The San Antonio real estate market is constantly changing. Whether you’re considering buying a new home, selling your current one, or want to stay informed, it’s essential to keep up-to-date with the latest trends. This report breaks down the numbers from October 2022 to help you understand what’s happening in the San Antonio housing market.
October 2022 San Antonio Real Estate Market: Key Points
- Home Sales Decreased: Fewer homes were sold in October 2022 compared to October 2021.
- Prices Still Rose: Even with fewer sales, the average cost of homes continued to increase.
- Homes Took Longer to Sell: On average, homes stayed on the market longer before being sold compared to the same period last year.
- More Choices for Buyers: There were more homes actively listed for sale, giving buyers more options.
Let’s take a closer look at the specific numbers.
Single-Family Homes in San Antonio
Single-family homes are the most common type of home that people buy. Here’s how they did in October 2022:
- Sales: 2,656 homes were sold. That’s a decrease from the 3,263 sold in October 2021 (a 19% drop).
- Average Price: The average home price was $ 382,518, which is higher than the $354,548 from last year (an 8% increase).
- Median Price: The median price was $323,190.
- Price per Square Foot: The average price per square foot was 183,upfrom183, up from183,upfrom165 in October 2021 (an 11% increase).
- Days on Market (DOM): Homes were on the market for an average of 44 days, longer than the 28 days in October 2021 (a 57% increase).
- Close to Original List Price: On average, homes sold for 95.8% of their original list price.
- New Listings: There were 3,978 new homes listed.
- Active Listings: There were 10,390 active home listings.
- Pending Sales: There were 2,179 pending home sales.
What does this mean?
Fewer people bought single-family homes in San Antonio in October 2022 compared to the same time last year. However, the prices of those homes still increased, although the pace of the increase is slowing. Homes also spent more time on the market, which suggests that the market may be cooling slightly. The increased number of days on the market is a key factor to consider.
Condominiums and Townhomes in San Antonio
Condominiums and townhomes are another popular choice for individuals seeking a place to live. Here’s what happened with them in October 2022:
- Sales: 59 condos/townhomes were sold, less than the 84 sold in October 2021 (a 29% decrease).
- Average Price: The average price was 266,873, up from 266,873, up from 266,873, 233,323 in October 2021 (a 14% increase).
- Median Price: The median price was $230,000.
- Price per Square Foot: The average price per square foot was 199,upfrom199, up from199,upfrom189 in October 2021 (a 5% increase).
- Days on Market (DOM): Homes were on the market for an average of 55 days, which is longer than the 39 days in September 2021.
- Close to Original List Price: On average, condos/townhomes sold for 97.4% of their original list price.
- New Listings: There were 84 new condominium and townhome listings.
- Active Listings: There were 239 active condominium and townhome listings.
- Pending Sales: There were 55 pending condominium and townhome sales.
What does this mean?
Similar to single-family homes, the number of condos and townhomes sold in October 2022 was lower than in the same month last year. However, the prices still increased. It’s also taking longer to sell these properties, indicating that the market may be shifting.
Multifamily Properties in San Antonio
Multifamily properties are buildings with multiple living units, like apartment buildings. Here’s what the data shows:
- Sales: 32 multifamily properties were sold, compared to 51 in October 2021 (a 37% decrease).
- Average Price: The average price was $ 331,690, down from $361,768 in October 2021 (an 8% decrease).
- Median Price: The median price was $312,833.
- Price per Square Foot: The average price per square foot was 155,upfrom155, up from155,upfrom137 in October 2021 (a 13% increase).
- Days on Market (DOM): Homes were on the market for an average of 63 days, which is greater than the 30 days reported the previous year.
- New Listings: There were 47 new multifamily listings.
- Active Listings: There were 173 active multifamily listings.
- Pending Sales: There were 25 pending multifamily sales.
What does this mean?
Fewer multifamily properties were sold compared to the previous year, and the average price decreased; however, the cost per square foot increased.
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: 267 lots were sold, down from 367 in October 2021 (a 27% decrease).
- Average Price: The average price was 149,061,upfrom149,061, up from149,061,upfrom136,314 in October 2021 (a 9% increase).
- Median Price: The median price was $110,000.
- New Listings: There were 36 new residential lots & acreage listings.
- Active Listings: There were 672 active residential lots & acreage listings.
- Pending Sales: There were 17 pending residential lots & acreage sales.
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: 1,017 rentals were sold, a similar number to the 1,013 sold last year.
- Price per Square Foot:114comparedto114 compared to114comparedto107 previous year (7% Increase).
- Average Price:1,782comparedto1,782 compared to1,782comparedto1,682 previous year (6% increase).
- Median Price: $1,725.
- New Listings: There were 1,009 new rental listings.
- Active Listings: There were 2,815 active rental listings.
- Pending Sales: There were 196 pending rental sales.
What does this mean?
The rental market remained relatively unchanged 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 $424,338.
- Commercial Land: The average price was $1,145,268.
- Rural Farms & Ranches: The average price was $586,250.
These markets can vary significantly depending on the specific location, size, and features of the property.
Overall Trends in the San Antonio Real Estate Market
- New Listings: The number of new single-family homes listed for sale increased slightly.
- Active Listings: The number of homes currently for sale (active listings) increased significantly for single-family homes. 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 for single-family homes, which could indicate the market is cooling down.
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 rose from $348,827 to $386,174.
- Area 10: Average sales price increased from $595,086 to $655,900.
- Area 17: The average sales price increased from $248,394 to $296,750.
- Area 27: Average sales price increased from $350,699 to $354,769.
Important Note: These are just a few examples. The full report has data for many more areas. Be sure to check the specific area that interests you.
Year-to-Date (YTD) San Antonio Real Estate
The report also includes data for the entire year up to October 2022. Here are some key points:
- Single-Family Home Sales (YTD): 28,694 homes sold, down 7% from last year.
- Average Single-Family Home Price (YTD): $380,897, up 14% 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.
Expert Predictions for the San Antonio Real Estate Market
Predicting the future is never easy, but based on the October 2022 data, here are a few possible scenarios:
- Price Growth Could Slow Down Further: With more homes on the market and fewer sales, buyers have more negotiating power. This could lead to slower price increases.
- Market Could Become More Balanced: A more balanced market means that buyers and sellers have roughly equal negotiating power, making the buying and selling process smoother.
- Interest Rates Will Be a Key Factor: Changes in interest rates can significantly affect how much people can afford to spend on a home, influencing both buyer demand and seller strategy.
Tips for San Antonio Home Buyers
If you’re thinking about buying a home in San Antonio, here’s some helpful 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 Stay Informed About San Antonio Real Estate
- SABOR Website: The San Antonio Board of Realtors website (https://www.sabor.com/) offers 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.
- 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.
The Big Picture: What It All Means
The San Antonio real estate market is constantly evolving, and October 2022 was no exception. While sales slowed down for most property types, prices generally continued to rise. With more homes available, buyers have more options, and the market may be shifting toward a more balanced state. Whether you’re buying or selling, staying informed and working with experienced professionals is crucial for making sound 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 October 2022 than they were in October 2021. However, the rate of increase appears to be slowing.
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.