Thinking about buying or selling a home in San Antonio? It’s essential to stay informed about the local real estate market. This report will break down the key trends from July 2023, so you can make informed decisions.
We’ll look at:
- How many homes are being sold
- How much do homes cost
- 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 get started!
Key Takeaways for July 2023
- Home sales are down a bit compared to last year. There were fewer homes sold in July 2023 than in July 2022.
- Home prices are remaining relatively stable. Prices aren’t rising as fast as they were, but they aren’t dropping much either.
- There are more homes available for sale. Buyers have more choices.
- New home sales are outperforming existing home sales. More people are buying new homes.
Let’s delve into the details and examine what the numbers reveal.
How Many Homes Are Being Sold? (Closed Listings)
“Closed listings” refers to the number of homes that have been sold and the deal is finalized. Here’s a breakdown of the numbers:
- Total Homes (New and Existing): 3,105 (down 6% from last year)
- This means that fewer homes were sold overall in July 2023 compared to July 2022.
- Existing Single-Family Homes: 2,118 (down 20% from last year)
- Sales of older, single-family homes are down significantly.
- New Single-Family Homes: 987 (up 52% from last year)
- Sales of new homes are up a lot!
- Condominiums and Townhomes: 82 (up 1% from last year)
- Condo and townhome sales are about the same as last year.
- Multifamily: 33 (down 51% from last year)
- Sales of multifamily homes are way down.
- Residential Lots & Acreage: 216 (down 28% from last year)
- Fewer people are buying land.
- Rural Farms & Ranches: 40 (down 5% from last year)
- Sales of farms and ranches are slightly down.
What does it mean?
The market might be cooling off a bit. The significant decline in existing home sales could be attributed to higher interest rates or a shift in consumer preferences toward new homes.
How Much Do Homes Cost?
Let’s look at the average and median prices of homes in San Antonio:
- Average Price (All Homes): $387,501 (about the same as last year)
- Median Price (All Homes): $323,000 (up 4% 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): $391,978 (up 2% from last year)
- Median Price (Existing Single-Family Homes): $322,000 (up 6% from last year)
- Average Price (New Single-Family Homes): $377,887 (down 5% from last year)
- Median Price (New Single-Family Homes): $323,950 (down 2% from last year)
What does it mean?
Home prices are pretty stable overall. New home prices may be slightly lower than last year.
Dollar Volume
“Dollar volume” is the total amount of money spent on homes in San Antonio.
- Total Dollar Volume (All Sales): $1,203,191,799 (down 6% from last year)
- The fact that the dollar volume is down matches the fact that fewer homes were sold.
Price Per Square Foot
Another way to look at home prices is by price per square foot:
- Single-Family Homes: $182 per square foot (down 1% from last year)
- Condominiums and Townhomes: $216 per square foot (up 6% from last year)
- Multifamily: $150 per square foot (0% change from previous year)
- Rural Farms & Ranches: $690 per square foot (up 8% from last year)
What does it mean?
Condos and townhomes are generally more expensive per square foot than single-family homes.
How Quickly Are Homes Selling? (Days on Market)
- Days on Market (DOM): 61 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): 4,258 (up 71% from last year)
What does it mean?
Although sales are down, many homes are still under contract.
New Listings
“New listings” are the number of homes that were newly listed for sale in July.
- New Listings (All): 4,637 (up 33% from last year)
What does it mean?
More new homes are coming on the market, giving buyers even more choices.
Active Listings
“Active listings” refer to the total number of homes currently available for sale.
- Active Listings (All): 10,964 (up 14% 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 look at the numbers for January through July to get a wider view:
- Closed Listings (YTD): 20,407 (down 10% from last year)
- Dollar Volume (YTD): $7,639,992,010 (down 11% from previous year)
- Average Price (YTD): $374,381 (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 relatively stable.
Closed Listings by Price Range
What are the most popular price ranges?
- $0 – $69,999: 7 homes sold (0.2% of the market)
- $70,000 – $99,999: 27 homes sold (0.9% of the market)
- $100,000 – $149,999: 70 homes sold (2.3% of the market)
- $150,000 – $199,999: 179 homes sold (5.8% of the market)
- $200,000 – $249,999: 372 homes sold (12.0% of the market)
- $250,000 – $299,999: 624 homes sold (20.1%)
- $300,000 – $399,999: 844 homes sold (27.2%)
- $400,000 – $499,999: 414 homes sold (13.3%)
- $500,000 – $749,999: 377 homes sold (12.1%)
- $750,000 – $999,999: 122 homes sold (3.9%)
- $1,000,000 +: 68 homes sold (2.2%)
What does it mean?
The most popular price range is still between $300,000 and $399,999.
Closed Listings by Area
San Antonio is a large city with many different areas. Here’s a look at some of them:
- Area 01: 420 homes sold (Average Price: $362,698)
- Area 02: 77 homes sold (Average Price: $276,321)
- Area 03: 81 homes sold (Average Price: $282,815)
- Area 04: 85 homes sold (Average Price: $314,450)
- Area 05: 36 homes sold (Average Price: $485,906)
- Area 06: 40 homes sold (Average Price: $489,593)
- Area 07: 43 homes sold (Average Price: $188,887)
- Area 08: 31 homes sold (Average Price: $228,398)
- Area 09: 37 homes sold (Average Price: $403,992)
- Area 10: 130 homes sold (Average Price: $660,591)
- Area 11: 15 homes sold (Average Price: $449,038)
- Area 12: 31 homes sold (Average Price: $221,429)
- Area 13: 56 homes sold (Average Price: $623,663)
- Area 14: 75 homes sold (Average Price: $340,039)
- Area 15: 63 homes sold (Average Price: $292,922)
- Area 16: 90 homes sold (Average Price: $290,198)
- Area 17: 142 homes sold (Average Price: $285,345)
- Area 18: 238 homes sold (Average Price: $548,269)
- Area 19: 73 homes sold (Average Price: $219,821)
- Area 20: 142 homes sold (Average Price: $274,056)
- Area 21: 42 homes sold (Average Price: $223,381)
- Area 22: 39 homes sold (Average Price: $200,621)
- Area 23: 201 homes sold (Average Price: $279,448)
- Area 24: 28 homes sold (Average Price: $343,076)
- Area 25: 57 homes sold (Average Price: $772,368)
- Area 26: 245 homes sold (Average Price: $546,080)
- Area 27: 305 homes sold (Average Price: $360,122)
- Area 28: 52 homes sold (Average Price: $451,030)
- Area 29: 34 homes sold (Average Price: $270,433)
- Area 30: 70 homes sold (Average Price: $357,504)
- Area 31: 128 homes sold (Average Price: $423,894)
What does it mean?
Home prices and the number of sales can vary significantly depending on the neighborhood.
What Does This Mean for You?
- If you’re a buyer, you have more choices and more time to shop around. Take advantage of the increased inventory and find the right home for you. Interest rates are something to consider.
- If you’re a seller, homes are taking a bit longer to sell, so price your home competitively and make sure it’s in good condition.
Conclusion
The San Antonio real estate market is constantly changing. While sales have slowed somewhat, prices remain relatively steady. Staying informed is the best way to make wise decisions, whether you’re buying or selling a home.
Data Source: San Antonio Board of REALTORS® MLS Summary Report, July 2023. Prepared by the Real Estate Center at Texas A&M University.