San Antonio Real Estate Market: What's Happening in June 2023?

Are you thinking about buying a house, selling your home, or just curious about what’s going on with real estate in San Antonio? It’s essential to stay up-to-date! This report breaks down the latest information from June 2023, so you can understand what’s happening in the San Antonio housing market.

We’ll cover:

Are homes selling?
How much do houses cost?
What are the popular neighborhoods?
What does this all mean for buyers and sellers?

The information is sourced from the San Antonio Board of REALTORS® and analyzed by experts at Texas A&M University. Let’s get started!

Key Things to Know About June 2023

Home sales are down compared to the same period last year. Fewer houses were sold in June 2023 than in June 2022.
Home prices are about the same as last year. Prices haven’t increased significantly, but they haven’t decreased much either.
There are more houses for sale. Buyers have more choices than they did a year ago.
New homes are selling better than older homes. More people are buying new houses.

Let’s examine the numbers to see exactly what’s happening.

How Many Homes Are Being Sold? (Closed Listings)

“Closed listings” means the number of homes where the sale has been finalized. Here’s a breakdown:

Total Homes (New and Existing): 3,354 (down 9% from last year)
- This means that fewer homes were sold overall in June 2023 compared to June 2022.
Existing Single-Family Homes: 2,416 (down 18% from last year)
- Significantly fewer older, single-family homes were sold.
New Single-Family Homes: 937 (up 27% from last year)
- Sales of new homes are up!
Condos and Townhomes: 89 (down 2% from last year)
- Condo/townhome sales stayed about the same.
Multi-family Homes: 27 (down 33% from last year)
- Fewer multi-family homes were sold.
Residential Lots & Acreage: 286 (down 22% from last year)
- People are buying less land.
Rural Farms & Ranches: 42 (down 14% from last year)
- Fewer farms and ranches were sold, too.

What does it mean?

Home sales are slowing down. The drop in existing home sales could be due to higher interest rates or the increased availability of new homes.

How Much Do Homes Cost?

Here’s a look at home prices in San Antonio:

Average Price (All Homes): $395,524 (about the same as last year)
Median Price (All Homes): $320,950 (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): $397,010 (about the same as last year)
Median Price (Existing Single-Family Homes): $319,000 (down 2% from last year)
Average Price (New Single-Family Homes): $550,940 (up 38% from last year)
Median Price (New Single-Family Homes): $495,000 (up 16% from previous year)

What does it mean?

While overall average prices are holding steady, the median price is slightly down. New homes are selling for significantly more than last year. This might be because they offer more features or are located in more desirable areas.

Dollar Volume

“Dollar volume” is the total amount of money spent on homes.

Total Dollar Volume (All Sales): $1,326,588,688 (down 9% from last year)
- Since the dollar volume is down, this reinforces that fewer homes are being sold overall.

Price Per Square Foot

Another way to look at prices is by square footage:

Single-Family Homes: $183 per square foot (down 4% from last year)
Condos and Townhomes: $243 per square foot (up 18% from previous year)
Multi-family Homes: $160 per square foot (up 11463% from previous 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 (DOM): 64 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. This gives buyers more time to consider their options.

Pending Listings

“Pending listings” refer to homes that have an accepted offer but haven’t yet officially closed.

Pending Listings (All): 4,659 (up 47% from last year)

What does this mean?

Although sales are down slightly, a good number of homes are under contract.

Active Listings

“Active listings” refer to the total number of homes currently available for sale.

Active Listings (All): 10,505 (up 52% from last year)

What does this mean?

There are a lot more houses for sale now compared to last year. This gives buyers more options and may result in less competition.

Year-to-Date (YTD) Numbers

Let’s look at the numbers for January through June to get a bigger picture:

Closed Listings (YTD): 17,114 (down 12% from last year)
Dollar Volume (YTD): $6,398,770,682 (down 13% from previous year)
Average Price (YTD): $373,891 (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 holding relatively steady.

Closed Listings by Price Range

Which price ranges are selling the most?

$0 – $69,999: 7 homes sold (0.2% of the market)
$70,000 – $99,999: 28 homes sold (0.8% of the market)
$100,000 – $149,999: 85 homes sold (2.5% of the market)
$150,000 – $199,999: 181 homes sold (5.4% of the market)
$200,000 – $249,999: 411 homes sold (12.3% of the market)
$250,000 – $299,999: 683 homes sold (20.4%)
$300,000 – $399,999: 851 homes sold (25.4%)
$400,000 – $499,999: 442 homes sold (13.2%)
$500,000 – $749,999: 438 homes sold (13.1%)
$750,000 – $999,999: 128 homes sold (3.8%)
$1,000,000 +: 100 homes sold (3.0%)

What does it mean?

The most popular price range is between $300,000 and $399,999.

Closed Listings by Area

San Antonio has many different areas. Here’s a look at some of them:

Area 01: 450 homes sold (Average Price: $369,743)
Area 02: 113 homes sold (Average Price: $271,305)
Area 03: 93 homes sold (Average Price: $285,085)
Area 04: 76 homes sold (Average Price: $306,634)
Area 05: 46 homes sold (Average Price: $567,652)
Area 06: 63 homes sold (Average Price: $499,061)
Area 07: 49 homes sold (Average Price: $188,412)
Area 08: 38 homes sold (Average Price: $228,026)
Area 09: 46 homes sold (Average Price: $424,710)
Area 10: 116 homes sold (Average Price: $741,667)
Area 11: 13 homes sold (Average Price: $322,703)
Area 12: 26 homes sold (Average Price: $272,515)
Area 13: 57 homes sold (Average Price: $645,892)
Area 14: 95 homes sold (Average Price: $353,183)
Area 15: 72 homes sold (Average Price: $289,010)
Area 16: 105 homes sold (Average Price: $294,073)
Area 17: 172 homes sold (Average Price: $286,353)
Area 18: 219 homes sold (Average Price: $564,410)
Area 19: 73 homes sold (Average Price: $201,607)
Area 20: 148 homes sold (Average Price: $261,482)
Area 21: 50 homes sold (Average Price: $213,625)
Area 22: 52 homes sold (Average Price: $197,748)
Area 23: 176 homes sold (Average Price: $279,622)
Area 24: 21 homes sold (Average Price: $357,921)
Area 25: 75 homes sold (Average Price: $753,830)
Area 26: 268 homes sold (Average Price: $571,230)
Area 27: 348 homes sold (Average Price: $355,807)
Area 28: 65 homes sold (Average Price: $485,923)
Area 29: 36 homes sold (Average Price: $292,895)
Area 30: 50 homes sold (Average Price: $369,533)
Area 31: 141 homes sold (Average Price: $471,166)

(Note: This is all the data from the report.)

What does it mean?

Home prices and the number of sales vary greatly depending on the area of San Antonio. Some places are more expensive and more popular than others.

What Does This Mean for You?

If you’re a buyer, you have more choices and more time to shop around. Interest rates may be a factor, so consider consulting a lender.
If you’re a seller, it’s still a good market, but homes are taking longer to sell. Price your home competitively and make sure it looks its best.

Conclusion

The San Antonio real estate market is constantly changing. Although sales have slowed slightly, prices remain relatively stable. Staying informed is the key to making wise decisions, whether you’re buying or selling!

Data Source: San Antonio Board of REALTORS® MLS Summary Report, June 2023. Prepared by the Real Estate Center at Texas A&M University.