San Antonio Real Estate Market: What’s New in April 2024?

Are you keeping an eye on the San Antonio housing market? Whether you’re considering buying, selling, or simply curious, this report breaks down what happened in April 2024. We’ll look at prices, sales, and what it all means for you. Let’s get started!

What’s in This Report?

This report comes from the San Antonio Board of REALTORS®. It gives a snapshot of the real estate market in April 2024. Here’s what it covers:

  • 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: Total 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.

The Big Picture

In April 2024, the San Antonio real estate market showed some interesting trends:

  • Sales Increased: The number of homes sold went up by 7% compared to last year.
  • Dollar Volume Up: The total value of homes sold was $1,205,608,829, representing an 11% increase.
  • Average Price Rose: The average price of a home increased by 14% to $378,171.
  • Median Price Slightly Down: The median price decreased by 2% to $310,000.

Single-Family Homes

Let’s zoom in on single-family homes, since they make up most of the market:

  • Sales Up: 3,188 single-family homes were sold, a 7% increase from last year.
  • Existing Homes: Existing home sales increased by 14% to 2,096. The dollar volume for existing homes was $817,833,112, up 15%. The average price of an existing home rose by 14% to $751,709.
  • New Homes: New home sales increased by 9% to 1,092. The dollar volume for new homes sold was 387,751,709,anincreaseof3387,751,709, an increase of 3%. The average price of an existing home increased by 2% to387,751,709,anincreaseof3355,084.
  • Average Price: The average price for all single-family homes was $378,171, a 14% increase.
  • Median Price: The median price was $310,000, a 2% decrease.

Condos and Townhomes

Condos and townhomes are great options for those seeking low-maintenance living:

  • Sales Increased: 65 condos and townhomes were sold, representing a 14% increase over last year.
  • Existing Homes Sold: 63 existing condos/townhomes were sold, representing a 19% increase. The dollar volume was $16,634,578, representing a 17% increase.
  • Average Price: The average price for condos and townhomes went down by 4% to $266,007.
  • Median Price: The median price went down by 17% to $192,000.

Other Types of Properties

Here’s a quick overview of other property types:

  • Multifamily: Sales increased by 23%, with an average price increase of 9% to $449,362.
  • Residential Lots & Acreage: Sales increased by 14%, with a median price increase of 22% to $205,000.
  • Residential Rental: Sales increased by 19%, with an average price increase of 10% to $415,000.
  • Commercial: Sales increased by 70%. The average price of a commercial property rose by 29% to $612,998.
  • Commercial Land: Sales increased by 22%, with a median price increase of 724% to $865,000.
  • Rural Farms & Ranches: Sales increased by 18%, with the average price increasing significantly by 8% to $363,663.

Price Per Square Foot

Looking at the price per square foot helps compare the cost of different homes:

  • Single-Family Homes: The price per square foot is $181, up 1%.
  • Condos and Townhomes: The price per square foot is $221, up 2%.
  • Multifamily: The price per square foot is $161, up 9%.
  • Residential Lots & Acreage: The price per square foot is $22, down 29%.
  • Residential Rental: The price per square foot is $113, up 1%.
  • Commercial Land: The price per square foot is $82, up 30%.
  • Rural Farms & Ranches: The price per square foot is $1,04, up 1%.

How Fast Are Homes Selling?

The report also tracks how long homes stay on the market:

  • Days on Market (DOM): The average days on market (DOM) is 77 days, which is an 8% increase. This means that homes are taking a bit longer to sell than they did last year.

What’s Available?

Here’s what the report says about available homes:

  • New Listings: The number of new listings increased by 15% to 4,767. This means more homes are being listed for sale.
  • Active Listings: The number of active listings increased significantly by 34% to 12,727. This gives buyers more options.

Year-to-Date (YTD) Summary

Let’s look at the year so far:

  • Closed Listings: Total closed listings year-to-date increased by 6% to 10,948.
  • Dollar Volume: The total dollar volume year-to-date increased by 6% to $3,984,133,620.
  • Average Price: The average price year-to-date remained steady.
  • Median Price: The median price year-to-date increased by 1%.

Closed Listings by Price Range

The report breaks down sales by price range:

  • $0 – $69,999: Very few homes are selling in this price range.
  • $70,000 – $99,999: Only 25 homes sold in April, down 11%.
  • $100,000 – $149,999: 72 homes sold, down 3% from the prior year.
  • $150,000 – $199,999: 186 homes sold, down 1%.
  • $200,000 – $249,999: 521 homes sold, making up 16.4% of sales, up 8% from the prior year.
  • $250,000 – $299,999: 655 homes sold, making up 20.6% of sales, up 5% from the prior year.
  • $300,000 – $399,999: The most popular price range, with 815 homes sold, making up 25.6% of sales, a 33% increase.
  • $400,000 – $499,999: 374 homes sold, making up 11.7% of sales, down 6% from the prior year.
  • $500,000 – $749,999: 336 homes sold, making up 10.5% of sales.
  • $750,000 – $999,999: 118 homes sold, up 24%.
  • $1,000,000 and Up: 73 homes sold in this price range, a significant increase of 97%.

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 crucial to price your home correctly and present it at its best.

Factors Affecting the Market

Several things influence the real estate market:

  • 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 watching these trends. They say that while the market is constantly changing, San Antonio remains a desirable place to live, and real estate can still be a good investment.

Conclusion

The San Antonio real estate market in April 2024 shows an interesting mix of changes. Prices are up, there are more homes available, and it’s taking a little longer to sell them. Staying informed about these trends can help you make smart decisions, whether you’re buying, selling, or just staying informed.

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