Are you thinking about buying or selling a home in San Antonio? Or maybe you’re just curious about the local real estate market. It’s essential to stay up-to-date on the latest trends! This report breaks down the key information from September 2023, allowing you to understand what’s happening.
We’ll look at:
- How many homes were sold
- How much do homes cost
- Which areas are popular
- What does this mean for buyers and sellers
The information is provided by the San Antonio Board of REALTORS® and compiled by experts at the Real Estate Center at Texas A&M University. Let’s dive in!
Key Things to Know About September 2023
- Home sales are down compared to the same period last year. Fewer houses were sold in September 2023 than in September 2022.
- Home prices are remaining relatively stable. Prices aren’t changing much.
- There are more homes available for sale. Buyers have more choices than before.
- New homes are selling better than existing homes. People are often choosing new construction.
Let’s examine the specific numbers to gain a better understanding.
How Many Homes Were Sold? (Closed Listings)
“Closed listings” means the number of homes where the sale has been finalized. Here’s the breakdown:
- Total Homes (New and Existing): 2,744 (down 15% from last year)
- This indicates that the number of homes sold overall in September 2023 was lower than in September 2022.
- Existing Single-Family Homes: 1,809 (down 25% from last year)
- There was a significant drop in sales of older, single-family homes.
- New Single-Family Homes: 935 (up 15% from last year)
- Sales of new homes are up.
- Condominiums and Townhomes: 54 (down 28% from last year)
- Condo/townhome sales decreased.
- Multifamily: 29 (down 43% from last year)
- Fewer multi-family homes were sold.
- Residential Lots & Acreage: 225 (down 21% from last year)
- People are buying less land than before.
- Rural Farms & Ranches: 36 (up 3% from last year)
- Farm and ranch sales stayed about the same.
What does it mean?
The market is slowing down a bit. The decrease in existing home sales could be attributed to higher interest rates or an increase in the availability of new homes.
How Much Do Homes Cost?
Let’s look at home prices in San Antonio:
- Average Price (All Homes): $385,210 (roughly the same as last year)
- Median Price (All Homes): $318,950 (down 2% from last year)
- The median price is the “middle” price. Half of the homes sold for more, and half sold for less.
- Average Price (Existing Single-Family Homes): $391,441 (up 2% from last year)
- Median Price (Existing Single-Family Homes): $306,600 (down 6% from last year)
- Average Price (New Single-Family Homes): $373,145 (down 3% from last year)
- Median Price (New Single-Family Homes): $326,571 (0% change from last year)
What does it mean?
Overall, home prices are relatively stable.
Dollar Volume
“Dollar volume” is the total amount of money spent on homes.
- Total Dollar Volume (All Sales): $1,057,015,125 (down 15% from last year)
- The lower dollar volume confirms that fewer homes were sold.
Price Per Square Foot
Another way to look at prices is by square footage:
- Single-Family Homes: $180 per square foot (down 3% from last year)
- Condominiums and Townhomes: $215 per square foot (up 18% from last year)
- Multifamily: $158 per square foot (down 10% from last year)
- Residential Lots & Acreage: $43 per square foot (up 83% from last year)
- Rural Farms & Ranches: $807 per square foot (up 104% 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): 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, giving buyers more time to shop around.
Pending Listings
“Pending listings” refer to homes that have received an offer but haven’t yet officially closed.
- Pending Listings (All): 4,448 (up 8% from last year)
What does it mean?
Although sales are down, a significant number of homes are under contract.
New Listings
“New listings” are the number of homes that were newly listed for sale in September.
- New Listings (All): 3,774 (down 2% from last year)
What does it mean?
Fewer homes are being newly listed for sale.
Active Listings
“Active listings” refer to the total number of homes currently available for sale.
- Active Listings (All): 12,323 (up 26% 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 through September to get a broader view:
- Closed Listings (YTD): 26,245 (down 10% from last year)
- Dollar Volume (YTD): $9,859,579,919 (down 11% from last year)
- Average Price (YTD): $375,675 (down 1% from last year)
- Median Price (YTD): $315,000 (down 3% 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
Which price ranges are selling the most?
- $0 – $69,999: 17 homes sold (0.6% of the market)
- $70,000 – $99,999: 30 homes sold (1.1% of the market)
- $100,000 – $149,999: 90 homes sold (3.3% of the market)
- $150,000 – $199,999: 184 homes sold (6.7% of the market)
- $200,000 – $249,999: 349 homes sold (12.7% of the market)
- $250,000 – $299,999: 519 homes sold (18.9%)
- $300,000 – $399,999: 742 homes sold (27.1%)
- $400,000 – $499,999: 310 homes sold (11.3%)
- $500,000 – $749,999: 333 homes sold (12.1%)
- $750,000 – $999,999: 91 homes sold (3.3%)
- $1,000,000 +: 77 homes sold (2.8%)
What does it mean?
The most popular price range is between $300,000 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 September 2023:
(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.)
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 find the right home. Keep in mind that interest rates can affect your payments.
- If you’re a seller, homes are taking longer to sell, so it’s essential to price your home competitively and ensure it looks its best.
Conclusion
The San Antonio real estate market is constantly changing. Although sales are a bit slower, prices remain relatively stable. 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, September 2023. Prepared by the Real Estate Center at Texas A&M University.