Are you thinking about buying a house, selling your home, or just curious about the San Antonio real estate market? It’s essential to stay up-to-date on the latest trends! This report breaks down the key information from January 2024, allowing you to understand what’s happening.
We’ll look at:
- How many homes were sold
- How much do homes cost in different parts of town
- How quickly homes are selling
- What does this mean for buyers and sellers
The information is provided by the San Antonio Board of REALTORS® and analyzed by experts at the Real Estate Center at Texas A&M University. Let’s dive in!
Key Things to Know About January 2024
- Home sales are up a bit compared to last year. More houses were sold in January 2024 than in January 2023.
- Home prices are remaining relatively stable. Prices aren’t changing dramatically.
- Existing home sales are essentially unchanged, while new construction sales are on the rise. People are showing increased interest in new homes.
- Land sales are showing strength.
- Rural land sales are showing strength.
Let’s examine the numbers to gain a clearer picture of what’s happening.
How Many Homes Were Sold? (Closed Listings)
“Closed listings” refer to the number of homes that have been sold, and the deal is complete. Here’s a breakdown:
- Total Homes (New and Existing): 2,018 (up 11% from last year)
- This means that more homes were sold overall in January 2024 than in January 2023.
- Existing Single-Family Homes: 1,336 (up 4% from last year)
- There was a slight increase in sales of existing, single-family homes.
- New Single-Family Homes: 682 (up 28% from last year)
- Sales of new homes are up significantly.
- Condominiums and Townhomes: 26 (down 45% from last year)
- Condo/townhome sales decreased.
- Multifamily: 30 (up 30% from last year)
- Residential Lots & Acreage: 195 (up 9% from last year)
- Land sales are up.
- Rural Farms & Ranches: 34 (up 42% from last year)
What does it mean?
The market may be picking up a bit. The substantial rise in new home sales suggests a possible shift in buyer preferences. Land sales are also on the rise
How Much Do Homes Cost?
Let’s look at the average and median prices of homes in San Antonio:
- Average Price (All Homes): $359,987 (down 1% from last year)
- Median Price (All Homes): $290,000 (down 6% 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): $375,734 (up 8% from last year)
- Median Price (Existing Single-Family Homes): $299,000 (-1% from last year)
- Average Price (New Single-Family Homes): $329,146 (-11% from last year)
- Median Price (New Single-Family Homes): $280,500 (-12% from last year)
What does it mean?
Average prices have slightly decreased from last year; however, prices for existing single-family homes are up, while prices for new homes are down.
Dollar Volume
“Dollar volume” is the total amount of money spent on homes in San Antonio.
- Total Dollar Volume (All Sales): $726,453,665 (up 9% from last year)
- The increase in dollar volume matches the fact that more homes were sold.
Price Per Square Foot
Another way to look at home prices is by price per square foot:
- Single-Family Homes: $173 per square foot (down 1% from last year)
- Condominiums and Townhomes: $201 per square foot (-3% from last year)
- Multifamily: $137 per square foot (-18% from last year)
- Residential Lots & Acreage: $49 per square foot (-31% from last year)
- Rural Farms & Ranches: $646 per square foot (124% from last year)
What does it mean?
The price per square foot for rural farms & ranches saw a considerable increase.
How Quickly Are Homes Selling? (Days on Market)
- Days on Market (DOM): 69 days
- This is the average time it takes for a home to sell.
What does it mean?
Homes are taking about the same amount of time to sell as they did last year.
Pending Listings
“Pending listings” refer to homes that have an accepted offer but haven’t yet officially closed.
- Pending Listings (All): 2,551 (up 9% from last year)
What does it mean?
There are more homes under contract than last year.
New Listings
“New listings” are the number of homes that were newly listed for sale in January.
- New Listings (All): 4,030 (up 24% from last year)
What does it mean?
More new homes are being listed for sale.
Active Listings
“Active listings” refer to the total number of homes currently available for sale.
- Active Listings (All): 11,935 (up 35% 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.
Months of Inventory
- Months of Inventory: 4.3
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 seller’s market, though increasing
Close to Original List Price
- Close to Original List Price: 94.3%
What does it mean?
Homes are selling for about 94.3% of their original list price, on average.
Closed Listings by Price Range
What are the most popular price ranges?
- $0 – $69,999: 9 homes sold (0.4% of the market)
- $70,000 – $99,999: 23 homes sold (1.1% of the market)
- $100,000 – $149,999: 68 homes sold (3.4% of the market)
- $150,000 – $199,999: 170 homes sold (8.4% of the market)
- $200,000 – $249,999: 439 homes sold (21.8% of the market)
- $250,000 – $299,999: 339 homes sold (16.8%)
- $300,000 – $399,999: 431 homes sold (21.4%)
- $400,000 – $499,999: 227 homes sold (11.3%)
- $500,000 – $749,999: 220 homes sold (10.9%)
- $750,000 – $999,999: 52 homes sold (2.6%)
- $1,000,000 +: 39 homes sold (1.9%)
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 January 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. Keep in mind that interest rates may impact your payments.
- If you’re a seller, sales are up, but inventory is also increasing, and homes are taking a long time to sell. Therefore, it’s essential to remain competitive.
Conclusion
The San Antonio real estate market is constantly changing. While prices remain stable, there are increased sales, new listings, and inventory. 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, January 2024. Prepared by the Real Estate Center at Texas A&M University.