The San Antonio real estate market is constantly evolving, and it’s essential to stay informed whether you’re buying, selling, or simply curious. This report breaks down the numbers from December 2022 to help you understand what’s happening in the San Antonio housing market.
December 2022 San Antonio Real Estate Market: Key Highlights
- Home Sales Dropped Significantly: There were noticeably fewer homes sold in December 2022 compared to December 2021.
- Average Prices Still Rose: Despite fewer sales, the average home price continued to rise.
- More Homes for Rent!: The rental market increased compared to last year.
- Rural Land Prices Remain High: Prices for farms and ranches remain elevated despite market fluctuations.
Let’s dig into the details and see what’s driving these trends.
Single-Family Homes in San Antonio
Single-family homes are the most common type of home that people buy. Here’s how they performed in December 2022:
- Sales: 2,473 homes were sold, which is a significant decrease from the 3,528 homes sold in December 2021 (a 30% drop).
- Average Price: The average home price was 379,869,whichishigherthanthe379,869, which is higher than the379,869,whichishigherthanthe358,994 from last year (a 6% increase).
- Median Price: The median price was 324,000,anincreaseof6324,000, an increase of 6% over last year’s median price of324,000,anincreaseof6305,000.
- Price per Square Foot: The average price per square foot was $177.
- New Listings: There were 2,317 new listings.
- Active Listings: There were 9,681 active home listings.
- Pending Sales: There were 1,697 pending home sales.
- Days on Market (DOM): Close to original List Price
What does this mean?
Far fewer people bought single-family homes in San Antonio in December 2022 than in the same month the year before. While prices did increase, the sharp drop in sales indicates a significant cooling in the market. This could be due to several factors, including rising interest rates, increased inventory, or a shift in buyer demand.
Condominiums and Townhomes in San Antonio
Condos and townhomes are another popular option, especially for those seeking lower-maintenance living. Here’s what happened with them in December 2022:
- Sales: Only 40 condos and townhomes were sold, a significant drop from the 88 sold in December 2021—a 55% decrease.
- Average Price: The average price was 348,328,whichisgreaterthanthe348,328, which is greater than the348,328,whichisgreaterthanthe231,336 in November 2021.
- Median Price: The median price was $299,000.
What does this mean?
The condo and townhome market experienced an even steeper decline in sales than the single-family home market. This suggests that the factors affecting the overall market are having an even greater impact on this segment.
Multifamily Properties in San Antonio
Multifamily properties, like apartment buildings, can be a good indicator of investment activity. Here’s how they performed:
- Sales: 35 multifamily properties were sold, compared to 45 in December 2021 (a 22% decrease).
- Average Price: The average price was $460,432, which is greater than the average price of $391,387 last year.
- Median Price: The median price was $364,434, an increase of $2,364,434, or 2% over last year’s median price of $ 362,439, an increase of $ 2,995.
What does this mean?
The multifamily market also saw a decrease in sales.
Residential Lots & Acreage in San Antonio
For those looking to build their dream home or invest in land, here’s what happened with residential lots and acreage:
- Sales: 177 lots were sold, down from 363 in December 2021 (a 51% decrease).
- Average Price: The average price was $1,258,645, which is lower than last year’s average price of $267,780. year.
- Median Price: The median price was $575,000.
What does this mean?
The residential lots and acreage market experienced a substantial decrease in sales compared to the previous year.
San Antonio Rental Market
Let’s take a look at the rental market in San Antonio:
- Sales: 1,072 rentals were sold compared to 810 last year (34% increase).
- Average Price:1,940,299comparedto1,940,299 compared to1,940,299comparedto391,387 previous year (396% increase).
- Median Price:1,965comparedto1,965 compared to1,965comparedto391,387 previous year (400% increase).
- Price per Square Foot: $112.
- New Listings: 1,722.
- Active Listings: 5,871.
- Pending Sales: 441.
What does this mean?
The rental market increased.
Other Types of Property in San Antonio
Here’s a quick look at some other types of properties:
- Commercial: The average price was $364,124.
- Commercial Land: The average price was $271,359.
- Rural Farms & Ranches: The average price was $688,944.
These markets can be quite different from the residential market and are highly dependent on location, size, and specific features of the property.
Overall Trends in the San Antonio Real Estate Market
- New Listings: The number of new homes being listed for sale increased.
- Active Listings: The number of homes currently for sale (active listings) increased significantly. This is excellent news for buyers, as it means more choices.
- Pending Sales: The number of homes under contract but not yet closed (pending sales) decreased.
San Antonio Real Estate by Area
The SABOR report also breaks down sales by different areas of San Antonio. This can be very useful for understanding neighborhood-specific trends. (See attached report for details)
Important Note: The full report has data for many specific areas. It’s a great idea to check the places that interest you the most.
Year-to-Date (YTD) San Antonio Real Estate
The report also provides data for the entire year of 2022. Here are a few key points:
- Single-Family Home Sales (YTD): 36,477 homes were sold, down 10% from last year.
- Average Single-Family Home Price (YTD): $379,722, up 12% from last year.
What does this mean?
While December saw a significant slowdown, the overall market for 2022 was still relatively strong, with prices up compared to the previous year. However, the decrease in sales suggests that the market is shifting.
Expert Predictions for the San Antonio Real Estate Market
It’s always tricky to predict the future, but based on the December 2022 data, here are a few potential scenarios:
- Price Growth May Slow Down Further: With more homes on the market and fewer sales, buyers are likely to have more negotiating power. This could result in slower price increases or even price decreases in certain areas.
- Market Could Become More Balanced: A more balanced market means that neither buyers nor sellers have a significant advantage. This can make the buying and selling process smoother, but it may also require more patience.
- Interest Rates Will Play a Major Role: Changes in interest rates are a key factor to watch. Higher interest rates can make borrowing money more expensive, reducing buyer demand and putting downward pressure on prices.
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 afford.
- Work with a Knowledgeable Real Estate Agent: A local agent can help you find the right home and navigate the buying process, especially in a changing market.
- Be Prepared to Negotiate: With more homes on the market, you may have more room to negotiate on price and terms.
Tips for San Antonio Home Sellers
If you’re planning to sell your home, keep these things in mind:
- Price Your Home Competitively: Research recent sales of similar homes in your area to determine a realistic listing price.
- Make Your Home Stand Out: Clean, declutter, and make any necessary repairs or upgrades to make your home more appealing to buyers.
- 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/) has a wealth of information about the local market.
- Local Real Estate Agents: Connect with real estate agents who specialize in the San Antonio area for expert insights and guidance.
- Real Estate News Sources: Stay updated on the latest news and trends in San Antonio real estate through reputable news outlets and market analysis reports.
In Conclusion
The San Antonio real estate market experienced a significant shift in December 2022, with sales slowing down considerably compared to the previous year. While prices generally continued to rise, the pace of increase appears to be moderating. With more homes on the market, buyers have more options, and the market may be moving toward a more balanced state. Whether you’re buying or selling, staying informed and working with experienced professionals is crucial for making informed and competent real estate decisions.
FAQs About the San Antonio Real Estate Market
Q: Are home prices going down in San Antonio?
A: It’s difficult to say for sure, but the data suggests that the rate of price increases is slowing. In some areas, prices may even be declining.
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. It’s a good idea to consult with a real estate agent and an economic advisor to receive personalized advice.
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 find out how to access 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.