Real Estate Rumblings

San Antonio real estate market just closed on its best selling year ever

At $259,990, this San Antonio home is almost exactly the average sales price.

It was another banner year for San Antonio real estate, according to the local experts. The San Antonio Board of Realtors released its 2018 Report on Year-End Housing Market Data, and all trends are pointing skyward.

More than 32,000 homes were sold last year in the San Antonio metro area, up 4 percent from 2017, thus outperforming all other years, says SABOR.

The market also saw year-over-year increases every month in 2018, with exception of September and December. In April, San Antonio sales saw a massive increase as sales jumped 17 percent over April 2017.

As sales increase, so too do prices. The 2018 sales year ended with the average sales price at $259,571 and the median landing at $225,600, a 4 and 5 percent increase, respectively.

“We have seen the numbers maintain a constant rise throughout 2018, so it is no surprise it was another record breaking year for our city,” said Grant Lopez, SABOR’s 2019 chairman, in a release. “While inventory has remained tight, hovering between 3.2 and 3.6 months, it has not discouraged buyers from getting into the market.”

Also trending upward are the number of home sales falling in the $200,000-$500,000 range. In 2018, these home sales made up the majority (55.2 percent) of all Alamo City sales. Homes priced below $200,000 accounted for 39.2 percent of sales while those selling for $500,000 and up accounted for 5.6 percent.

Though the numbers are climbing, SABOR says this shouldn't dissuade newbie buyers from jumping into the real estate market. Despite the upward mobility, San Antonio is still among the most affordable markets in Texas.

"That affordability combined with job growth across many industries like tech, medical, and military make this a desirable place to buy and sell property,” said SABOR president Gilbert S. Gonzalez.

Echoing San Antonio's trends, sales across the state continued to rise 1.9 percent year-over-year, translating to 320,760 homes sold in Texas in 2018.

reports

bang for your buck

San Antonio ZIP code is 4th most affordable place for renters in U.S.

Photo by Florian Schmid on Unsplash

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Trying to afford buying a home in San Antonio is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six San Antonio ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes for renters in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs in those areas using the Zillow Observed Rent Index. ZIP codes where the average annual rental constituted the lowest percentage of median household income were considered the "most affordable."

San Antonio's 78248 ZIP code specifically stood out as the No. 4 most affordable in the country, and the No. 1 most affordable in Texas. This area encompasses the north San Antonio neighborhoods of Inwood, Forests at Inwood, Oakwood, The Park at Deerfield, Canyon Creek Bluffs, Canyon Creek Village, Blanco Village, Deerfield, Cadillac Drive, and Churchill Estates.

According to the study's findings, the average monthly cost of a rental in 78248 comes out to $1,259.17, and the median annual income of a household in the area is $122,986. Analysts then calculated that the annual rent of a home in this ZIP code only takes up 12.29 percent of a household's median income, which is the fourth-lowest in the nation.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, two Houston-area ZIP codes – 77401 and 77094 – ranked No. 9 and No. 12 nationally, while Allen's 75013 ZIP code fell two spots behind to claim the No. 14 spot.

The most affordable San Antonio-area ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in San Antonio, Austin, and Houston.

Following 78248 (which took the No. 1 spot citywide) is 78261 (No. 2), which spans east of Highway 281, across Smithson Valley Road. Rent costs in this ZIP code averaged out to $1,698 per month, the report found.

Landing in the No. 3 spot is 78258, which includes Rogers Ranch, The Vineyard, Stone Oak, Summit, Hidden Canyon, and Big Springs neighborhoods. The report said average rent in the area comes out to $1,507 per month, which takes up 17.54 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for San Antonio renters are located in 78259 (Encino Park, Encino Ranch, Cavalo Creek Estates, Northwood Hills, Summit at Bulverde Creek, Roseheart, Redland Woods) and 78260 in Timberwood Park, which is about 25 miles north of downtown San Antonio.

rent rent prices affordable housing