Real Estate Report

San Antonio's average home price surpasses $400,000 for the first time

The average San Antonio home price is now north of $405,000.

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Local home prices are heating up in the hot housing market, hitting a new milestone in June. The latest monthly report from San Antonio Board of Realtors reveals that the average San Antonio metro home price surpassed $400,000 last month, for the first time ever.

The area's average price has been inching toward this milestone for months, sitting at $399,370 in May and $395,847 in April. In June, it reached $405,891, up 18.1 percent year-over-year and up 1.6 percent from the previous month.

Meanwhile, SABOR reports that the median price clocked in at $345,000 — up 20.2 percent from a year ago, but actually down slightly from a May 2022 all-time high of $347,530.

And though prices were up significantly, sales cooled down. "San Antonio area saw a 9 percent decrease in home sales, compared to this time last year," SABOR says. But with 3,036 sales pending at the end of the month, the market could be in for a hot July.

Similar sales slowdowns were seen at the county at state levels, with Bexar County's sales dropping 10.3 percent in June and Texas' sales decreasing 8.3 percent.

“Although there is a slight decrease in sales, we continue to see an increase in median and average home prices in our area,” says Tracie Hasslocher, SABOR's 2022 chairman of the board. She notes that "the area also saw a 14 percent [year-over-year] increase in price per square foot. 100.9 percent of homes sold for the list price and stayed on the market for an average of 29 days.”

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bang for your buck

San Antonio ZIP code is 4th most affordable place for renters in U.S.

Photo by Florian Schmid on Unsplash

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Trying to afford buying a home in San Antonio is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six San Antonio ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes for renters in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs in those areas using the Zillow Observed Rent Index. ZIP codes where the average annual rental constituted the lowest percentage of median household income were considered the "most affordable."

San Antonio's 78248 ZIP code specifically stood out as the No. 4 most affordable in the country, and the No. 1 most affordable in Texas. This area encompasses the north San Antonio neighborhoods of Inwood, Forests at Inwood, Oakwood, The Park at Deerfield, Canyon Creek Bluffs, Canyon Creek Village, Blanco Village, Deerfield, Cadillac Drive, and Churchill Estates.

According to the study's findings, the average monthly cost of a rental in 78248 comes out to $1,259.17, and the median annual income of a household in the area is $122,986. Analysts then calculated that the annual rent of a home in this ZIP code only takes up 12.29 percent of a household's median income, which is the fourth-lowest in the nation.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, two Houston-area ZIP codes – 77401 and 77094 – ranked No. 9 and No. 12 nationally, while Allen's 75013 ZIP code fell two spots behind to claim the No. 14 spot.

The most affordable San Antonio-area ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in San Antonio, Austin, and Houston.

Following 78248 (which took the No. 1 spot citywide) is 78261 (No. 2), which spans east of Highway 281, across Smithson Valley Road. Rent costs in this ZIP code averaged out to $1,698 per month, the report found.

Landing in the No. 3 spot is 78258, which includes Rogers Ranch, The Vineyard, Stone Oak, Summit, Hidden Canyon, and Big Springs neighborhoods. The report said average rent in the area comes out to $1,507 per month, which takes up 17.54 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for San Antonio renters are located in 78259 (Encino Park, Encino Ranch, Cavalo Creek Estates, Northwood Hills, Summit at Bulverde Creek, Roseheart, Redland Woods) and 78260 in Timberwood Park, which is about 25 miles north of downtown San Antonio.

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