintenance.
- New Construction: Many people are opting to purchase brand-new homes instead of older ones.
Year-to-Date (YTD) Numbers
It’s also helpful to look at the numbers for the whole year so far. This gives you a bigger picture of the market:
- Closed Listings (YTD): 13,717 (down 13% from last year)
- Dollar Volume (YTD): $5,080,682,404 (down 13% from previous year)
- Average Price (YTD): $370,393 (up 9% from last year)
- Median Price (YTD): $315,000 (up 7% from last year)
What does this mean?
Although home prices are up for the year, the number of homes being sold is down overall. The market might be slowing down a bit.
Closed Listings by Price Range
It can also be helpful to see which price ranges are the most popular:
- $0 – $69,999: 8 homes sold (0.2% of the market)
- $70,000 – $99,999: 21 homes sold (0.6% of the market)
- $100,000 – $149,999: 73 homes sold (2.1% of the market)
- $150,000 – $199,999: 169 homes sold (4.8% of the market)
- $200,000 – $249,999: 430 homes sold (12.3% of the market)
- $250,000 – $299,999: 711 homes sold (20.4% of the market)
- $300,000 – $399,999: 955 homes sold (27.4% of the market)
- $400,000 – $499,999: 457 homes sold (13.1% of the market)
- $500,000 – $749,999: 470 homes sold (13.5% of the market)
- $750,000 – $999,999: 118 homes sold (3.4% of the market)
- $1,000,000 +: 76 homes sold (2.2% of the market)
What does this mean?
Most of the homes being sold in San Antonio are in the $250,000 to $399,999 price range.
Closed Listings by Area
San Antonio is a large city with numerous distinct areas. Here’s a look at how home sales are doing in some key areas:
- Area 01: 524 homes sold (Average Price: $368,156)
- Area 02: 135 homes sold (Average Price: $275,524)
- Area 10: 132 homes sold (Average Price: $603,437)
- Area 17: 196 homes sold (Average Price: $281,255)
- Area 18: 236 homes sold (Average Price: $581,979)
- Area 23: 172 homes sold (Average Price: $285,312)
- Area 26: 299 homes sold (Average Price: $554,013)
- Area 27: 388 homes sold (Average Price: $355,901)
(Note: This is just a sample of areas. The full report has data for all areas.)
What does this mean?
Some areas are more expensive than others. The number of sales can also vary a lot from one area to another.
Other Important Things to Know
Here are a few other things that can help you understand the San Antonio real estate market:
- New Listings: The number of new homes being listed for sale.
- Active Listings: The total number of homes currently for sale.
- Pending Listings: The number of homes that have an offer but haven’t closed yet.
- Months of Inventory: How long it would take to sell all the homes on the market at the current sales rate.
- Close to Original List Price: The degree to which the final sale price aligns with the original price the seller was asking.
You can find all this information in the full report from the San Antonio Board of REALTORS®.
What Does This Mean for You?
- If you’re a buyer: You might have a little more time to shop around than you did a year ago, but prices are still high.
- If you’re a seller: It’s still a good time to sell, but you might not get as many offers as you would have last year.
Conclusion
The San Antonio real estate market is constantly changing. By staying informed, you can make the best decisions for your situation. Whether you’re buying, selling, or just curious, keep an eye on these trends!
Data Source: San Antonio Board of REALTORS® MLS Summary Report, May 2023. Prepared by the Real Estate Center at Texas A&M University.