Thinking about buying, selling, or renting in San Antonio? It’s essential to stay informed about what’s happening in the real estate market. This blog post provides a straightforward breakdown of the key trends from May 2022, drawing on the latest data from the San Antonio Board of Realtors (SABOR). We’ll examine factors such as home sales, prices, and the rate at which homes are selling, so you can make informed decisions.
What This Report Includes
The information we’re using comes directly from the San Antonio Board of Realtors (SABOR) MLS report. We’ll be focusing on:
- Sales: How many properties were sold?
- Prices: How much properties cost, including the average price and the median price (the middle price).
- Price per Square Foot: A helpful way to compare the cost of different-sized homes.
- Days on Market (DOM): How long it took for properties to sell, on average.
- New Listings: How many new properties were listed for sale during the month?
- Active Listings: How many properties were available for purchase at the end of the month?
- Pending Sales: How many sales were waiting to close (under contract)?
We’ll be looking at the following types of properties:
- Single-family homes (regular houses)
- Condos and townhomes
- Multifamily properties (duplexes, small apartment buildings)
- Residential lots and acreage (land for building)
- Rental properties
- Commercial properties (stores, offices)
- Commercial land
- Rural farms and ranches
Overall Market Conditions in May 2022
In May 2022, the San Antonio real estate market was active, but the data shows some shifts:
- Single-Family Home Sales: Down slightly compared to last year.
- Prices are still higher than last year, but the rate of increase may be slowing.
- Days on Market: Homes are selling a bit faster than last year in most categories.
Let’s take a closer look at each property type to get a clearer picture.
Single-Family Homes: The Core of the Market
Single-family homes are the most common type of property, so let’s start there:
- Sales: 3,580 single-family homes were sold in May 2022. That represents a 2% decrease from the 3,669 sold in May 2021.
- Average Price: The average price of a single-family home was 393,197, up 16393,197, up 16% from 393,197, up 16338,516 last year.
- Price Per Square Foot: The average price per square foot was $ 188, up 20% from $ 157 last year.
- Days on Market: Homes were selling in an average of 27 days, faster than the 34 days in May 2021 (a -21% change).
- Median Price: The median price (the middle price) was $ 348,800, up $24,480, or 24% from $ 348,800 last year.
- New Listings: 4,621 new homes were listed for sale during the month.
- Active Listings: As of the end of May, there were 6,029 homes available for sale.
- Pending Sales: 3,295 homes were under contract, awaiting closure.
What does this mean?
While sales were slightly down, prices were still significantly higher than last year, and homes sold more quickly. This remains a favorable market for sellers.
Condos and Townhomes: A Growing Choice
Condos and townhomes can be a great option if you want less maintenance or want to live closer to the city. Here’s how they performed in May 2022:
- Sales: 124 condos and townhomes were sold, an increase of 12% from the 111 sold in May 2021.
- Average Price: The average price was $ 285,858, up $ 14,850, or 5.2%, from $ 285,858 last year.
- Price Per Square Foot: The average price per square foot was $ 242, up 22% from $ 221.99 last year.
- Days on Market: Condominiums and townhomes were selling in an average of 53 days, faster than the 73 days last year (a 27% decrease).
- Median Price: The median price was $250,000, up $30,000, or 13% from $220,000 and $29,700 last year.
- New Listings: 105 new condos and townhomes were listed for sale.
- Active Listings: 177 were available for sale at the end of May.
- Pending Sales: There were 91 sales pending.
What does this mean?
The condo and townhome market saw an increase in sales, prices, and the median price. The market is hot for these properties.
Multifamily Properties: An Investor’s Market
Multifamily properties (like duplexes and small apartment buildings) are often purchased by investors who rent them out. Here’s how the multifamily market looked in May 2022:
- Sales: 41 multifamily properties were sold, representing an 11% decrease from the 46 sold in May 2021.
- Average Price: The average price was $ 366,929, up $32,929, or 32% from $ 366,929, up $ 32278,762 last year.
- Price Per Square Foot: The average price per square foot was $ 162, up 26% from $ 162 last year.
- Days on Market: These properties were selling in an average of 25 days, faster than the 37 days last year (a -32% change).
- Median Price: The median price was $ 339,300, up $17,290,000, or 17%, from last year.
- New Listings: 95 new multifamily properties were listed for sale.
- Active Listings: 151 properties were available for sale at the end of the month.
- Pending Sales: There were 43 sales pending.
What does this mean?
The multifamily market had fewer sales, but prices were significantly higher, and properties sold more quickly. This indicates a competitive market for investment properties.
Residential Lots and Acreage: Building Your Dream
If you’re looking to build your own home or want to own some land, here’s what’s happening with residential lots and acreage:
- Sales: 438 lots and acreage properties were sold, a decrease of 2% from the 448 sold in May 2021.
- Average Price: The average price was $ 172,360, up $ 44,712, or 26%, from $ 172,360 last year.
- Days on Market: These properties were selling in an average of 75 days, significantly faster than the 165 days last year (a 55% decrease).
- Median Price: The median price was $ 130,400, up 48% from $ 88,700 last year.
- New Listings: 718 new lots and acreage properties were listed for sale.
- Active Listings: 2,174 properties were available for sale at the end of the month.
- Pending Sales: 403 sales were pending.
What does this mean?
The number of properties sold was about the same, but the price of the properties has increased.
Residential Rentals: Finding a Place to Lease
If you’re looking to rent a place in San Antonio, here’s what the market looked like in May 2022:
- Sales (Rentals): 1,461 residential rental properties were leased, representing a 24% increase from 1,179 in May 2021.
- Average Price (Rent): The average rent was $ 1,849, up $ 121,849, or 12% from last year.
- Price per 100 Square Feet: The cost per 100 square feet was $104, up 11% from $93 last year.
- Days on Market: Rental properties were being rented in an average of 37 days, about the same as the 30 days last year.
- New Listings: 1,545 new rental properties were added to the market.
- Active Listings: 1,194 rental properties were available.
- Pending Sales: 1,443 rentals were pending.
What does this mean?
The rental market was strong, with more rentals being leased and higher average rents.
Commercial, Land, and Farms & Ranches
Here’s a quick overview of some other types of real estate:
- Commercial: Sales increased by 46%, and the average price rose by 71%.
- Commercial Land: Sales decreased by 42%, but the average price rose by 17%.
- Rural Farms & Ranches: Sales were up 28%, and the average price was up 10%.
Year-to-Date Numbers: A Broader Perspective
Examining the year-to-date (YTD) numbers provides a clearer understanding of the market’s overall performance for the year to date. Here’s a quick summary:
- Single-Family Homes: Sales down 1%, average price up 17%.
- Condos and Townhomes: Sales up 5%, with an average price increase of 5%.
- Multifamily Properties: Sales up 16%, average price up 25%.
- Residential Lots & Acreage: Sales down 7%, average price up 31%.
- Residential Rentals: Sales up 11%, average price up 13%.
- Commercial: Sales up 19%, average price up 41%.
- Commercial Land: Sales up 13%, average price up 144%.
- Rural Farms & Ranches: Sales down 6%, average price up 153%.
What does this mean?
The year-to-date numbers indicate that the San Antonio real estate market has generally been strong in 2022. However, sales of single-family homes and residential lots & acreage are slightly down.
Sales by Area: Where are Homes Selling?
The report also breaks down sales by different areas of San Antonio. This can be helpful if you’re interested in a specific part of town. (Note: The full report has detailed numbers for each area, which can be found at the end of this article.)
What This Means for You: Buyers and Sellers
So, what does all this mean if you’re thinking about buying or selling in San Antonio?
- For Buyers: The market remains competitive, so be prepared to act quickly. Get pre-approved for a loan and work with a real estate agent who knows the market well.
- For Sellers: It’s still a good time to sell, with prices higher than last year. Work with a real estate agent to price your home strategically to attract buyers.
Conclusion: Stay Informed for Success
The San Antonio real estate market is constantly changing. By staying informed about the latest trends and consulting with qualified professionals, you can make smart decisions whether you’re buying, selling, or renting.
Disclaimer: This is a summary of the May 2022 San Antonio Board of Realtors MLS report. Market conditions can change. Consult with a qualified real estate professional for personalized advice.