San Antonio Real Estate Market: What's Happening in May 2024?

Are you wondering what’s going on with the housing market in San Antonio? Whether you’re thinking of buying, selling, or just like to stay informed, this report breaks down the latest real estate trends for May 2024. We’ll cover everything from home prices and sales to what the experts are saying. Let’s jump in!

What This Report Tells You

This report comes from the San Antonio Board of REALTORS®. It gives you a clear picture of the real estate market in May 2024. It includes information about:

Types of Properties: Single-family homes, condos, townhomes, land, and more.
Sales: How many properties were sold?
Prices: Average and median prices of homes.
Dollar Volume: The total amount of money spent on real estate.
New Listings: How many new homes were listed for sale?
Active Listings: How many homes are currently for sale?
Days on Market: How long it takes for a home to sell.

Overall Market Overview

In May 2024, the San Antonio real estate market showed the following:

Home Sales Declined: The total number of homes sold dropped by 3% compared to last year.
Dollar Volume Declined: The total value of all homes sold was $1,288,813,982, representing a 5% decrease from last year.
Average Price Decreased: The average price of a home went down by 2% to $371,202.
Median Price Decreased: The median price, which is the price in the middle, went down by 1% to $314,000.

Single-Family Homes

Single-family homes are the most common type of home, so let’s take a closer look:

Sales: 3,472 single-family homes were sold, marking a 3% decline from last year.
Existing Homes Sold: 2,209 existing homes were sold, a decrease of 6% from the previous year. The dollar volume for existing homes was $858,931,353.
New Homes Sold: 1,263 new homes were sold, an increase of 1% from last year.
Average Price: The average price for all single-family homes was $371,202, a 2% decrease.
Median Price: The median price was $314,000, a 1% decrease.
Price Per Square Foot: The price per square foot is $178, representing a slight decrease. 1%.

Condos and Townhomes

Condos and townhomes are another popular option, especially for people who want less yard work:

Sales: 65 condos and townhomes were sold, which is 17% less than last year.
Existing Homes Sold: 60 condos and townhomes were sold, down 22%. The dollar volume was $17,413,184, a decrease of 22%.
New Homes Sold: Only 4 new condos/townhomes were sold, an increase of 300%. The dollar volume for new homes was $2,822,323, up 8%.
Average Price: The average price for condos and townhomes went down by 7% to $267,895.
Median Price: The median price went down by 16% to $181,500.
Price Per Square Foot: The price per square foot is $208, a decline of 9%.

Other Types of Properties

Besides single-family homes and condos, here’s a quick look at other types of properties:

Multifamily: Sales increased by 26%, with an average price rise of 4% to $428,570. The price per square foot is $178, up 10%.
Residential Lots & Acreage: Sales increased by 11%, with a median price increase of 22% to $179,571. The price per square foot is $55, up 47%.
Residential Rental: Sales increased by 24%, with an average price increase of 14% to $507,672. The price per square foot is $114, down 1%.
Commercial: Sales increased by 11%, with the average price increasing significantly by 77% to $814,550.
Commercial Land: Sales increased by 267%, with a median price increase of 95% to $1,210,973.

How Quickly Are Homes Selling?

The report also tells us how long it takes for a home to sell:

Days on Market (DOM): The average days on market (DOM) increased to 77 days, which is a 14% increase. This means it’s taking longer to sell a home compared to last year.

What’s Available?

Here’s a look at the number of homes available for sale:

New Listings: New listings increased significantly by 20% to 5,541. This means more homes are being put on the market.
Active Listings: The number of active listings increased significantly by 39% to 13,768. This means buyers have more choices than they did last year.

Year-to-Date (YTD) Summary

The report also gives us a look at the year so far:

Closed Listings: Total closed listings year-to-date increased by 3% to 14,266.
Dollar Volume: The total dollar volume year-to-date increased by 2% to $5,219,834,748.
Average Price: The average price year-to-date decreased slightly by 2% to $365,893.
Median Price: The median price year-to-date has been reduced by 1% to $306,000.

Closed Listings by Price Range

The report breaks down sales by price range:

Homes Under $69,999: Very few homes are selling in this price range.
$70,000 – $99,999: Few homes sold in this price range with only 45 sales for May 2024.
$100,000 – $149,999: 62 homes sold in May 2024 a decrease of -15%.
$150,000 – $199,999: 220 homes sold in May 2024 an increase of 19%.
$200,000 – $249,999: 562 homes sold in May 2024 up 10%.
$250,000 – $299,999: 659 homes sold, making up 19.0% of sales, a decrease of 12% from the prior year.
$300,000 – $399,999: The most popular price range, with 914 homes sold, making up 26.3% of sales, down 5% from the prior year.
$400,000 – $499,999: 442 homes sold, making up 12.7% of sales, a decrease of 2% from the prior year.
$500,000 – $749,999: 368 homes sold, making up 10.6% of sales.
$750,000 – $999,999: 116 homes sold in May 2024.
$1,000,000 and Up: 69 homes sold in this price range, a decrease of 1%.

Sales by Area

The report also examines which areas in San Antonio are selling the most homes and the corresponding prices in those areas. See full report for details.

What Does This Mean for You?

For Buyers: There are more homes to choose from, but it might take a little longer to find the right one.
For Sellers: Homes are still selling, but it’s essential to price your home correctly and make it look its best.

Factors Affecting the Market

Several things can affect the real estate market, including:

Interest Rates: Higher interest rates can make it more expensive to buy a home.
Economy: A strong economy usually means more people are buying homes.
Population Growth: The influx of people moving to San Antonio can increase demand for housing.

Expert Opinion

Real estate experts are closely monitoring these trends. They say that while the market is changing, San Antonio remains a desirable place to live, and real estate is still a good investment.

Conclusion

The San Antonio real estate market in May 2024 shows a mix of changes. While prices are decreasing, there are more homes available, and it’s taking a bit longer to sell them. Staying informed about these trends can help you make informed decisions, whether you’re buying, selling, or simply monitoring the market.

Disclaimer: This report is based on data from the San Antonio Board of REALTORS® MLS Summary Report for May 2024. This is a general overview; please consult with a real estate professional for personalized advice.