Real estate reality

San Antonio housing market gets even hotter as median price nears $300,000

Home prices are up, but so is inventory. Photo by Ariel Skelley/Getty

It’s a common refrain: Home prices in the San Antonio metro area are going up. The median price of a home in the region shot up 17 percent in June compared with the same time last year, the San Antonio Board of Realtors reported.

The median price of a home in the San Antonio area stood at $292,600 in June, up from $249,500 a year earlier. By comparison, the median home price in Texas rose 21.2 percent in June to $315,000, compared with $261,000 a year earlier.

Meanwhile, the inventory of homes for sale is also on the rise.

In June, 4,476 homes were listed for sale in the San Antonio area, up 12.3 percent from the same time in 2020, according to SABoR. As for home sales, those inched up by just 5 percent, going from 3,850 last June to 4,024 this June.

“The San Antonio area housing market is continuing to move quickly, [and] homes are selling in an average of 26 days. That’s 34 days less than last year,” Cher Miculka, chairwoman of SABoR, says in a July 20 news release. “With the kickoff of summer, we are seeing new inventory hit the market, which is providing more options for buyers.”

trends reports

MARKET WATCH

Zillow data shows big dip in San Antonio home values in March

undefined Photo courtesy of Opendoor

In what's usually one of the most competitive home-buying seasons, San Antonio's housing market took an ominous turn in March. According to the latest report from real estate marketplace Zillow, Alamo City saw a slowdown in price growth and a significant increase in available inventory at the beginning of spring.

The report outlines a disconnect between San Antonio homeowners who are eager to list their properties and buyers who are hesitant to dive into the market. In March, a significant number of homes were listed in the San Antonio metro area, contributing to a 6.8 percent jump in new listings and a 14.5 percent increase in inventory compared to the previous year.

San Antonio was also one of only five major metros nationwide where home values declined in March and the only metro outside Florida. Zillow's home value index fell 2.7 percent for Alamo City residential properties year over year.

This shift occurred even as mortgage rates reached a multi-year low of 6.65 percent during the same month. Nationally, home price growth stalled. The typical home value nationwide only saw a modest 0.2% month-over-month increase in March.

"More sellers came out to test their luck as rates ticked down in March, but home sales didn't keep up," said Zillow chief economist Skylar Olsen via a news release. "Buyers — especially first-timers without equity to pour into their down payment — continue to struggle with affordability and now are facing even higher levels of uncertainty."

Affordability remains a key concern for prospective San Antonio homeowners. A 2024 report from Zillow stated that Alamo City residents needed 60 percent more income since 2020 to afford home ownership.

San Antonio sellers may mirror the national trend to appeal to more buyers. Zillow says over 23 percent of listings nationwide saw a price cut in March, the highest share for any March since at least 2018. Though the overall numbers suggest an economic chill, local buyers may find more options and potentially more negotiating room as the spring buying season progresses.