Are you keeping an eye on the San Antonio real estate market? Whether you’re considering buying a house, selling your current one, or want to stay informed, it’s essential to be aware of the current market conditions. This report breaks down the most recent information from February 2024, so you can understand the trends in the San Antonio housing market.
We’ll cover:
- How many homes are selling?
- How much do homes cost in different areas?
- How quickly are homes selling?
- What does it all mean for buyers and sellers?
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 February 2024
- Home sales are up a bit compared to last year. More houses were sold in February 2024 than in February 2023.
- Home prices are remaining relatively stable. Prices haven’t changed much.
- New homes are selling much better than existing homes. There is more interest in new construction.
- Rural land sales have exploded. There is a significant increase in rural farm and ranch sales.
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): 2,697 (up 14% from last year)
- This means that more homes were sold overall in February 2024 compared to February 2023.
- Existing Single-Family Homes: 1,530 (down 1% from last year)
- A slightly smaller number of existing, single-family homes were sold.
- New Single-Family Homes: 1,167 (up 39% from last year)
- Sales of new homes are up a lot!
- Condominiums and Townhomes: 35 (down 0% from last year)
- Condo/townhome sales stayed the same.
- Multifamily: 24 (down 35% from last year)
- Fewer multi-family homes were sold.
- Residential Lots & Acreage: 223 (up 13% from last year)
- People are buying more land.
- Rural Farms & Ranches: 45 (up 45% from last year)
- Farm and ranch sales have significantly increased.
What does it mean?
Home sales are up, especially for new homes. The increase in rural farm and ranch sales might be a noteworthy trend.
How Much Do Homes Cost?
Here’s a look at home prices in San Antonio:
- Average Price (All Homes): $348,961 (down 3% from last year)
- Median Price (All Homes): $295,000 (down 2% 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): $364,715 (up 1% from last year)
- Median Price (Existing Single-Family Homes): $300,000 (0% change from last year)
- Average Price (New Single-Family Homes): $328,312 (down 7% from last year)
- Median Price (New Single-Family Homes): $288,325 (down 7% from last year)
What does it mean?
Overall, home prices are holding steady.
Dollar Volume
“Dollar volume” is the total amount of money spent on homes.
- Total Dollar Volume (All Sales): $941,148,496 (up 10% from last year)
- This matches the fact that more homes were sold.
Price Per Square Foot
Another way to look at prices is by square footage:
- Single-Family Homes: $173 per square foot (down 1% from last year)
- Condominiums and Townhomes: $206 per square foot (up 5% from last year)
- Multifamily: $145 per square foot (down 4% from last year)
- Residential Lots & Acreage: $20 per square foot (down 37% from last year)
- Rural Farms & Ranches: $664 per square foot (up 42% from last year)
What does it mean?
Condos and townhomes are more expensive per square foot than single-family homes. The significant drop in Residential Lots & Acreage is notable, as well as the considerable increase in Rural Farms & Ranches.
How Quickly Are Homes Selling?
- Days on Market (DOM): 80 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): 2,634 (up 13% from last year)
What does it mean?
A good number of homes are under contract.
New Listings
“New listings” are the number of homes that were newly listed for sale in February.
- New Listings (All): 4,011 (up 13% 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): 11,974 (up 24% 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 and February to get a bigger picture:
- Closed Listings (YTD): 4,757 (up 13% from last year)
- Dollar Volume (YTD): $1,673,155,297 (up 10% from last year)
- Average Price (YTD): $351,725 (down 3% from last year)
- Median Price (YTD): $293,950 (down 4% from last year)
What does it mean?
For the year so far, more homes have been sold, and the dollar volume is up. Prices are staying stable.
Closed Listings by Price Range
Which price ranges are selling the most?
- $0 – $69,999: 11 homes sold (0.4% of the market)
- $70,000 – $99,999: 28 homes sold (1.0% of the market)
- $100,000 – $149,999: 61 homes sold (2.3% of the market)
- $150,000 – $199,999: 192 homes sold (7.1% of the market)
- $200,000 – $249,999: 534 homes sold (19.8% of the market)
- $250,000 – $299,999: 564 homes sold (20.9%)
- $300,000 – $399,999: 636 homes sold (23.6%)
- $400,000 – $499,999: 308 homes sold (11.4%)
- $500,000 – $749,999: 247 homes sold (9.2%)
- $750,000 – $999,999: 73 homes sold (2.7%)
- $1,000,000 +: 41 homes sold (1.5%)
What does it mean?
The most popular price range is between $200,000 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 February 2024:
(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. The full blog would consist of the average price, median price, and close to the original list price.
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. New homes are selling well, so consider that option.
- If you’re a seller, it’s still a good market, but homes are taking longer to sell, so price homes appropriately to maximize interest.
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: 93.1%
What does it mean?
Homes are selling for about 93.1% of their original list price, on average.
Conclusion
The San Antonio real estate market is dynamic, with sales increasing and prices remaining stable. The increase in rural farm and ranch sales is notable. 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, February 2024. Prepared by the Real Estate Center at Texas A&M University.