The San Antonio real estate market is constantly changing. Whether you’re looking to buy a new home, sell your current one, or stay informed, it’s essential to be aware of the latest trends. This report will break down the numbers from September 2022 to help you understand what’s going on in the San Antonio housing market.
September 2022 San Antonio Real Estate Market: The Highlights
- Home Sales Decreased: The number of homes sold in September 2022 was lower than in September 2021.
- Prices Still Increased: Even though the number of homes sold decreased, the average cost of homes continued to rise.
- Homes Took Longer to Sell: On average, homes stayed on the market longer before being sold than they did last year.
- More Homes Available: There were more homes listed on the market than the previous year.
Let’s take a closer look at the numbers.
Single-Family Homes in San Antonio
Single-family homes are the most common type of home people buy. Here’s how they performed in September 2022:
- Sales: 3,167 homes were sold, which is less than the 3,638 sold in September 2021 (a 13% decrease).
- Price per Square Foot: The average price per square foot was $ 188, up from $164 in September 2021 (a 15% increase).
- Average Price: The average home price was $ 389,372, which is higher than the $346,752 from last year (a 12% increase).
- Days on Market (DOM): Homes were on the market for an average of 42 days, longer than the 28 days in September 2021 (a 50% increase).
- Median Price: The median price was $ 337,200, an increase of $14,337,200, or 14% over last year’s median price of $ 337,200, an increase of $14,295,900.
- New Listings: There were 4,097 new homes listed.
- Active Listings: There were 10,299 active home listings.
- Pending Sales: There were 2,405 pending home sales.
What does this mean?
Fewer people bought single-family homes in San Antonio in September 2022 compared to the same time last year. However, the prices of those homes went up. This could be because there are still more people who want to buy than there are homes available; however, the increase in Days on Market may indicate otherwise. Homes also spent more time on the market, suggesting the market might be starting to cool off a bit.
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 September 2022:
- Sales: 74 condos/townhomes were sold, less than the 102 sold in September 2021 (a 27% decrease).
- Price per Square Foot: The average price per square foot was $ 187, up from $170 in September 2021 (a 10% increase).
- Average Price: The average price was $ 219,930, up from $ 208,597 in September 2021 (a 5% increase).
- Days on Market (DOM): Homes were on the market for an average of 32 days, which is less than the 43 days in September 2021 (a 26% decrease).
- Median Price: The median price was $ 182,500, an increase of $13,182, representing a 7% increase over last year’s median price of $ 169,318.
- New Listings: There were 113 new condominium and townhome listings.
- Active Listings: There were 252 active condominium and townhome listings.
- Pending Sales: 67 condominium and townhome sales were pending.
What does this mean?
Similar to single-family homes, the number of condos and townhomes sold in September 2022 was lower than in the same month last year. However, the prices still increased. What’s interesting is that these properties sold faster than they did last year, suggesting that they remain in high demand.
Multifamily Properties in San Antonio
Multifamily properties are buildings with multiple living units, like apartment buildings. Here’s how they performed:
- Sales: 51 multifamily properties were sold, compared to 47 in September 2021 (a 9% increase).
- Price per Square Foot: The average price per square foot was $ 170, up from $138 in September 2021 (a 23% increase).
- Average Price: The average price was 407,669, a jump from 360,998 in September 2021 (a 13% increase).
- Days on Market (DOM): Homes were on the market for an average of 37 days, slightly longer than 36 days in September 2021.
- Median Price: The median price was $ 429,200, an increase of $3,429,200, or 3% over last year’s median price of $ 429,200, an increase of $3,416,200.
- New Listings: There were 54 new multifamily listings.
- Active Listings: There were 168 active multifamily listings.
- Pending Sales: There were 37 pending multifamily sales.
What does this mean?
Unlike single-family homes and condos, more multifamily properties were sold in September 2022 compared to the same month in the previous year. Prices also went up, indicating that the multifamily market remains strong.
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: 284 lots were sold, down from 344 in September 2021 (a 17% decrease).
- Average Price: The average price was $ 160,474, up from $138,735 in September 2021 (a 16% increase).
- Days on Market (DOM): Homes were on the market for an average of 92 days, less than 105 days last year.
- Median Price: The median price was $ 116,500, an increase of $1,816,500, or 18% over last year’s median price of $ 116,500, representing an additional $ 1,898,700.
- New Listings: There were 583 new residential lots & acreage listings.
- Active Listings: There were 3,013 active residential lots & acreage listings.
- Pending Sales: There were 262 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 check out the rental market in San Antonio:
- Sales: 1,228 rentals were sold compared to 1,071 last year (15% increase).
- Price per Square Foot: 105 compared to 105, previous year 96 (9% increase).
- Average Price:1,828comparedto1,828 compared to1,828comparedto1,715 previous year (7% increase).
- Days on Market: 36 compared to 30 last year (20% increase).
- Median Price: No median price was available for rentals.
- New Listings: There were 1,629 new rental listings.
- Active Listings: There were 2,112 active rental listings.
- Pending Sales: There were 1,119 pending rental sales.
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 overview of some other types of properties:
- Commercial: The average price was $470,976.
- Commercial Land: The average price was $335,500.
- Rural Farms & Ranches: The average price was $1,259,355.
These markets can be significantly different from the residential market and heavily depend 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 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 that the market is starting to cool 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 334,895 to 368,013.
- Area 2: Average sales price increased from 248,489to248,489 to248,489to286,916.
- Area 10: Average sales price increased from 544,488to544,488 to544,488to637,164.
- Area 17: Average sales price increased from 248,520 to 318,860.
- Area 26: Average sales price increased from 501,593to501,593 to501,593to602,946.
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 September 2022. Here are a few key points:
- Single-Family Home Sales (YTD): 29,045 homes sold, down 6% from last year.
- Average Single-Family Home Price (YTD): $381,283, up 14% from last year.
What does this mean?
Although sales slowed in September, the overall market for the year remains relatively strong, with prices significantly higher than those of last year.
Predictions for the San Antonio Real Estate Market
Predicting the future is always a challenging task. However, based on the September 2022 data, here are a few possible scenarios:
- Price Growth May Slow Down: With more homes on the market and fewer sales, buyers have more 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 Play a Key Role: Changes in interest rates can significantly impact the amount of money 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.
- Work with a Good Real Estate Agent: A local agent can help you find the right home and navigate the buying process.
- Be Patient: Finding the perfect 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 Strategically: Look at what similar homes in your area have sold for recently.
- Make Your Home Look Appealing: Clean, declutter, and make any necessary repairs or upgrades.
- Be Flexible and Open to Negotiation: Be willing to work with 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: Reach out to real estate agents who specialize in the San Antonio area.
- Real Estate News Sources: Stay updated on the latest news and trends in San Antonio real estate through reputable news outlets.
In Conclusion
The San Antonio real estate market is constantly evolving, and September 2022 was no exception. While sales slowed down for most types of properties, prices generally continued to rise. With more homes on the market, buyers have more options, and the market might become more balanced in the months ahead. Whether you’re buying or selling, staying informed and working with experienced professionals is crucial.
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 September 2022 than they were in September 2021. However, the rate of increase may 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 potential 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.
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.