Real Estate Rumblings

San Antonio homebuyers feel the heat as real estate prices continue to rise

San Antonio homebuyers feel the heat as real estate prices keep rising

San Antonio home for sale
This San Antonio home is currently on the market for $249,900, a little less than the average price of $277,242. Photo courtesy of San Antonio Board of Realtors

July was another sizzling month for San Antonio home sales. The Alamo City saw a mid-summer increase in both sales and home prices, a trend echoed across the county and state.

The San Antonio Board of Realtors' July 2019 report analyzes all area properties on the Multiple Listing Service over a 30-day period. Last month, home sales in San Antonio jumped six percent year over year to 3,397. The average sales price also increased six percent over July 2018 to $277,242. The median price clocked in at $239,500, a four-percent gain.

Most of the homes sold last month (61.1 percent) were priced between $200,000 and $500,000. Homes priced under $200,000 made up 32.3 percent, and those priced over $500,000 made up the remaining 6.6 percent of homes sold in July.

Bexar County, meanwhile, had an average sales price of $262,457, slightly less than inside the city limits, but still a 3.8 percent increase over last year.

“We always expect the summer months to show an increase in sales figures, and this year is no different,” said Grant Lopez, SABOR’s 2019 chairman of the board, in a release. “Though the average price has increased, it is still well below the average for the state and for other major metro areas in Texas, which is great news for buyers in the San Antonio area.”

It's true that San Antonio home prices do trend lower than some of Texas' other big cities (cough, Austin, cough), but compared to the rest of the state, San Antonio is about average.

In Texas, the median price last month was $250,000, and the average amount of time on the market was four months. The average home in San Antonio spent 52 days on the market, a slight uptick from last year, with 3.9 months of inventory available.