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San Antonio real estate market continues to heat up with sizzling summer sales

San Antonio real estate market heats up with sizzling summer sales

San Antonio house for sale
This Beacon Hill bungalow is currently on the market for $229,000. Courtesy of Redfin

The San Antonio Board of Realtors has released the final numbers for July, and home sales in South Texas are continuing to sizzle. In total, 3,275 single-family homes were sold in the area compared to 2,950 in July 2017, an increase of 11 percent year-over-year. 

It's a seller's market, says SABOR, who points to increases in both the average and median sales prices as evidence. In July, the average sale price for a single-family home in the San Antonio metro area increased to $261,889, a 2 percent increase over July 2017. Likewise, the median sales price increased by 5 percent year-over-year to $229,800. 

The length of time a house stayed on the market, however, remained relatively stable at 49 days, just one day less than last year. And while there is 3.7 months of inventory currently available, it's not all bad news for buyers. In July, 4,217 new listings came onto the local market, up from 3,978 last year. 

“The city coming together to attract new businesses to San Antonio is a big factor in keeping a hot housing market,” said SABOR 2018 chairman of the board Lorena Peña in a release. “One of the draws for any business is affordable housing solutions for its workforce and all areas of San Antonio fit the bill.”

Indeed San Antonio is an attractive market for both new business — and a robust workforce. On August 15, a new report placed San Antonio among top big cities for salaries. A median salary of $72,022 per year coupled with a lower cost of living and big-city amenities makes San Antonio one of the premier job markets in the state. Plus, with more than half (57.89 percent) of the homes sold in July priced between $200,000 and $500,000, the housing market offers more options than cities like Austin.

This trend, which began earlier this year and shows no sign of slowing down, is echoed across the county as well. In July, Bexar County reported a total of 2,384 single-family homes sold in July, an 8.7 percent year-over-year increase. County-wide, single-family home prices were only slightly less than San Antonio proper, with the average clocking in at $252,632.