The San Antonio real estate market is constantly moving! If you’re considering buying a house, selling your home, or want to stay informed, it’s essential to stay updated. This report will break down the numbers from August 2022, so you can easily understand the latest trends in the San Antonio housing market.
Quick Look: San Antonio Real Estate in August 2022
- Home Sales Went Down: Fewer homes were sold in August 2022 compared to August 2021.
- Prices Still Increased: Even though fewer homes were sold, the prices of homes continued to go up.
- Homes Took Longer to Sell: On average, homes stayed on the market a little longer before being sold than they did a year ago.
- More Homes for Rent: The rental market saw an increase.
Let’s get into the details!
Single-Family Homes in San Antonio
Single-family homes are the most common kind of home people buy. Here’s how they did in August 2022:
- Sales: 3,272 homes were sold. That’s less than the 3,776 sold in August 2021 (a 13% drop).
- Price per Square Foot: The average price per square foot was $ 188, up from $163 in August 2021 (a 15% increase).
- Average Price: The average home price was $ 391,467, which is more than the $ 348,246 from last year (a 12% increase).
- Days on Market (DOM): Homes were on the market for an average of 30 days, a bit longer than the 24 days in August 2021 (a 25% increase).
What does this mean?
Fewer people bought single-family homes in San Antonio in August 2022 compared to the same time last year. But the prices of those homes were higher. This could be because there are still more people who want to buy than there are homes available for sale. Homes also spent a little more time on the market, which could indicate that the market is starting to cool down slightly.
Condominiums and Townhomes in San Antonio
Condominiums and townhomes are a good choice for individuals who prefer a smaller, more manageable home. Here’s what happened with them in August 2022:
- Sales: 81 condos/townhomes were sold, a little less than the 90 sold in August 2021 (a 10% decrease).
- Price per Square Foot: The average price per square foot was $ 177, up from $172 in August 2021 (a 3% increase).
- Average Price: The average price was $ 210,709, up from $ 210,709 and $ 216,658 in August 2021 (a 0% increase).
- Days on Market (DOM): Homes were on the market for an average of 60 days, which is much slower than the 37 days in August 2021 (a 62% increase).
What does this mean?
Just like single-family homes, fewer condos and townhomes were sold. Prices were slightly lower. What’s really noticeable is how much longer these properties took to sell compared to the same period last year. This could mean that buyers are being more careful and taking their time to make a decision.
Multifamily Properties in San Antonio
Multifamily properties are buildings with multiple living spaces, such as apartment buildings. Here’s what the market looked like:
- Sales: 44 multifamily properties were sold, compared to 57 in August 2021 (a 23% decrease).
- Price per Square Foot: The average price per square foot was $ 160, up from $132 in August 2021 (a 21% increase).
- Average Price: The average price was 362,592, a jump from 291,719 in August 2021 (a 24% increase).
- Days on Market (DOM): Homes were on the market for an average of 45 days, a slight decrease from 56 days in August 2021 (10% decrease).
What does this mean?
Fewer multifamily properties were sold in August 2022 compared to the same month in the previous year. However, prices increased, indicating that the multifamily market remains relatively strong. These properties also spent less time on the market.
Residential Lots & Acreage in San Antonio
If you’re thinking about building your own home or investing in land, here’s the scoop on residential lots and acreage:
- Sales: 349 lots were sold, down from 399 in August 2021 (a 13% decrease).
- Average Price: The average price was $151,204, up from $124,511 in August 2021 (a 21% increase).
- Days on Market (DOM): Homes were on the market for an average of 80 days, a slight decrease from 86 days in August 2021 (7% decrease).
What does this mean?
Fewer land lots were sold compared to last year, but the prices of those that were sold increased.
San Antonio Rental Market
Let’s take a look at the rental market in San Antonio:
- Sales: 1,408 rentals were sold compared to 1,098 last year (28% increase).
- Price per Square Foot: 106 compared to 98 from the previous year (8% increase).
- Average Price:1,888comparedto1,888 compared to1,888comparedto1,694 the previous year (11% increase).
- Days on Market: 36 compared to 29 last year (24% increase).
What does this mean?
More people rented homes than last year, and the average rental price increased, as did the amount of time properties spent on the market.
Other Types of Property in San Antonio
Here’s a quick look at some other types of properties:
- Commercial: The average price was $414,013.
- Commercial Land: The average price was $583,797.
- Rural Farms & Ranches: The average price was $1,033,329.
These markets can differ significantly from the residential market and depend heavily on their location, size, and offerings.
Overall Trends in the San Antonio Real Estate Market
- New Listings: The number of new single-family homes being listed for sale decreased.
- Active Listings: The number of homes currently for sale (active listings) increased significantly for single-family dwellings. This means buyers have more choices now than they did last year.
- Pending Sales: The number of homes under contract but not yet closed (pending sales) decreased for single-family homes, which could indicate that the market is cooling slightly.
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:
- Area 1: Average sales price increased from 342,980 to 405,870.
- Area 2: Average sales price increased from 253,800to253,800 to253,800to281,926.
- Area 10: Average sales price increased from 559,387to559,387 to559,387to646,845.
- Area 17: Average sales price increased from 258,512to258,512 to258,512to291,423.
- Area 26: Average sales price increased from 509,505to509,505 to509,505to562,482.
Important Note: These are just a few examples. The full report has data for many more areas. It’s a good idea to check the specific area you’re interested in.
Year-to-Date (YTD) San Antonio Real Estate
The report also includes data for the entire year up to August 2022. Here are some key things to note:
- Single-Family Home Sales (YTD): 25,824 homes sold, down 6% from last year.
- Average Single-Family Home Price (YTD): $380,829, up 15% from last year.
What does this mean?
Although sales slowed in August, the overall market for the year remains strong, with prices significantly higher than last year.
Expert Predictions for the San Antonio Real Estate Market
Trying to guess what will happen in the future is challenging, and I am unable to predict the future. However, based on the August 2022 data, here are a few things that could happen:
- Prices Might Not Increase as Quickly: With more homes on the market, buyers have more options. 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 buying and selling homes easier.
- Interest Rates Will Matter: Changes in interest rates can 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 help you know how much money you can borrow.
- Find a Good Real Estate Agent: A local agent can help you find the right home and make a reasonable offer.
- Be Patient and Flexible: Finding the right home can take time, so don’t get discouraged.
Tips for San Antonio Home Sellers
If you’re planning to sell your home, keep these things in mind:
- Price Your Home Smartly: Look at what similar homes in your area have sold for.
- Make Your Home Look Great: Clean, declutter, and repair any items that need attention.
- Be Prepared to Negotiate: Be willing to work with buyers to reach a mutually beneficial agreement.
How to Learn 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.
- Real Estate Agents: Talk to real estate agents in your area. They know the market well.
- Real Estate News: Read news articles and reports about the San Antonio real estate market.
The Big Picture
The San Antonio real estate market is constantly changing, and August 2022 was no different. Sales slowed for most types of properties, but prices continued to rise. With more homes available, buyers have more options, and the market might become more balanced in the future. Whether you’re buying or selling, it’s essential to stay informed and work with professionals.
FAQs About the San Antonio Real Estate Market
Q: Are home prices still rising in San Antonio?
A: Yes, generally, home prices in San Antonio were still higher in August 2022 than they were in August 2021. However, the rate of increase might be slowing down.
Q: Is now a good time to buy a home in San Antonio?
A: It depends on your personal situation. Consider your interest rates, finances, and long-term goals. Consult with a real estate agent and a financial advisor for personalized advice tailored to your needs.
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 crucial to price your house carefully and make it appealing to potential buyers.
Q: Where can I find the complete SABOR MLS report?
A: Contact the San Antonio Board of Realtors to find out how to get the full report.
Disclaimer: This report is based on data from the SABOR MLS and is for informational purposes only. Consult with qualified professionals before making any real estate decisions.