Are you keeping up with the San Antonio housing market? Whether you’re thinking about buying, selling, or just curious, this report breaks down the real estate trends for October 2024. We’ll look at prices, sales, and what it all means for you. Let’s dive in!
What This Report Tells You
This report comes from the San Antonio Board of REALTORS®. It gives you a quick snapshot of the real estate market in October 2024. Here’s what it includes:
- Types of Properties: Single-family homes, condos, townhomes, multifamily properties, land (residential lots & acreage), residential rentals, commercial properties, commercial land, and rural farms & ranches.
- Sales: How many properties of each type were sold?
- Prices: Average and median prices for each type of property.
- Dollar Volume: The total amount of money spent on real estate sales.
- New Listings: How many new properties were put on the market?
- Active Listings: How many properties are currently available for sale?
- Days on Market (DOM): How long it takes for properties to sell, on average.
- Price per Square Foot: A way to compare the cost of different properties.
- Closed Listings by Price Range: A breakdown of sales by price range.
- Sales by Area: Which areas of San Antonio are selling the most properties (details in the full report).
Overall Market Numbers for October 2024
Here’s a quick look at the overall real estate market in San Antonio for October 2024:
- Single-family home sales increased: 2,895 homes were sold, a 19% rise from October 2023.
- Condo and Townhome Sales Decreased: Only 45 condos and townhomes were sold, a 29% decrease from last year.
- Total dollar volume rises: The total value of homes sold reached $1,075,629,278, representing a 1% increase.
- The average home price remains steady: The average price was $371,547, nearly unchanged from the previous year.
- Median Home Price Decreased Slightly: The median price (the middle price) went down 2% to $309,000.
- Active listings increase: There are 14,525 active listings, a 14% rise, offering buyers more options than last year.
Breaking It Down: Single-Family Homes
Single-family homes are the most common type of property, so let’s look closer:
- Existing Home Sales Up: 1,795 existing single-family homes were sold, a significant increase of 20% from last year. The average price was $382,346.
- New Home Sales Also Up: 1,100 new construction single-family homes were sold, an increase of 16%. The average price was $353,911.
- Price per Square Foot: The average price per square foot for single-family homes was $176, a 1% decrease.
What About Condos and Townhomes?
Condos and townhomes are another popular option, especially for those who want less yard work. But the market was not so good this month.
- Sales Decreased: Only 45 condos and townhomes were sold, which is 29% less than last year.
- Average Price Down: The average price for condos and townhomes dropped 39% to $283,722.
- Median Price Also Down: The median price went down 15% to $190,000.
- Price per Square Foot: The average price per square foot is $206, down 14%.
Multifamily, Land, and More
Here’s a quick rundown of some other types of properties:
- Multifamily Properties: Sales increased by 39%, with an average price of $361,662.
- Residential Lots & Acreage: Sales decreased by 15%, and the median price was $110,000.
- Residential Rental Properties: Sales increased by 15%, and the average rental price was $1,793.
- Commercial Properties: Sales increased by 75%. The average sales price was $441,666.
- Commercial Land: Sales remained steady, but the median price surged by 272% to $713,430.
- Rural Farms & Ranches: Sales remained the same, and the average price was $1,188,667.
How Fast Are Homes Selling?
- Days on Market Increased: The average days on market (DOM) increased to 69 days, a 3% increase from last year. This means it’s taking slightly longer to sell a home, on average.
What’s Available?
- New Listings Increased: There were 4,412 new listings, a 2% increase. This means more homes are being put on the market.
- Active Listings Increased: There were 14,525 active listings, a 14% increase. Buyers have more choices than they did at this time last year.
Breakdown of Sales by Price Range (Single-Family Homes)
Here’s a look at which price ranges are selling the most single-family homes:
- Under $70,000: Not many homes are selling in this range.
- $70,000 – $99,999: 33 homes sold in this price range. This is a 32% jump.
- $100,000 – $149,999: 96 homes sold. A 30% Increase.
- $150,000 – $199,999: 272 homes sold. A significant 60% jump.
- $200,000 – $249,999: 429 homes sold. A 14% Jump.
- $250,000 – $299,999: 501 homes sold. Up 11%.
- $300,000 – $399,999: 702 homes sold. Up 9%.
- $400,000 – $499,999: 344 homes sold. Down 24%.
- $500,000 – $749,999: 337 homes sold. Down 20%.
- $750,000 – $999,999: 96 homes sold. Down 25%.
- $1,000,000 and Up: 67 homes sold in this price range. Down 29%.
“Hotness” Around Town: Which Areas Are Selling Fastest?
The report includes a “Hotness Ratio,” which compares pending listings (homes under contract) to active listings (homes for sale). A higher ratio means homes are selling faster in that area.
Here are some of the “hottest” areas for single-family homes in October 2024 (check the full report for more):
- Area 01
- Area 04
- Area 14
(See the full report for the Hotness Ratio)
What This Means for Buyers and Sellers
- For Buyers:
- You have more homes to choose from (active listings are up).
- It might take slightly longer to find the right home (days on market are up).
- Work with your agent to explore the parts of town you’re interested in and find what you’re looking for.
- For Sellers:
- Homes are still selling!
- It’s essential to price your home competitively, taking into account the rise in active listings.
- Be ready to make your home the best one that buyers are choosing from.
What’s Affecting the Market?
A few key things can influence the real estate market:
- Interest Rates: Higher interest rates can make it harder for people to afford homes.
- The Economy: A strong economy usually means more people are buying homes.
- Population Growth: The influx of people moving to San Antonio increases the demand for housing.
What the Experts Are Saying
Real estate experts are watching these trends to help guide buyers and sellers. The market is constantly evolving, so it’s crucial to stay informed.
In Conclusion: A Market in Transition
The San Antonio real estate market in October 2024 is showing signs of change. While sales are up, 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 following the market.
Disclaimer: This report is based on data from the San Antonio Board of REALTORS® MLS Summary Report for October 2024. This is a general overview and should not be considered a substitute for personalized financial advice from a qualified real estate expert.