Are you following the San Antonio housing market? Whether you’re considering buying, selling, or simply staying informed, this report breaks down what happened in June 2024. We’ll look at prices, sales, and what it all means for you. Let’s dive in!
What’s in This Report?
This report comes from the San Antonio Board of REALTORS®. It provides a snapshot of the real estate market as of June 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 June 2024, the San Antonio real estate market showed these key trends:
- Sales Decreased: The number of single-family homes sold went down by 6% compared to last year.
- Dollar Volume Down: The total value of single-family homes sold was $1,225,610,741, representing a 9% decrease.
- Average Price Increased: The average price of a single-family home increased slightly by 2% to $378,392.
- Median Price Decreased: The median price decreased by 1% to $314,900.
Single-Family Homes
Let’s take a closer look at single-family homes, as they make up the most significant part of the market:
- Sales Down: 3,239 single-family homes were sold, a 6% decrease from last year.
- Existing Homes: Existing home sales decreased by 14% to 2,007.
- New Homes: New home sales increased by 11% to 1,233.
- Average Price: The average price for all single-family homes was $378,392, a 2% increase.
- Median Price: The median price was $314,900, a 1% decrease.
- Price per Square Foot: The average price per square foot was $177, a 2% decrease.
Condos and Townhomes
Condos and townhomes are popular for those seeking low-maintenance living:
- Sales Decreased Significantly: Only 47 condos and townhomes were sold, a decrease of 50% compared to last year.
- Existing Homes Sold: 45 existing condos/townhomes were sold, representing a 51% decrease.
- New Homes Sold: Only 2 new condos/townhomes were sold, representing a 33% decrease.
- Average Price Decreased: The average price for condos and townhomes went down by 58% to $225,513.
- Median Price Decreased: The median price went down by 17% to $178,000.
- Price per Square Foot: The average price per square foot was $191, representing a 20% decrease.
Other Types of Properties
Here’s a quick overview of other property types:
- Multifamily: Sales increased by 6%, with an average price increase of 26% to $463,958. The price per square foot is $201, representing a 22% increase.
- Residential Lots & Acreage: Sales decreased by 27%, with a median price increase of 104% to $229,000. The price per square foot is $30, representing a 203% increase.
- Residential Rental: Sales decreased by 43%, with an average price decrease of 11% to $314,351. The price per square foot remains unchanged at $114.
- Commercial: The average price of a commercial property rose by 104% to $891,944.
- Commercial Land: Sales decreased by 8%, with the median price increasing by 58% to $655,000.
- Rural Farms & Ranches: Sales increased by 0%, with the average price remaining consistent.
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 80 days, which is a 43% increase. This means that homes are taking longer to sell than they did last year.
What’s Available?
Here’s what the report says about available homes:
- New Listings Increased: The number of new listings increased by 15% to 5,386.
- Active Listings Increased Significantly: Active listings increased by 40% to 14,643. 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 remained steady.
- Dollar Volume: The total dollar volume year-to-date decreased slightly by 1%.
- Average Price: The average price year-to-date decreased by 1%.
- Median Price: The median price year-to-date decreased by 2%.
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: Few homes sold in this price range, with only 38 sales for June 2024.
- $100,000 – $149,999: 68 homes sold in June 2024.
- $150,000 – $199,999: 212 homes sold in June 2024.
- $200,000 – $249,999: 528 homes sold in June 2024.
- $250,000 – $299,999: 583 homes sold in June 2024.
- $300,000 – $399,999: The most popular price range, with 845 homes sold in June 2024.
- $400,000 – $499,999: 375 homes sold in June 2024.
- $500,000 – $749,999: 366 homes sold in June 2024.
- $750,000 – $999,999: 115 homes sold in June 2024.
- $1,000,000 and Up: 85 homes sold in this price range in June 2024.
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 the detailed report for specifics.) Here are a few highlights:
- Area 01: 428 homes sold with an average price of $348,836.
- Area 07: 64 homes sold with an average price of only $149,893.
- Area 10: 127 homes sold with an average price of $660,001.
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. Be sure to shop around for the best mortgage rates.
- For Sellers: Homes are still selling, but it’s essential to price your home competitively and make it look its best. Work with a knowledgeable real estate agent to help you navigate the market.
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, which can slow down sales.
- 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 long-term investment.
Conclusion
The San Antonio real estate market in June 2024 shows a mix of changes. While the average price is up slightly, sales are down, and it’s taking longer to sell homes. Staying informed about these trends can help you make informed decisions, whether you’re buying, selling, or simply staying up-to-date on the market.
Disclaimer: This report is based on data from the San Antonio Board of REALTORS® MLS Summary Report for June 2024. This is a general overview; please consult with a real estate professional for personalized advice.