Real Estate Report

San Antonio home prices still on the rise despite dropping sales, report says

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In September 2022, the San Antonio area's median home price grew 14 percent year-over-year to $337,200.

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In San Antonio, the average home price, median home price, and price per square foot continue to climb, the latest monthly report from San Antonio Board of Realtors (SABOR) shows.

The new report, released October 18, underscores the market's continued trend of rising prices. In September 2022, the San Antonio area's median home price grew 14 percent year-over-year to $337,200. The average home price was up 12 percent from a year ago, to $389,752, and the price per square foot jumped 15 percent, to $188.

Yet the market, in terms of sales, continues to cool. SABOR reports that in September, 3,167 homes sold in the area, a 13 percent drop from the previous year. Homes also spent an average of 42 days on the market, up a significant 14 days from the buying frenzy of last fall.

“This is the sixth consecutive month where we see a decrease in sales," says SABOR's chairman of the board, Tracie Hasslocher, in a release, "however 98.3 percent sold for their listing price."

The trend of rising prices and falling sales was seen at the statewide level in September, too. According to SABOR's report, Texas home sales in September 2022 were 15.1 percent lower than a year ago. Meanwhile, the state's average home price increased by 10.1 percent, and the median price rose 11.7 percent.

On average, a Texas home spent 38 days on the market, selling a few days faster than the San Antonio average.

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