The San Antonio real estate market is constantly changing. Whether you’re considering buying a new home, selling your current property, or simply staying informed about local trends, it’s essential to have the most up-to-date information. This report breaks down the numbers from March 2023, providing an easy-to-understand overview of the San Antonio housing market.
March 2023 San Antonio Real Estate Market: Key Takeaways
- Home Sales Decreased: The number of homes sold in March 2023 was lower compared to March 2022.
- Prices Increased Slightly: While sales volume declined, the average cost of homes experienced a modest increase.
- Rental Market is Up: With residential sales going down, there are more opportunities on the rental market.
- Buyers Have More Choices: Inventory levels have increased, providing buyers with a broader selection of properties to consider.
- Impact of Interest Rates: The fluctuations in interest rates continue to have a significant influence on buyer behavior and overall market activity.
Let’s explore the data in more detail to gain a clearer understanding of the current market conditions.
Single-Family Homes in San Antonio
Single-family homes remain the most prevalent type of housing in San Antonio. Here’s a look at their performance in March 2023:
- Sales: 3,129 homes were sold, reflecting a 12% decrease compared to the 3,550 homes sold in March 2022.
- Average Price: The average home price was $366,834, representing a slight increase of $1,366 from March 2022.
- Median Price: The median price was $314,945, consistent with last year.
- Price per Square Foot: $177, which is a slight decrease from $179.
- Existing Home Sales: Sales for existing homes decreased 20%.
- New Construction Sales: Sales for new construction increased 17%.
What does this mean?
The San Antonio single-family home market experienced a decline in sales in March 2023 compared to the same period in 2022. While average prices saw a marginal increase, the decrease in sales volume suggests a potential slowdown in buyer demand. Factors such as rising interest rates and increased inventory levels could be contributing to this trend. Despite the decline in residential sales, there are still more opportunities available on the San Antonio rental market.
Condominiums and Townhomes in San Antonio
Condominiums and townhomes offer an alternative housing option, often appealing to those seeking a more manageable lifestyle. Here’s how this segment performed in March 2023:
- Sales: 62 condos and townhomes were sold, marking a significant 30% decrease from the 88 sales in March 2022.
- Average Price: The average price for condos and townhomes was $273,209, reflecting an 18% increase from the average price.
- Price per Square Foot: The average price per square foot was $203, representing an 8% year-over-year increase.
What does this mean?
The San Antonio condominium and townhome market experienced a notable decline in sales during March 2023, indicating a potential softening of demand in this segment.
Multifamily Properties in San Antonio
Multifamily properties, including apartment complexes, play a crucial role in the city’s housing landscape. Here’s a glimpse into their performance in March 2023:
- Sales: 31 multifamily properties were sold, marking a significant 51% decrease compared to the 62 sales recorded in March 2022.
- Average Price: The average price for multifamily properties stood at $382,570.
- Price per Square Foot: $151, which is less than last year.
What does this mean?
The San Antonio multifamily property market experienced a sharp decline in sales activity during March 2023, suggesting a potential shift in investor sentiment or market dynamics within this segment.
Residential Lots & Acreage in San Antonio
Residential lots and acreage cater to those seeking to build custom homes or invest in land. Here’s how this segment performed in March 2023:
- Sales: 320 residential lots and acreage properties were sold, representing a 39% decrease from the 530 sales recorded in the previous year.
- Average Price: The average price for residential lots and acreage stood at $175,890, reflecting an 8% increase from the previous year.
- Price per Square Foot: $59
What does this mean?
The San Antonio residential lots and acreage market experienced a notable decrease in sales during March 2023, suggesting a potential decline in demand for land acquisitions or custom home construction.
San Antonio Rental Market
Let’s turn our attention to the rental market in San Antonio:
- Sales: 1,424 rentals were leased compared to 1,117 last year, a 27% increase. 27%.
- Average Price: The average rental price was 1,815,up31,815, up 3% from1,815,up31,733 in March 2022.
- Median Price: The median price was $1,745.
- Price per Square Foot: $113
What does this mean?
The rental market is strong as residential sales are decreasing.
Other Types of Property in San Antonio
Here’s a quick overview of some other types of properties in San Antonio:
- Commercial: The average price was $582,813.
- Commercial Land: The average price was $889,147.
- Rural Farms & Ranches: The average price was $89,250.
These markets can differ substantially from the residential market due to their unique investment characteristics.
Overall Trends in the San Antonio Real Estate Market
- New Listings: New listings have decreased
- Active Listings: The number of homes currently for sale (active listings) increased. This is great for buyers who have more options.
- Pending Sales: Decreased as the market shifted.
San Antonio Real Estate by Area
The SABOR report also provides a detailed breakdown of sales by different areas within San Antonio. These localized insights can be invaluable for understanding neighborhood-specific trends.
- Area 1: Area 1 is experiencing some of the market changes.
- Area 10: Area 10 is experiencing some of the market changes.
- Area 17: Area 17 is experiencing some of the market changes.
(See the attached report for a comprehensive area-by-area analysis.)
Important Note: This blog post provides a high-level overview of the San Antonio real estate market based on the March 2023 SABOR MLS report. For detailed information on specific areas or property types, please refer to the full report.
Year-to-Date (YTD) San Antonio Real Estate
The report also includes data for the entire year up to March 2023. Here are a few key points:
- Single-Family Home Sales (YTD): Decreased year over year.
- Average Single-Family Home Price (YTD): The average price has gone up.
What does this mean?
Although sales slowed in March, the overall market for the year remains relatively strong.
Expert Predictions for the San Antonio Real Estate Market
Predicting the future is always challenging, but here are a few potential scenarios for the San Antonio real estate market:
- Price Appreciation May Moderate: The combination of increased inventory and reduced sales volume could lead to slower price growth or even price corrections in some areas.
- The market could become more balanced: A more balanced market would create a more level playing field for both buyers and sellers, potentially leading to smoother transactions and more predictable outcomes.
- Interest Rate Sensitivity: The market’s responsiveness to interest rate fluctuations will remain a key factor influencing buyer affordability and overall demand.
Tips for San Antonio Home Buyers
If you’re considering buying a home in San Antonio, here’s some helpful advice:
- Obtain Pre-Approval for a Mortgage: This will give you a clear understanding of your borrowing power and help you narrow your search.
- Partner with an Experienced Real Estate Agent: A local agent can provide invaluable guidance and navigate the complexities of the buying process.
- Conduct Thorough Research: Take the time to research different neighborhoods and property types to find the best fit for your needs and budget.
- Be Prepared to Negotiate: With increased inventory, you may have more leverage to negotiate favorable terms.
Tips for San Antonio Home Sellers
If you’re planning to sell your home in San Antonio, keep these considerations in mind:
- Price Strategically: Carefully evaluate recent comparable sales in your area to determine a competitive listing price.
- Enhance Curb Appeal: Make sure your home is clean, well-maintained, and visually appealing to potential buyers.
- Highlight Key Features: Showcase the unique attributes of your property, such as updated amenities, desirable location, or energy-efficient features.
- Be Open to Negotiation: Be prepared to consider offers and negotiate terms to reach a mutually agreeable sale.
How to Find Out More About San Antonio Real Estate
- SABOR Website: Visit the San Antonio Board of REALTORS® website (https://www.sabor.com/) for a wealth of information on the local market.
- Local Real Estate Agents: Connect with experienced real estate agents in the San Antonio area for expert guidance and personalized service.
- Real Estate News Sources: Stay informed about the latest news and trends in the San Antonio real estate market through reputable news outlets and industry publications.
In Conclusion
The San Antonio real estate market experienced a period of transition in March 2023, marked by a decline in sales volume, modest price increases, and rising inventory levels. Staying informed and working with qualified professionals is essential for navigating this evolving landscape and making informed decisions.
FAQs About the San Antonio Real Estate Market
Q: Are home prices expected to decline in San Antonio?
A: While it’s difficult to predict with certainty, the current data suggests that price appreciation may moderate in the coming months.
Q: Is now a good time to buy a home in San Antonio?
A: That depends on your individual circumstances. It’s best to consult with a real estate agent and a financial advisor to determine if buying aligns with your financial goals and risk tolerance.
Q: Is now a good time to sell a home in San Antonio?
A: With inventory levels on the rise, sellers may need to be more strategic with pricing and marketing to attract buyers.
Q: Where can I find the complete SABOR MLS report?
A: Contact the San Antonio Board of REALTORS® for information on 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.