Money Matters
This San Antonio neighborhood boasted the biggest profits for sellers in 2017
San Antonio home sellers in one hot neighborhood made big bucks last year. According to a new report from Zillow, sellers in the San Antonio metro area profited slightly less than the national average, but Oak Park bucked the trend.
In 2017, San Antonio-area homes sold for a median of $34,029 more than the original purchase price, or 19.7 percent. That's less than the national average (21 percent, or $39,000), and just below the $36,560 needed for a median 20 percent down payment in San Antonio right now.
But sellers in Oak Park cashed in, earning a median of $64,907 more than they paid for the home, a gain of 24.5 percent — and the highest return in the area. The typical Oak Park seller owned their home for only 3.7 years before selling, compared to 7.5 years in San Antonio as a whole.
"In a housing market that’s been plagued by low inventory and increasing demand, homeowners in the nation’s hottest markets have been able to cash in when they sell their homes," said Zillow senior economist Aaron Terrazas in a release.
Dallas-Fort Worth, Austin, and Houston exceeded the national average. DFW boasted the highest return in Texas: 31.4 percent, or $56,297. And with the median down payment estimated at $45,020, DFW residents were left with a nice cushion for their next move.
In Austin, homeowners profited $57,697 — 27.1 percent more than what they paid for their home, but slightly less than the median down payment of $58,620. Houston-area homes sold for a median of $43,374 more than the original purchase price, a gain of 24.7 percent, and enough to cover the next down payment of $39,100.
The Texas figures pale in comparison to California, where San Jose and San Francisco sellers made $296,000 and $222,000, respectively.
San Antonians love a cozy backyard where the green grass grows.
Photo courtesy of J. Montgomery Designs, Inc.