Are you curious about what’s happening in the San Antonio housing market? Whether you’re thinking of buying, selling, or just like to stay informed, this report breaks down the latest real estate trends for July 2024. We’ll look at home prices, sales numbers, and what it all means for you. Let’s get started!
What Does This Report Cover?
This report comes from the San Antonio Board of REALTORS®. It gives a clear picture of the real estate market in July 2024. Here’s what it includes:
- 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.
- Price per Square Foot: The average cost for each square foot of a home.
Overall Market Performance
In July 2024, the San Antonio real estate market showed the following:
- More Homes Sold: The number of single-family homes sold increased by 11% compared to last year.
- Dollar Volume Increased: The total value of all single-family homes sold was $1,253,417,705, which is up 9% from last year.
- Average Price Increased: The average price of a single-family home rose slightly by 2% to $376,289.
- Median Price Decreased: The median price, which is the price in the middle, went down by 2% to $320,000.
Single-Family Homes
Single-family homes are the most common type of home, so let’s take a closer look:
- Sales: 3,331 single-family homes were sold, which is 11% more than last year.
- Existing Homes: 2,087 existing homes were sold, a 7% increase from the previous year. The average price for existing homes decreased to $393,615.
- New Homes: 1,244 new homes were sold, an increase of 26% from last year. The average price for new homes decreased to $347,203.
- Average Price: The average price for all single-family homes was $376,289, a 2% increase.
- Median Price: The median price was $320,000, a 2% decrease.
- Price Per Square Foot: The price per square foot is $178, a 1% decrease.
Condos and Townhomes
Condos and townhomes are another popular option, especially for people who want less yard work:
- Sales Decreased: Only 41 condos and townhomes were sold, which is 47% less than last year.
- Existing Homes: 40 existing condos/townhomes were sold, down 47%.
- New Homes: Only 1 new condo/townhome was sold, down 50%.
- Average Price: The average price for condos and townhomes went down by 41% to $292,844.
- Median Price: The median price went down by 11% to $183,000.
- Price Per Square Foot: The price per square foot is $218, representing a 1% increase.
Other Types of Properties
Besides single-family homes and condos, here’s a quick look at other types of properties:
- Multifamily: Sales increased by 41%, with an average price rise of 3% to $471,954. The price per square foot is $227, up 54%.
- Residential Lots & Acreage: Sales increased by 16%, with a median price increase of 29% to $157,510. The price per square foot is $68, up 147%.
- Residential Rental: Sales remained steady at 0% change, with an average price increase of 1% to $1,913. The price per square foot is $114, unchanged.
- Commercial: Sales decreased by 0%, with the average price decreasing by 28% to $1,055,190.
- Commercial Land: Sales decreased by 31%, with a median price decrease of 32% to $585,000.
- Rural Farms & Ranches: Sales decreased by 29%, with the average price increasing by 5% to $1,950.
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 66 days, which is an 8% increase. This means it’s taking a little longer to sell a home compared to the same period last year.
What’s Available?
Here’s a look at the number of homes available for sale:
- New Listings Increased: New listings increased significantly by 14% to 5,386. This means more homes are being put on the market.
- Active Listings Increased: The number of active listings increased significantly by 24% to 15,056. 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 Remained Steady: Total closed listings year-to-date remained steady.
- Dollar Volume Remained Steady: The total dollar volume year-to-date remained steady.
- Average Price Decreased Slightly: The average price year-to-date decreased slightly by 1% to $368,713.
- Median Price Decreased Slightly: The median price year-to-date decreased slightly by 2% to $309,900.
Closed Listings by Price Range
The report breaks down sales by price range:
- Homes Under $70,000: Very few homes are selling in this price range (0.3%).
- $70,000 – $99,999: A small percentage of homes are selling in this price range (0.9%).
- $100,000 – $149,999: A small percentage of homes are selling in this price range (2.7%).
- $150,000 – $199,999: Homes sold in this range comprise 8.4% of the market.
- $200,000 – $249,999: Homes sold in this range comprise 14.2% of the market.
- $250,000 – $299,999: Homes sold in this range comprise 17.7% of the market.
- $300,000 – $399,999: The most popular price range, with 25.5% of sales.
- $400,000 – $499,999: Homes sold in this range comprise 12.6% of the market.
- $500,000 – $749,999: Homes sold in this range comprise 12.1% of the market.
- $750,000 – $999,999: Homes sold in this range comprise 3.3% of the market.
- $1,000,000 and Up: Homes sold in this range comprise 2.3% of the market.
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: 434 homes sold with an average price of $367,169.
- Area 07: 40 homes sold with an average price of only $162,208.
- Area 10: 107 homes sold with an average price of $606,412.
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 competitively 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 July 2024 shows a mix of changes. While sales and dollar volume are up, the median price is down slightly, and it’s taking a bit longer to sell homes. 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 July 2024. This is a general overview; please consult with a real estate professional for personalized advice.