San Antonio Real Estate Market: What's the Story in August 2024?

Want to know what’s going on with homes in San Antonio? Whether you’re thinking about buying, selling, or just curious about the market, this report breaks down the latest real estate trends for August 2024. We’ll examine prices, sales, and their implications. Let’s get started!

What This Report Covers

This report comes from the San Antonio Board of REALTORS®. It provides a summary of the events that occurred in the real estate market in August 2024. It includes information about:

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: How much you’re paying for each square foot of a home.

Overall Market Checkup

In August 2024, the San Antonio real estate market saw a mix of ups and downs:

Sales Declined Slightly: The number of single-family homes sold decreased by 4% compared to the same period last year.
Dollar Volume Also Decreased: The total value of all homes sold was $1,122,395,187, representing a 6% decrease from last year.
Average Price Decreased a Bit: The average price of a home went down by 2% to $372,024.
Median Price Also Slightly Lower: The median price, which is the middle value, decreased by 2% to $313,995.

Single-Family Homes: The Main Story

Single-family homes are the most common type, so let’s take a closer look:

Sales: 3,017 single-family homes were sold, which is 4% fewer than last year.
Existing Homes: 1,970 existing homes sold, a 5% decline from the previous year.
New Homes: 1,047 new homes were sold, a decrease of 2% from last year.
Average Price: The average price for all single-family homes was $372,024, a 2% decrease.
Median Price: The median price was $313,995, a 2% decrease.
Price Per Square Foot: The price per square foot is $177, which is a slight decrease of 1%.

Condos and Townhomes: A Different Tune

Condos and townhomes had a tougher month:

Sales Dropped: Only 42 condos and townhomes were sold, representing a 40% decrease from last year.
Average Price Decreased Sharply: The average price for condos and townhomes went down by 13% to $235,627.
Median Price Plummeted: The median price went down by 17% to $175,250.
Price Per Square Foot: The price per square foot is $211, a 9% decrease.

Other Types of Properties: A Quick Roundup

Here’s a look at other types of properties in San Antonio:

Multifamily: Sales increased significantly by 52%, with an average price decrease of 4% to $447,222.
Residential Lots & Acreage: Sales decreased by 32%, with a median price increase of 20% to $135,500.
Residential Rental: Sales decreased by 1% with a median price increase to $1,795.
Commercial: Sales decreased by 34%, with an average price increasing significantly by 31% to $357,839.
Commercial Land: Sales decreased by 25%
Rural Farms & Ranches: Sales decreased by 21%, with an average price increase of 12% to $730,280.

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 65 days, which is a 12% increase. This means it’s taking longer to sell a home compared to last year.

What’s Available on the Market?

Here’s a look at the number of homes available for sale:

New Listings: New listings increased significantly by 14% to 4,448. This means more homes are being put on the market.
Active Listings: The number of active listings increased by 30% to 14,901. This means buyers have more choices than they did last year.

Year-to-Date (YTD) Summary: The Bigger Picture

The report also gives us a look at the year so far:

Closed Listings: Total closed listings year-to-date increased slightly by 1% to 23,400.
Dollar Volume: The total dollar volume year-to-date decreased slightly by 1% to $8,629,618,355.
Average Price: The average price year-to-date decreased slightly by 1% to $368,787.
Median Price: The median price year-to-date decreased slightly by 2% to $309,990.

Closed Listings by Price Range: Where Are the Sales Happening?

The report breaks down sales by price range:

$0 – $69,999: Very few homes are selling in this price range, with only 10 sales, comprising 0.3% of the market, representing a 25% increase.
$70,000 – $99,999: 30 homes sold in this price range, making up 1.0% of sales, down -17%.
$100,000 – $149,999: 83 homes sold, making up 2.8% of sales, up 6%.
$150,000 – $199,999: 257 homes sold, making up 8.5% of sales, up 63%.
$200,000 – $249,999: 410 homes sold, making up 13.6% of sales, down -2%.
$250,000 – $299,999: 578 homes sold, making up 19.2% of sales, down -11%.
$300,000 – $399,999: The most popular price range, with 751 homes sold, making up 24.9% of sales, down -12%.
$400,000 – $499,999: 382 homes sold, making up 12.7% of sales, up 2%.
$500,000 – $749,999: 353 homes sold, making up 11.7% of sales, down -8%.
$750,000 – $999,999: 98 homes sold, making up 3.3% of sales, down -13%.
$1,000,000 and Up: 63 homes sold in this price range, making up 2.1% of sales, down -7%.

Sales by Area: Where Are Homes Selling Best?

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).

Area 01: 400 homes sold with an average price of $375,440.
Area 07: 31 homes sold with an average price of only $173,882.
Area 10: 114 homes sold with an average price of $633,939.

What Does This Mean for You?

For Buyers: You have more choices with a larger selection of homes on the market, but it may take a little longer to find the right one.
For Sellers: It’s essential to price your home competitively and make it look its best to attract buyers.

Factors That Can Affect the Market

Several things can affect 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 Opinions on the Market

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 can still be a good investment in the long run.

In Conclusion

The San Antonio real estate market in August 2024 shows a mixed bag. While prices are slightly down and sales have cooled a bit, there are more homes available for buyers. Staying informed about these trends can help you make smart decisions, whether you’re buying, selling, or just watching the market.

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