Real Estate Rumblings

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

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

San Antonio home for sale
At $259,990, this San Antonio home is almost exactly the average sales price. Courtesy of SABOR

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.