Red-Hot Real Estate

San Antonio home sales and prices continue going through the roof, report says

San Antonio home sales and prices going through the roof, report says

Home in San Antonio
Homes are spending about half the time on the market that they did a year ago. Yellow Dog Productions/Getty Images

The San Antonio weather is hot, and so is the local home market.

The San Antonio Board of Realtors (SABOR) reported June 15 that the metro area saw a 27 percent year-over-year spike in single-family home sales last month. Meanwhile, the region’s median home price climbed 17 percent in May, landing at $282,400.

In May, 71 percent of homes were priced at $200,000 to $499,000, with 16 percent at $199,000 or below, and 13 percent at $500,000 or more, SABOR says.

Amid the rise in home sales and home prices, the number of days that a typical home spent on the market shrank significantly, going from 63 days in May 2020 to 33 days this May, according to SABOR.

“Home sales have continued to outpace last year, and inventory still remains low at just 1.3 months available,” Cher Miculka, SABOR’s 2021 chairwoman, says in a news release. “Homebuyers need to be prepared to move quickly on a home they are interested in.”

Real estate brokerage Redfin ranks San Antonio as a “very competitive” housing market, with many homes receiving multiple offers and the average home selling for about 1 percent above list price. Data cited by The New York Times shows the number of active real estate listings in the San Antonio area plunged 71 percent from last April to this April.

Jessica Mejia, a 28-year-old San Antonio real estate agent, told Texas Monthly that she’s advising some homebuyers to back off until the market cools off.

“I try to keep our buyers motivated, but sometimes that means saying, ‘Maybe you need to go back and rent for another six months because of how intense this market is,’” Mejia said.