Real Estate Report
San Antonio housing market heats up as prices continue climbing
The San Antonio Board of Realtors says home prices in Alamo City are continuing to steadily rise. During the month of February, both the median and average home prices increased six percent year-over-year to $215,100 and $247,307, respectively.
According to SABoR's March 16 release, the number of homes sold also increased year-over-year, to three percent. That translates to more than 2,000 homes sold in San Antonio in February 2018, with more than 3,000 new listings coming onto the market. SABoR notes that despite the increase in properties available, 97.6 percent of all sellers were able to sell their property at the listing price or higher.
Despite its continual growth, SABoR says potential buyers shouldn't be discouraged that San Antonio is a seller's market. “Even though the market is favorable to sellers right now with just 3.3 months of inventory available, we still continue to see a steady flow of houses come on the market which is good news for buyers," said Lorena Peña, SABOR’s 2018 chairman of the board.
And buyers will have a lot of variety to choose from, too. While the majority of homes sold in San Antonio last month ranged from $200,000 to $500,000 (51.3 percent), 44 percent of all homes were sold for less than $200,000. The remaining 4.6 percent of homes were priced at $500,000 or higher, and nine homes were sold for more than $1 million.
Thanks to San Antonio's economy, the city's varied housing market isn't something that's expected to change anytime soon. “With people continually moving into the city for jobs, including our military and medical personnel, there is always a market for both buyers and sellers at many different price points," said Gilbert Gonzalez, SABOR’s interim CEO, in a release.