Real Estate Rumblings
Is the Alamo City the next red-hot real estate market in Texas? The latest report from the San Antonio Board of Realtors shows home sales — and prices — are continuing their steady climb, and showing no signs of slowing down.
In its August report, released on September 17, SABOR crunched the numbers to find sales of single-family homes in San Antonio climbed seven percent year over year to 3,440 total sales.
“It’s no surprise to see our sales continue to increase each year, with more and more people relocating here every day for work, school, military service, and other interests,” says Grant Lopez, SABOR’s 2019 chairman of the board, in a release. “It’s clear that such a booming real estate market is directly related to the expansive growth happening in our city.”
Of course with all those new homeowners comes a less exciting trend: rising prices. Last month, San Antonio's average home prices hit $277,114, a seven percent increase from August 2018, while the median price was $238,400, an increase of three percent. The average time on the market, known as inventory, hit 3.7 months, the lower end of what is considered a "healthy market."
Of those 3,440 home sales last month, more than half (62.4 percent) were priced between $200,000 and $500,000. Home sales under $200,000 made up the second largest percentage at 31.3 percent, while homes more than $500,000 made up the remaining 6.3 percent.
Though SABOR's report details the increase in sales and home prices, the real estate authority also notes that Bexar County is still the most affordable of Texas' major metros.
"While Bexar County reported an average sales price of $262,976 in August, nearby Travis County had an average sales price of $486,131, Dallas County reported an average of $353,710, and Harris County reported an average of $324,753," notes the report.