The San Antonio real estate market is constantly evolving, and it’s essential to stay informed if you’re considering buying, selling, or want to know what’s happening in your neighborhood. This report breaks down the numbers from April 2023 to help you understand the current trends in the San Antonio housing market.
April 2023 San Antonio Real Estate Market: Key Highlights
- Home Sales Decline: Fewer homes were sold in April 2023 compared to April 2022.
- Prices Rise Slightly: Despite lower sales, the average home price still increased slightly.
- More Rentals Available: Even with decreased sales, prices continue to increase in the San Antonio rental market.
- It Takes Longer to Sell a Home: Homes are staying on the market longer than last year.
- Interest Rates Play a Role: Interest rates continue to affect what people can afford and how the market is doing.
Let’s take a closer look at the numbers to gain a clearer understanding of what’s happening.
Single-Family Homes in San Antonio
Single-family homes are the most common type of home people buy. Here’s how they did in April 2023:
- Sales: 2,901 homes were sold, which is fewer than the 3,337 homes sold in April 2022—a 13% decrease.
- Average Price: The average home price was $372,810, a slight increase from last year’s $367,445, representing a 2% rise.
- Median Price: The median price was $320,000.
- Price per Square Foot: The average price per square foot was $179.
- Days on Market (DOM): The amount of time homes were on the market increased 70%, up to 70 days.
What does this mean?
Fewer people purchased single-family homes in San Antonio in April 2023 than in the same month the previous year. The prices of homes still increased, but not by a significant amount. The DOM increase indicates that it may be a cooler market with more competition among sellers.
Condominiums and Townhomes in San Antonio
Condominiums and townhomes are another option for individuals seeking a place to live. Here’s what happened with them in April 2023:
- Sales: 59 condos/townhomes were sold, which is less than the 88 sold in April 2022 (a 39% decrease).
- Average Price: The average price was $276,862.
- Median Price: The median price was $294,000.
- Price per Square Foot: The average price per square foot was $219.
What does this mean?
Just like single-family homes, fewer condos and townhomes were sold in April 2023 compared to the same month in 2022.
Multifamily Properties in San Antonio
Multifamily properties are buildings with multiple living units, such as apartment buildings. Here’s how they performed:
- Sales: 31 multifamily properties were sold, compared to 42 from last year (a 26% decrease).
- Average Price: The average price was $392,796.
- Median Price: The median price was $340,000.
- Price per Square Foot: The average price per square foot was $141.
What does this mean?
Fewer multifamily properties were sold than in the previous year.
Residential Lots & Acreage in San Antonio
If you’re thinking about building your own home or investing in land, here’s what happened with residential lots and acreage:
- Sales: 258 lots were sold, down from 420 last year (a 38% decrease).
- Average Price: The average price was $175,272.
- Median Price: The median price was $497,667.
- Price per Square Foot: The average price per square foot was $32.
What does this mean?
Fewer land lots were sold than in the previous year.
San Antonio Rental Market
Now, let’s look at the rental market in San Antonio:
- Sales: 1,214 rentals were rented, which is more than the 1,157 rented last year (a 5% increase).
- Average Price: The average rental price was $1,848, representing a slight increase from the previous year’s average cost.
What does this mean?
The rental market is looking strong, and prices continue to increase year over year.
Other Types of Property in San Antonio
Here’s a quick look at some other types of properties:
- Commercial: The average price was $548,273.
- Commercial Land: The average price was $478,333.
- Rural Farms & Ranches: The average price was $1,092,265.
These markets can be significantly different from the residential market and heavily depend on location and the specific features of the property.
Overall Trends in the San Antonio Real Estate Market
- New Listings: More homes are being listed.
- Active Listings: There are more homes available for sale, giving buyers a wider range of choices.
- Pending Sales: The number of homes under contract but not yet sold has decreased.
San Antonio Real Estate by Area
The SABOR report also breaks down sales by different areas of San Antonio. Here are a few interesting points: (See attached report for more details)
- Area 1: Prices have decreased from $381,664 to $376,851.
- Area 10: Prices have decreased from $672,503 to $624,660.
- Area 17: Prices have increased from $284,981 to $291,510.
Important Note: These are just a few examples. It’s always a good idea to check the specific area you’re interested in to get the most accurate information.
Year-to-Date (YTD) San Antonio Real Estate
The report also includes data for the entire year up to April 2023. Here are a few key points:
- Single-Family Home Sales (YTD): 10,249 homes have been sold, down 16% from last year.
- Average Single-Family Home Price (YTD): The average price of single-family homes is $365,733, a slight increase from last year.
What does this mean?
Even though sales have slowed down, the market is still seeing increased activity and there are opportunities available to buyers and sellers.
Expert Predictions for the San Antonio Real Estate Market
Trying to guess what will happen in the future is always tricky, but here are a few possible scenarios for the San Antonio real estate market:
- Price Growth May Continue to Slow Down: With more homes on the market and fewer sales, buyers may have more negotiating power. This could mean that prices won’t increase as quickly as they have been.
- The Market Could Become More Balanced: A more balanced market means that buyers and sellers have approximately equal power. This can make the process of buying and selling homes easier.
- Interest Rates Will Be Important: Changes in interest rates will affect how much people can afford to spend on a home.
Tips for San Antonio Home Buyers
If you’re thinking about buying a home in San Antonio, here’s some advice:
- Get Pre-Approved for a Loan: This will give you a clear idea of how much you can borrow.
- Find a Good Real Estate Agent: A local agent can help you find the right home and guide you through the buying process.
- Be Patient and Do Your Research: Take your time to find the right home that meets your needs and budget.
Tips for San Antonio Home Sellers
If you’re planning to sell your home, keep these things in mind:
- Price Your Home Strategically: Research what similar homes in your area have recently sold for to determine a competitive listing price.
- Make Your Home Look Its Best: Clean, declutter, and make 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 Find Out More About San Antonio Real Estate
- SABOR Website: The San Antonio Board of Realtors’ website (https://www.sabor.com/) provides extensive information about the local market.
- Local Real Estate Agents: Consult with real estate agents who are well-versed in the local market.
- Real Estate News Sites: Stay updated on the latest news and trends in San Antonio real estate.
In Conclusion
The San Antonio real estate market is constantly changing, and April 2023 was no different. While sales slowed, prices generally continued to rise, albeit at a slower pace. The rental market provides exciting opportunities for buyers and sellers. With more homes on the market, buyers have more options, and the market may be shifting towards a more balanced state. Whether you’re buying or selling, staying informed and working with experienced professionals is crucial for making smart real estate decisions.
FAQs About the San Antonio Real Estate Market
Q: Are home prices still increasing in San Antonio?
A: Yes, in general, home prices in San Antonio were still slightly higher in April 2023 than they were in April 2022. However, the rate of increase appears to be slowing down.
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 objectives. 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: With prices still relatively high, it could be a good time to sell. However, with more homes on the market, it’s essential to price your home competitively and make it stand out to attract buyers.
Q: Where can I find the complete SABOR MLS report?
A: Contact the San Antonio Board of Realtors to inquire about 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.