Real Estate Rumblings

Average San Antonio home prices soar past $300,000 in scorching summer selling season

This home is currently on sale in North San Antonio for $309,000, slightly above the average home price in the Alamo City.

Photo courtesy of San Antonio Board of Realtors

San Antonio real estate is continuing its upward trajectory, echoing trends seen in cities across the nation. In its July Housing Trends Report, the San Antonio Board of Realtors revealed double-digit growth in both home sales and average sale price in the Alamo City, welcome news in an economy reeling from the ongoing pandemic crisis.

Home sales last month climbed a whopping 25 percent over July 2019, with 4,231 homes sold. Even after a rocky spring brought on by the COVID-19 crisis, the wild summer selling months have still bolstered the local residential real estate market 4 percent over last year.

The average price of a single-family home has climbed 10 percent to $302,068. The median home price echoed that of the average, climbing 9 percent to $260,700.

This time last year, the average price of an Alamo City home was well below the $300K threshold, at $274,945, while the median stood at just $238,900, according to SABOR data.

“The data indicates positive increases throughout home sales showing San Antonio and surrounding areas leading in the market,” said Kim Bragman, SABOR's 2020 chairman of the board. "We are working to keep all home buyers and sellers as well-informed as possible, so that no one misses the opportunity to buy their dream home or sell their current home to find their forever home."

Despite evidence of the real estate market heating up, the length of time the average home spent on the market in San Antonio increased, a seemingly contradictory trend. In July, a property spent an average of 57 days waiting to sell — a 2 percent decrease.

Despite this slight dip, the near two-month period actually indicates a balanced market, an area where other major Texas areas are struggling.

According to the report, Bexar County had 5,167 active listings and 3,066 total home sales in July — more sales than any other major county in Texas. Unlike Travis (Austin), Harris (Houston), and Dallas counties, which all saw declines in home sales from January to July, Bexar County has continued to grow, with sales increasing 6.5 percent during that same seven-month period.

home-for-sale reports

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.

rent rent prices affordable housing