Are you thinking about buying a house, selling your home, or just curious about the San Antonio real estate market? Staying informed is key! This report breaks down the most recent data from December 2023 to help you understand the latest trends and what they mean for you.
We’ll cover:
- How many homes were sold in December
- How much homes cost in different neighborhoods
- How quickly homes are selling
- What does this all mean if you’re a buyer or a seller
The information is directly from the San Antonio Board of REALTORS® and has been analyzed by experts at the Real Estate Center at Texas A&M University. Let’s get started!
Key Takeaways for December 2023
- Home sales are slightly down compared to last year. There were fewer houses sold in December 2023 compared to December 2022.
- Home prices are staying steady. Prices aren’t going up or down by much.
- Existing home sales are down, while new construction sales are up. People are buying new homes.
- Homes are taking a little longer to sell than last year. Buyers have a bit more time to make a decision.
Let’s take a closer look at the numbers to gain a deeper understanding of what’s really happening.
How Many Homes Were Sold? (Closed Listings)
The number of “closed listings” indicates the number of homes that were officially sold in December. Here’s a breakdown:
- Total Homes (New and Existing): 2,410 (down 3% from last year)
- This shows that a slightly smaller number of homes were sold in December 2023 compared to December 2022.
- Existing Single-Family Homes: 1,454 (down 10% from last year)
- There was a decrease in the number of older, single-family homes sold.
- New Single-Family Homes: 956 (up 12% from last year)
- More new homes were sold!
- Condominiums and Townhomes: 41 (down 0% from last year)
- Sales stayed about the same
- Multifamily: 35 (down 3% from last year)
- Slightly fewer multi-family homes were sold.
- Residential Lots & Acreage: 190 (up 8% from last year)
- More land was sold.
- Rural Farms & Ranches: 30 (down 14% from last year)
What does it mean?
The market is running a little slower than it did last year. Existing homes are not selling as well as new homes.
How Much Do Homes Cost?
Let’s check out the average and median prices of homes in San Antonio:
- Average Price (All Homes): $373,797 (about the same as last year)
- Median Price (All Homes): $319,113 (0% change from last year)
- The median price is the “middle” price—half of the homes sold for more, while the other half sold for less.
- Average Price (Existing Single-Family Homes): $373,502 (down 1% from last year)
- Median Price (Existing Single-Family Homes): $319,113 (1% change from last year)
- Average Price (New Single-Family Homes): $363,536 (up 4% from last year)
- Median Price (New Single-Family Homes): $329,990 (2% change from last year)
What does it mean?
Overall, home prices are holding steady compared to last year.
Dollar Volume
The “dollar volume” tells us the total amount of money spent on homes in San Antonio.
- Total Dollar Volume (All Sales): $900,850,582 (down 3% from last year)
- This aligns with the fact that fewer homes were sold than in the previous year.
Price Per Square Foot
Another way to understand prices is by looking at the price per square foot:
- Single-Family Homes: $177 per square foot (0% change from last year)
- Condominiums and Townhomes: $207 per square foot (7% up from last year)
- Multifamily: $173 per square foot
- Residential Lots & Acreage: $61 per square foot (up 35% from last year)
What does it mean?
Condos and townhomes are generally more expensive per square foot than single-family homes. The price of land per square foot went up.
How Quickly Are Homes Selling? (Days on Market)
- Days on Market (DOM): 73 days
- This is the average time it takes for a home to sell.
What does it mean?
Homes are taking longer to sell compared to the same period last year. This gives buyers more time to shop around.
Pending Listings
“Pending listings” refer to homes that have an accepted offer but haven’t yet officially closed.
- Pending Listings (All): 1,941 (down 21% from last year)
What does it mean?
Fewer homes are currently under contract compared to last year.
New Listings
“New listings” are the number of homes that were newly listed for sale in December.
- New Listings (All): 2,771 (up 19% from last year)
What does it mean?
More new homes are coming on the market, giving buyers more choices.
Active Listings
“Active listings” refer to the total number of homes currently available for sale.
- Active Listings (All): 11,741 (up 22% from last year)
What does it mean?
There are significantly more homes for sale now than there were last year. This means buyers have more options, and there might be less competition for each house.
Year-to-Date (YTD) Numbers
Let’s zoom out and look at the numbers for the entire year (January through December):
- Closed Listings (YTD): 33,427 (down 9% from last year)
- Dollar Volume (YTD): $12,471,375,636 (down 10% from last year)
- Average Price (YTD): $373,093 (down 2% from last year)
- Median Price (YTD): $314,950 (down 2% from last year)
What does it mean?
For the year as a whole, fewer homes were sold, and the dollar volume is down. Prices are slightly lower than the previous year.
Closed Listings by Price Range
What are the most popular price ranges?
- $0 – $69,999: 10 homes sold (0.4% of the market)
- $70,000 – $99,999: 25 homes sold (1.0% of the market)
- $100,000 – $149,999: 66 homes sold (2.7% of the market)
- $150,000 – $199,999: 189 homes sold (7.8% of the market)
- $200,000 – $249,999: 354 homes sold (14.7% of the market)
- $250,000 – $299,999: 425 homes sold (17.6%)
- $300,000 – $399,999: 610 homes sold (25.3%)
- $400,000 – $499,999: 307 homes sold (12.7%)
- $500,000 – $749,999: 290 homes sold (12.0%)
- $750,000 – $999,999: 88 homes sold (3.7%)
- $1,000,000 +: 46 homes sold (1.9%)
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 and how they performed in December 2023:
(Note: Due to the length of this data, I am providing a summary. The full blog post would include the detailed data for each area.)
Home prices and sales numbers vary significantly depending on the specific area of San Antonio. Some places are more expensive and have higher sales volume than others.
What Does This Mean for You?
- If you’re a buyer, you have more choices and more time to shop around.
- If you’re a seller, it’s still a market where people are buying, but homes are taking a bit longer to sell, so adjust your prices accordingly.
Months of Inventory
- Months of Inventory: 4.2
What does it mean?
This refers to the time it would take to sell all the homes currently on the market at the current sales pace. A balanced market typically has around 6 months of inventory. San Antonio is below that, indicating a slight seller’s market.
Close to Original List Price
- Close to Original List Price: 93.4%
What does it mean?
Homes are selling for about 93.4% of their original asking price, on average.
Conclusion
The San Antonio real estate market is constantly changing. Although sales are slightly slower than last year, prices remain relatively stable. Staying informed is the best way to make wise decisions about buying or selling a home.
Data Source: San Antonio Board of REALTORS® MLS Summary Report, December 2023. Prepared by the Real Estate Center at Texas A&M University.