Are you keeping tabs on the housing market in San Antonio? Whether you’re thinking about buying, selling, or just curious, this report breaks down the real estate trends for September 2024. We’ll cover prices, sales, and what it all means for you. Let’s get started!
What This Report Includes
This report comes from the San Antonio Board of REALTORS®. It provides a quick overview of the real estate market in September 2024. Here’s what’s inside:
- 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 cost for each square foot of a home.
- Sales by Area: Which parts of San Antonio are selling the most?
Overall Market Summary
In September 2024, the San Antonio real estate market showed the following:
- Sales Increased: The number of single-family homes sold went up by 2% compared to last year.
- Dollar Volume Stayed About the Same: The total value of all homes sold was about the same as last year.
- Average Price Decreased: The average price of a home went down a little bit by 2%
- Median Price Decreased: The median price, which is the price in the middle, went down by 1%
Single-Family Homes
Single-family homes are the most common type of home, so let’s take a closer look:
- Sales: A total of 2,693 single-family homes were sold, representing a 2% increase from last year.
- Existing Homes Sold: A total of 1,622 existing homes were sold, representing a 5% decrease from the previous year.
- New Homes Sold: 1,071 new homes were sold, a 13% increase from last year.
- Average Price: The average price for all single-family homes was $371,945, a 2% increase.
- Median Price: The median price was $312,000, a 1% decrease.
- Price per Square Foot: The price per square foot is $177, a 1% decrease.
Condos and Townhomes
Condos and townhomes are another popular choice, especially for people who want less yard work:
- Sales Decreased: Only 47 condos and townhomes were sold, representing a 13% decrease from last year.
- Existing Homes Sold: 45 existing condos/townhomes were sold, which is a 15% decrease.
- New Homes Sold: Only two new condos/townhomes were sold, representing a 100% increase.
- Average Price Decreased: The average price for condos and townhomes went down by 13% to $231,472.
- Median Price Decreased: The median price went down by 11% to $166,500.
- Price Per Square Foot: The price per square foot is $201, a 6% decrease.
Other Types of Properties
Besides single-family homes and condos, here’s a quick look at other types of properties:
- Multifamily: Sales increased by 23%, with an average price increase of 6% to $407,859.
- Residential Lots & Acreage: Sales decreased by 24%, with a median price increase of 12% to $147,131.
- Residential Rental: Sales decreased by 9%, with an average price increase of 1% to $1,822.
- Commercial: Sales decreased by 18%, with an average price increase of 49% to $444,386.
- Commercial Land: Sales decreased by 24%, with a median price decrease of 23% to $949,412.
- Rural Farms & Ranches: Sales increased by 17%, with the average price decreasing by 34% to $535,488.
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 72 days, which is an 11% 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 Increased: New listings increased significantly by 14% to 4,204. This means more homes are being put on the market.
- Active Listings Increased: Active listings increased by 30% to 14,668. 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 Increased: The total number of closed listings year-to-date increased by 1% to 26,304.
- Dollar Volume Decreased: The total dollar volume year-to-date decreased by 1% to $9,683,024,274.
- Average Price Decreased: The average price year-to-date decreased by 1% to $368,120.
- Median Price Decreased: The median price year-to-date decreased by 2% to $309,000.
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: Only 31 homes sold in this price range, down 3% from the prior year.
- $100,000 – $149,999: 68 homes sold in June 2024 a decrease of 16%.
- $150,000 – $199,999: 205 homes sold in May 2024 an increase of 18%.
- $200,000 – $249,999: 415 homes sold in May 2024 up 15%.
- $250,000 – $299,999: 490 homes sold, making up 18.2% of sales, a decrease of 6% from the prior year.
- $300,000 – $399,999: The most popular price range, with 712 homes sold, making up 26.4% of sales, no change from the prior year.
- $400,000 – $499,999: 307 homes sold, making up 11.4% of sales, an increase of 4%.
- $500,000 – $749,999: 295 homes sold, making up 11.0% of sales, a decrease of 4% from the prior year.
- $750,000 – $999,999: 96 homes sold, making up 3.6% of sales, an increase of 13%.
- $1,000,000 and Up: 54 homes sold in this price range, a decrease of 23%.
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.)
Ranking Areas by “Hotness”
One interesting aspect of the report is a concept called the “Hotness Ratio.” This compares the number of homes that are under contract (pending listings) to the number of homes currently for sale (active listings). A higher ratio suggests that homes in that area are selling more quickly.
Here are some of the “hottest” areas for single-family homes in September 2024:
- Area 21: Hotness Ratio of 24.5
- Area 01: Hotness Ratio of 22.0
- Area 23: Hotness Ratio of 21.7
Check the full report to see how all the regions rank!
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. Consider areas with a lower “hotness ratio” if you want less competition.
- For Sellers: It’s essential to price your home correctly and make it look its best to attract buyers. Work with a real estate agent to gain a deeper understanding of the local market in your specific area.
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 September 2024 shows a mix of changes. While sales are increasing, 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 September 2024. This is a general overview; please consult with a real estate professional for personalized advice.