Real Estate Rumblings

San Antonio home sales — and prices — continued to rise in 2017

The San Antonio real estate market continues to heat up.

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Whether it's the food, the culture, the weather, or a combination of all three, people are flocking to San Antonio — and driving up home sales in the process. According to year-end numbers compiled by the San Antonio Board of Realtors, Alamo City saw an increase in both the numbers of homes sold and median sale prices in 2017.

Over the past year, 30,715 single-family homes were sold in San Antonio, an increase of four percent year-over-year. The price of homes sold averaged $250,251, an increase of four percent, while the median price rose to $214,300, a five-percent increase.

“While it’s true that inventory has remained tight all year — below four months actually — buyers still were not deterred from jumping into the market and were attracted by the area’s variety of price points and property types,” said Lorena Peña, SABOR’s 2018 chairman. “With so much interest in buying and selling property here, it is no surprise the year ended with such record-breaking numbers.”

Though 2017 did see an increase in home sales across the board, there was a slow down compared to past years. For example, in 2015, home sales saw a nine-percent increase in home sales while 2016 continued the trend with eight-percent growth.

Despite the slow down, San Antonio's numbers are on par with the statewide average. In 2017, Texas saw a 3.9 percent increase year-over-year for total number of homes sold (313,274) and the median price rise to $225,000, a 6.1 percent increase.

As Gilbert Gonzalez, SABOR’s Interim CEO, points out, this makes San Antonio a prime market in terms of affordability. "Despite increased demand, San Antonio’s housing market continues to be among the most affordable of the large metros in the state," said Gonzalez.

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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