Are you interested in the San Antonio real estate market? Maybe you’re thinking about buying a house, selling your home, or want to know what’s going on. This report breaks down the most recent information from August 2023, so you can understand the trends in the San Antonio housing market.
We’ll cover:
- Are homes selling or sitting on the market?
- How much do homes cost in different areas?
- What does it mean if you’re a buyer or a seller?
The data comes from the San Antonio Board of REALTORS and is compiled by experts at the Real Estate Center at Texas A&M University. Let’s get started!
Key Things to Know About August 2023
- Home sales are slightly down compared to last year. Fewer houses were sold in August 2023 than in August 2022.
- Home prices are staying steady. Prices haven’t changed much.
- There are more homes for sale. Buyers have more options.
- New homes are selling better than existing homes. People seem to prefer new construction.
Let’s take a closer look at the numbers.
How Many Homes Are Being Sold? (Closed Listings)
“Closed listings” refer to the number of homes for which the sale has been finalized. Here’s the breakdown:
- Total Homes (New and Existing): 3,168 (down 4% from last year)
- This means that slightly fewer homes were sold overall in August 2023 compared to August 2022.
- Existing Single-Family Homes: 2,160 (down 16% from last year)
- Significantly fewer existing, single-family homes were sold.
- New Single-Family Homes: 1,008 (up 35% from last year)
- Sales of new homes are up!
- Condominiums and Townhomes: 70 (down 14% from last year)
- Condo/townhome sales decreased slightly.
- Multifamily: 26 (down 51% from last year)
- Fewer multi-family homes were sold.
- Residential Lots & Acreage: 279 (down 20% from last year)
- People are buying less land.
- Rural Farms & Ranches: 39 (no change from last year)
- Farm and ranch sales stayed the same.
What does it mean?
Home sales are a little slower. The drop in existing home sales could be due to higher interest rates or an increase in new homes being available.
How Much Do Homes Cost?
Here’s a look at home prices in San Antonio:
- Average Price (All Homes): $387,844 (about the same as last year)
- Median Price (All Homes): $322,250 (down 1% from last year)
- The median price is the “middle” price. Half the homes sold for more, and half sold for less.
- Average Price (Existing Single-Family Homes): $395,115 (up 2% from last year)
- Median Price (Existing Single-Family Homes): $320,000 (no change from last year)
- Average Price (New Single-Family Homes): $372,264 (down 4% from last year)
- Median Price (New Single-Family Homes): $328,495 (up 1% from last year)
What does it mean?
Home prices are pretty stable.
Dollar Volume
“Dollar volume” is the total amount of money spent on homes.
- Total Dollar Volume (All Sales): $1,228,690,425 (down 4% from last year)
- The lower dollar volume confirms that fewer homes were sold.
Price Per Square Foot
Another way to look at prices is by square footage:
- Single-Family Homes: $182 per square foot (decrease of 2% from last year)
- Condominiums and Townhomes: $232 per square foot (up 30% from previous year)
- Multifamily: $166 per square foot (up 5% from last year)
- Residential Lots & Acreage: $75 per square foot (up 100% from previous year)
- Rural Farms & Ranches: $598 per square foot (down 12% from previous year)
What does it mean?
Condos and townhomes are more expensive per square foot than single-family homes. Residential lot and acreage prices per square foot have risen. Rural farms & ranches’ price per sqft has dropped.
How Quickly Are Homes Selling?
- Days on Market (DOM): 56 days
- This is the average time it takes for a home to sell.
What does it mean?
Homes are taking longer to sell than they did last year. Buyers have more time to consider their options.
Pending Listings
“Pending listings” refer to homes that have received an offer but haven’t yet officially closed.
- Pending Listings (All): 4,566 (up 24% from last year)
What does it mean?
Although sales are slightly down, a substantial number of homes are under contract.
New Listings
“New listings” are the number of homes that were newly listed for sale in August.
- New Listings (All): 4,029 (up 32% from last year)
What does it mean?
More new homes are coming on the market.
Active Listings
“Active listings” refer to the total number of homes currently available for sale.
- Active Listings (All): 11,467 (up 21% from last year)
What does it mean?
There are significantly more houses for sale than last year, providing buyers with more choices and potentially less competition.
Year-to-Date (YTD) Numbers
Let’s look at the numbers for January through August to get a bigger picture:
- Closed Listings (YTD): 23,520 (down 10% from last year)
- Dollar Volume (YTD): $8,826,502,767 (down 11% from previous year)
- Average Price (YTD): $375,276 (down 1% from last year)
- Median Price (YTD): $315,000 (down 2% from last year)
What does it mean?
For the year so far, fewer homes have been sold, and the dollar volume is down. Prices are staying relatively stable.
Closed Listings by Price Range
Which price ranges are selling the most?
- $0 – $69,999: 9 homes sold (0.3% of the market)
- $70,000 – $99,999: 34 homes sold (1.1% of the market)
- $100,000 – $149,999: 82 homes sold (2.6% of the market)
- $150,000 – $199,999: 156 homes sold (4.9% of the market)
- $200,000 – $249,999: 424 homes sold (13.4% of the market)
- $250,000 – $299,999: 633 homes sold (20.0%)
- $300,000 – $399,999: 852 homes sold (26.9%)
- $400,000 – $499,999: 382 homes sold (12.1%)
- $500,000 – $749,999: 400 homes sold (12.6%)
- $750,000 – $999,999: 119 homes sold (3.8%)
- $1,000,000 +: 74 homes sold (2.3%)
What does it mean?
The most popular price range is still between $300,000 and $399,999.
Closed Listings by Area
Here’s a look at some of the different areas of San Antonio:
- Area 01: 436 homes sold (Average Price: $366,035)
- Area 02: 99 homes sold (Average Price: $265,992)
- Area 03: 84 homes sold (Average Price: $279,788)
- Area 04: 83 homes sold (Average Price: $314,068)
- Area 05: 37 homes sold (Average Price: $404,701)
- Area 06: 60 homes sold (Average Price: $608,773)
- Area 07: 40 homes sold (Average Price: $168,333)
- Area 08: 34 homes sold (Average Price: $262,207)
- Area 09: 42 homes sold (Average Price: $410,751)
- Area 10: 142 homes sold (Average Price: $651,009)
- Area 11: 15 homes sold (Average Price: $506,608)
- Area 12: 26 homes sold (Average Price: $268,534)
- Area 13: 45 homes sold (Average Price: $561,788)
- Area 14: 81 homes sold (Average Price: $354,147)
- Area 15: 69 homes sold (Average Price: $275,661)
- Area 16: 83 homes sold (Average Price: $266,596)
- Area 17: 124 homes sold (Average Price: $282,537)
- Area 18: 192 homes sold (Average Price: $549,510)
- Area 19: 76 homes sold (Average Price: $207,472)
- Area 20: 133 homes sold (Average Price: $284,364)
- Area 21: 40 homes sold (Average Price: $188,407)
- Area 22: 46 homes sold (Average Price: $199,353)
- Area 23: 197 homes sold (Average Price: $264,592)
- Area 24: 24 homes sold (Average Price: $298,555)
- Area 25: 60 homes sold (Average Price: $710,114)
- Area 26: 293 homes sold (Average Price: $533,450)
- Area 27: 279 homes sold (Average Price: $357,401)
- Area 28: 63 homes sold (Average Price: $447,702)
- Area 29: 29 homes sold (Average Price: $269,500)
- Area 30: 75 homes sold (Average Price: $363,661)
- Area 31: 145 homes sold (Average Price: $485,411)
What does it mean?
Home prices and sales numbers vary a lot depending on the specific area.
What Does This Mean for You?
- If you’re a buyer, you have more choices and more time to find the right home. Keep in mind that interest rates may impact your payments.
- If you’re a seller, the market is still decent, but homes are taking longer to sell. Price your home competitively and ensure it’s visually appealing to buyers.
Conclusion
The San Antonio real estate market is constantly changing. While sales are a little slower, prices are holding fairly steady. Staying informed is the best way to make wise decisions about buying or selling.
Data Source: San Antonio Board of REALTORS® MLS Summary Report, August 2023. Prepared by the Real Estate Center at Texas A&M University.