Real Estate Rumblings
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.