The San Antonio real estate market is always on the move. If you’re considering buying, selling, or are simply curious about what’s happening, it’s essential to stay informed. This report breaks down the numbers from November 2022 to help you understand the latest trends in the San Antonio housing market.
November 2022 San Antonio Real Estate Market: Key Takeaways
- Home Sales Dropped: Fewer homes were sold in November 2022 compared to November 2021.
- Prices Still Increased (Slightly): Although sales were down, the average cost of homes still saw a slight increase.
- More Time on the Market: Homes took longer to sell, spending more days on the market compared to the previous year.
- More Choices for Buyers: The number of active listings increased, meaning buyers had more options to choose from.
Let’s take a closer look at the details.
Single-Family Homes in San Antonio
Single-family homes are the most common type of home people buy. Here’s how they performed in November 2022:
- Sales: 2,295 homes were sold, a decrease from the 3,028 sold in November 2021 (a 24% drop).
- Average Price: The average home price was $ 372,126, which is higher than the $357,288 from last year (a 4% increase).
- Median Price: The median price was $ 314,625, an increase of $3,141,625, or 5% over last year’s median price of $ 314,625, representing an increase of $3,000,941.
- Price per Square Foot: The average price per square foot was $ 178, up from $169 in November 2021 (a 5% increase).
- Days on Market (DOM): Homes were on the market for an average of 52 days, longer than the 31 days in November 2021 (a 68% increase).
- Close to Original List Price: On average, homes sold for 94.2% of their original list price.
- New Listings: There were 2,978 new homes listed.
- Active Listings: There were 10,304 active home listings.
- Pending Sales: There were 1,827 pending home sales.
What does this mean?
Fewer people bought single-family homes in San Antonio in November 2022 compared to the same time last year. However, the prices of those homes still increased slightly; however, the increased days on the market could signal a cooling down. The large number of active listings could indicate that buyers have more negotiation power.
Condominiums and Townhomes in San Antonio
Condominiums and townhomes are another popular option for individuals seeking a place to live. Here’s what happened with them in November 2022:
- Sales: 62 condos/townhomes were sold, less than the 86 sold in November 2021 (a 28% decrease).
- Average Price: The average price was $ 235,307, up from $235,307 in November 2021 (a 2% increase).
- Median Price: The median price was $ 158,370, which is less than last year’s median price of $ 161,250.
- Price per Square Foot: The average price per square foot was $ 211, up from $210 in November 2021.
- Days on Market (DOM): Homes were on the market for an average of 61 days, which is much longer than the 34 days in November 2021.
- Close to Original List Price: On average, condos/townhomes sold for 95.6% of their original list price.
- New Listings: There were 49 new condominium and townhome listings.
- Active Listings: There were 229 active condominium and townhome listings.
- Pending Sales: There were 34 awaiting condominium and townhome sales.
What does this mean?
Similar to single-family homes, the number of condos and townhomes sold in November 2022 was lower than in the same month last year. The median price also decreased.
Multifamily Properties in San Antonio
Multifamily properties are buildings with multiple living units, like apartment buildings. Here’s how they performed:
- Sales: 33 multifamily properties were sold, compared to 46 in November 2021 (a 30% decrease).
- Average Price: The average price was $417,276, up from $391,387 in November 2021 (a 7% increase).
- Median Price: The median price was 487,500,muchgreaterthanlastyearsmedianpriceof487,500 much greater than last year’s median price of487,500 muchgreaterthanlastyearsmedianpriceof161,250.
- Price per Square Foot: The average price per square foot was $ 165, up from $160 in November 2021 (a 3% increase).
- Days on Market (DOM): Homes were on the market for an average of 48 days, which is significantly longer than the 25 days reported in the previous year.
- New Listings: There were 57 new multifamily listings.
- Active Listings: There were 454 active multifamily listings.
- Pending Sales: There were 18 pending multifamily sales.
What does this mean?
Fewer multifamily properties were sold compared to the year before. Prices went up.
Residential Lots & Acreage in San Antonio
If you’re interested in building your own home or investing in land, here’s what happened with residential lots and acreage:
- Sales: 172 lots were sold, down from 322 in November 2021 (a 47% decrease).
- Average Price: The average price was 270,792, up from 270,792, up from 270,792, 267,780 in November 2021 (a 1% increase).
- Price per Sqft: The average cost per sqft was $ 10, down from $ 60.
- Days on Market (DOM): Homes were on the market for an average of 133 days, less than 147 days the previous year.
- Close to Original List Price: On average, residential lots & acreage sold for 93.4% of their original list price.
- New Listings: There were 115 new residential lots & acreage listings.
- Active Listings: There were 1,330 active residential lots & acreage listings.
- Pending Sales: There were 71 pending residential lots & acreage sales.
What does this mean?
Fewer land lots were sold compared to last year, but the prices of those lots increased slightly.
San Antonio Rental Market
Let’s check out the rental market in San Antonio:
- Sales: 913 rentals were sold compared to 1,047 last year (13% decrease).
- Average Price: 1,772 compared to 1,700 the previous year (4% increase).
- Median Price:1,695comparedto1,695 compared to1,695comparedto1,695 the previous year.
- Price per Square Foot: 110 compared to 106 the previous year (4% increase).
- Days on Market: 36 compared to 22 last year (64% increase).
- Close to Original List Price: On average, rentals sold for 92.2% of their original list price.
- New Listings: There were 423 new rental listings.
- Active Listings: There were 3,682 active rental listings.
- Pending Sales: There were 50 pending rental sales.
What does this mean?
The rental market decreased compared to last year.
Other Types of Property in San Antonio
Here’s a quick look at some other types of properties:
- Commercial: The average price was $489,430.
- Commercial Land: The average price was $164,372.
- Rural Farms & Ranches: The average price was $510,628.
These markets can be significantly different from the residential market and depend heavily on their location, size, and features.
Overall Trends in the San Antonio Real Estate Market
- New Listings: The number of new homes being listed for sale decreased.
- Active Listings: The number of homes currently for sale (active listings) increased. This means buyers have more choices than they did last year.
- 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. Here are a few interesting points:
- Area 1: Average sales price increased from 349,781 to 368,086.
- Area 10: Average sales price increased from 574,128to574,128 to574,128to620,642.
- Area 17: Average sales price increased from 253,620to253,620 to253,620to270,523.
- Area 27: Average sales price increased from 337,614to337,614 to337,614to349,401.
Important Note: These are just a few examples. The full report has data for many more areas. It’s always 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 November 2022. Here are a few key points:
- Single-Family Home Sales (YTD): 33,957 homes sold, down 8% from last year.
- Average Single-Family Home Price (YTD): $380,176, up 13% from last year.
What does this mean?
Although sales have slowed in recent months, the overall market for the year remains relatively strong, with prices significantly higher than last year.
Predictions for the San Antonio Real Estate Market
Predicting the future is always a challenging task. However, based on the November 2022 data, here are a few possible scenarios:
- Price Growth May Continue to Slow: With an increased number of homes on the market and fewer sales, buyers have greater 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 smoother.
- Interest Rates Will Be Key: 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 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 November 2022 was no different. While sales slowed down for most types of properties, prices generally continued to rise, but at a slower pace. 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 higher in November 2022 than they were in November 2021. 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.