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Zillow reveals how fast home values are rising in San Antonio market

Hot Homes

The spring selling season is underway, and those looking to purchase a home in San Antonio should expect to pay a premium — regardless of price point — Zillow says.

A new study from the real estate authority shows that the annual appreciation of San Antonio-area home values at all price tiers was at least 7 percent in February 2021, with price increases fueled by consistently high demand.

The lowest tier of home values in the San Antonio metro area grew 7.9 percent year-over-year, to a typical home price of $153,904, Zillow says. The same jump was seen in the middle tier, also up 7.9 percent to $225,999. Meanwhile, home values in the top tier grew at a slightly lower rate, 7.3 percent to $366,615.

In most major U.S. metro areas, "homes in the entry-level segment of the market most likely to be sought by first-time and/or lower-income home buyers have also grown the most in value over the past year," Zillow says.

Two other Texas metros follow the national trend:

  • In Dallas-Fort Worth, the annual appreciation for the lowest tier was 9.5 percent, up to $194,484, compared to 8.6 percent growth in the top tier.
  • In the Houston metro area, the lowest tier saw a 9.3 percent increase, to $166,556, compared to a 7.4 percent increase for the top tier.

In Austin, however, home values in the most expensive tier grew the fastest, up 14.9 percent to $666,034. At the same time, the lowest tier of home values in the Austin metro area grew 14 percent year-over-year.

“Demand for homes in the [Texas] metros is largely uniform across price tiers," notes Zillow economist Arpita Chakravorty. "While home values in the most affordable segment are growing the fastest in Dallas and Houston, the mid- and higher-valued homes are quickly catching up due to strong demand. The spread between appreciation rates in Austin is tightening as well, indicating extreme competition across all price tiers."

Whether you're in the market right now or planning to house hunt in the future, don't expect things to slow down. Looking ahead, Zillow expects the typical home value in each of the Texas metros mentioned to grow by at least 10 percent by next February. In San Antonio, Zillow predicts an 11.1 percent jump during the year.

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New Zillow study shows that San Antonio homes are selling in about a month

Red-Hot Real Estate

Have the stay-at-home orders convinced you it's time to buy a house, or upgrade to a bigger one? You're not alone — a new report from Zillow shows that San Antonio homes are flying off the market at their fastest pace in more than two years.

For the week ending June 13, it only took a median of 32 days for a San Antonio home to go from "available" to "pending." That's two fewer days than the same time last year, as well as four fewer from the same week in May. There was no change from the week before (ending June 6, 2020).

Inventory is still low thanks to the COVID-19 pandemic, with buyers in May finding themselves competing over the smallest pool of inventory on record for that month in years. But as "the new normal" begins to take hold, it seems that buyers are now eager to make up for lost time with speedy offers.

Surprisingly, San Antonio is lagging behind the rest of the country when it comes to red-hot real estate.

In mid-June, the typical home sold in the U.S. had an offer accepted 22 days after it was listed. That's as fast as homes have sold since early June 2018, when they typically sold in 21 days. Even at the slowest point of the spring — in late May — that national number only climbed to 31 days, just six days slower than late May last year.

"Buyers shopping today might expect to be welcomed by desperate sellers, but they'll instead discover houses selling like hotcakes in the speediest market in recent memory," says Zillow economist Jeff Tucker. "The market did slow down in April, but anyone shopping this summer needs to be prepared to keep up with the lightning-quick pace of sales today.

"The question is whether the tempo will slow after buyers finish playing catch-up from planned spring moves, or if this fast-paced market will stay hot thanks to continued low interest rates and buyers scrambling over record-low summer inventory."

Home sales are still moving relatively quickly around the Lone Star State, especially in Austin. Homes there are moving within 12 days a change of three days from 2019, three days from May, and one day from the previous week.

In Houston, it took a median 28 days for listings to move to pending. That's down three days from last year, down nine days from last month, and down four days from the week before.

Dallas-Fort Worth homes are only available for 28 days — one day fewer than last year, six days fewer from last month, and two days fewer than even the week ending June 6.

Homes are selling the fastest — in only five days — in Columbus, Ohio. Cincinnati, Ohio (six days); Kansas City, Missouri (six days); Seattle (seven days), and Indianapolis (seven days) are just behind. Pittsburgh has seen the most dramatic acceleration of late, with sellers typically accepting an offer 17 days sooner than at this time last year and 40 days sooner than a month ago.

The slowest market by some margin is New York, where homes are typically spending 70 days on the market before an offer is accepted, more than three weeks longer than at this time last year. Miami (55 days) and Atlanta (38 days) are the next slowest.

Zillow points out that more homes are coming onto the market — new listings are up 14 percent nationally month-over-month — showing that sellers appear to be gaining confidence in buyer demand. Inventory remains incredibly tight and sales are happening quickly, so buyers should be prepared to move fast when they find a home they're interested in.

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San Antonio real estate market bucks nationwide trend caused by COVID-19

For Sale

We're coming up on the best time to list your San Antonio house, but thanks to COVID-19, the real estate landscape looks pretty different this year. Zillow reports that 3D home tours are up 408 percent from February, and newly listed homes nationwide were down 27.1 percent from a year ago in the first week of April.

But not in Alamo City. While the rest of the U.S. is seeing a 19 percent drop in new listings since March 1, 2020, San Antonio stayed exactly the same.

New listings here are actually at an even zero percent since the beginning of March, and active listings are down only 0.7 percent since the same period. Total U.S. inventory has only grown by 2.5 percent since March 1, which likely correlates to homes sitting on the market for longer, but .

"It is clear that many would-be home sellers are adopting a wait-and-see approach as uncertainty continues to rule," says Skylar Olsen, senior principal economist at Zillow. "Our understanding of U.S. economic conditions is changing weekly, if not daily, and early unemployment figures are striking, so it's understandable that some are hesitant to put their home on the market.

"It is possible that this year's busy home shopping season is pushed into winter as some opt to hang back, but activity continues from those who need to buy or sell for a job move or another major life event. What's not likely is that the bulk of potential home sellers and buyers simply throw up their hands and pull back from the market entirely."

By March 1, new listings in San Antonio were up 13 percent from the same time last year. Fast-forward just a month, and that number was down 11.8 percent. Though it doesn't sound impressive, the outlook in San Antonio is definitely brighter than what's happening nationwide where listings were up 17.3 percent on March 1 and down a significant 27.1 percent by April 5.

Elsewhere in Texas, Houston has seen a 1.9 percent increase in new listings from March to April of this year, but listings are down 8.7 percent from April 2019.

Dallas-Fort Worth's numbers are bleaker, with new listings down 18 percent in the past month, for a year-over-year decrease of 17.2 percent.

Austin is an outlier, up 12.8 percent in new listings from March 1-April 5, 2020, and still up 13.5 percent from April 2019.

The greatest slowdowns in new listings since March 1 were seen in Detroit (down 61.8 percent), Pittsburgh (down 55.5 percent), and New York (down 49.1 percent). But new listings were actually up or flat in 12 of the 35 largest U.S. metros, led by Phoenix (up 18.3 percent), Atlanta (up 15.6 percent), Sacramento (up 13.7 percent), and Minneapolis-St. Paul (up 13.7 percent).

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Zillow reveals the best time to put your San Antonio home on the market

Open-House Ready

It seems Texas' lack of a real winter has a ripple effect that extends far beyond agriculture. Spring has been declared the ideal time to list your home in San Antonio, with homes hitting the market at the end of May fetching $1,500 more.

That's according to a recent study from Zillow, which analyzed the history and outcome of millions of home listings over the last several years.

Early May is almost as profitable in Alamo City, but as soon as the calendar hits early August the numbers start falling. Seems the extreme heat of Texas summers is nearly as bad as possible ice in the winter, with sellers taking a sizable cut from early September through January.

If you want to get the most eyeballs on your listing when it first debuts, make it live on a Saturday. Sunday is close behind, but posting on a Tuesday means a sharp downtick in views.

Buyer interest also fades quickly, Zillow confirms, with traffic for new listings dramatically falling after only seven days. In the first week, homes in San Antonio are 41 percent likely to sell at or above list price. By week 12, the number drops to only 14 percent.

The stats are slightly different elsewhere around Texas, with Dallas-Fort Worth seeing Sundays in early June as the best time to list. Early birds get the worm in Houston and Austin, where early May is the key list time.

But the rest of the nation is even earlier, with homes listed for sale anytime in April selling one full week faster than average.

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New Zillow study crowns Texas homes the most valuable in the country

Texas on Top

If it seems like home values in Texas are soaring, that's because, well, they are. Real estate site Zillow confirmed in a new study that Texas added more housing value than any other state in 2019, thanks in large part to a slowdown across much of California.

The Lone Star State grew its total housing by a whopping $89 billion in 2019, the most in the country. California, by comparison, came in second at $77 billion, with Florida ($69 billion), Pennsylvania ($47 billion), and Washington ($45 billion) rounding out the top five.

The total value of the U.S. housing market right now is $33.6 trillion, nearly as much as the GDP of the U.S. ($20.5 trillion) and China ($13.6 trillion) combined. That's up 3.4 percent ($1.1 trillion) from a year ago and 51 percent ($11.3 trillion) from the start of the decade.

On a closer level, however, there are two Texas cities that made huge contributions to these numbers. Dallas-Fort Worth was one of five that added the most to the U.S. housing stock ($23 billion) — along with Washington, D.C. ($38 billion); Phoenix ($30 billion); Seattle ($30 billion); and Los Angeles ($29 billion) — while Austin's new-home surge mirrored that of Charlotte's for an impressive boost in value.

Austin is also third in Texas with a housing market worth $252 billion. In the 2010s, its total housing value grew $141 billion but slowed down significantly in 2019, growing only $22 billion.

The story is similar throughout Texas. San Antonio grew $70 billion from a decade ago, including $9 billion in 2019, which makes up 0.5 percent of the nation's total. The city's total housing market worth is now $161 billion.

Houston growing $20 billion now compared to $221 billion in the 2010s, for a total market share of 0.7 percent. In total, Houston homes are currently worth a total of $481 billion.

It's not a surprise where the most valuable homes in America are located. New York, Los Angeles, and San Francisco markets are all worth more than $1 trillion. Despite being worth $3.2 trillion, New York actually lost value last year, while at $2.5 trillion, Los Angeles added the most value over the full decade.

California lives up to its Golden State nickname, making up a whopping 21.2 percent of the nation's housing value with 12 percent of the population. To put that into context, the next most populous state, Texas, makes up 8.8 percent of the U.S. population, but only 5.9 percent of the country's housing value.

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San Antonio suburb among the richest places in Texas for 2023, plus more top stories

Hot Headlines

Editor’s note: It’s that time again — time to check in with our top stories. Here are five articles that captured our collective attention over the past seven days.

1. San Antonio suburb cashes in among the richest places in Texas for 2023. Alamo Heights has been renamed the third richest place in Texas for 2023 in a recent study.

2. San Antonio home sales slowed in December 2022, report finds. San Antonio sold 36,477 homes all year, a 10 percent decrease from 2021.

3. Here are the top 5 things to do in San Antonio this weekend. Nina Simone, Pink Floyd, the Beatles and more music-centered events made our roundup of the best things to do in Alamo City this weekend.

4. San Antonio Home & Garden Show returns with HGTV star. Ati Williams will headline the San Antonio Spring Home & Garden Show, which takes place February 24-26.

5. H-E-B opens first location in growing San Antonio suburb. The state-of-the-art facility offers 110,000 square feet of floor space, providing everything from cat food to charcuterie.


Popular Pearl brunch spot remixes with new weekend DJ nights

OONCE OONCE OONCE

Though Full Goods Diner has barely been open for half a year, it has already become a San Antonio staple for working weekday lunches and lingering Sunday Fundays. Now the Pearl eatery is looking to be a hot spot after dark.

Via release, the popular local haunt just announced a new limited-time music series, Full Goods at Night. Starting on February 2, Full Goods Diner will open select evenings throughout the month.

The Full Goods at Night series will feature popular local San Antonio DJs, including El West Side Sound, Hector Gallego, DJ Plata, Steven Lee Moya, and Cami Gee. Guests can enjoy live sets while indulging in a specially curated food and drink offerings.

The menu will include some of Full Goods Diner's best—selling items, such as French toast sticks, barbacoa waffle fries, and jumbo cheesy tots. Libations like the Attaboy Negroni, Royal Bermuda Daiquiri, Pink G&T, and more will fuel the festivities.

In addition to enjoying moonlight brunch, guests can relish some prime people-watching. And, of course, the restaurant is just a hop from other nightlife destinations like Pink Hill, 3 Star Bar, and Summer Camp Bar, making it the perfect party starter.

The series runs every Thursday, Friday, and Saturday from February 2-25, 6-10 pm. The complete DJ schedule is listed below.

February 2 — El West Side Sound·
February 3 — Hector Gallego
February 4— DJ Plata
February 9 — El West Side Sound
February 10 — Steven Lee Moya
February 11 — Cami Gee
February 16 — El West Side Sound
February 17 — Steven Lee Moya
February 18 — Hector Gallego
February 23 — El West Side Sound
February 24— Steven Lee Moya
February 25 — DJ Plata

4 San Antonio culinary pioneers win $21K from the Texas Food & Wine Alliance

CULINARY INNOVATION

Texas’ skyrocketing culinary scene is about to get a huge boost. The Texas Food & Wine Alliance’s grant program has awarded $107,500 to 19 culinary innovators around the state. This marks the Alliance’s 11th year providing funding to support culinary projects contributing to local communities.

The award winners were announced in a ceremony at Austin's Holdsworth Center on January 21. A private panel of distinguished culinary experts chose the winners out of 40 grant applications this year. Nine winners hail from Austin, three from Dallas-Fort Worth, three from Houston, and four from San Antonio. The awards range from $1,500 to $10,000, with a special $25,000 grant investment from Austin favorite Tito’s Handmade Vodka in honor of the company’s 25th anniversary. Grant funding will support chefs, farms, and culinary education groups, among others.

Out of the four San Antonio area winners, Talking Tree Farm received the most from the grant program, $6,250 to purchase shipping containers for storage and to buy a solar-powered cold room for their harvests. John Marshall High School’s culinary arts program will use their $5,000 grant to establish a morning café. Agricultural project Habitable Spaces and pasture-raised chicken farm Cielito Lindo Farm also won $5,000 each to purchase equipment or build infrastructure to further their endeavors in the culinary space.

Austin-area winners received the most funding from the grant program, totalling $53,750, while San Antonio winners received $21,250 in total. Dallas/Fort Worth winners were awarded $19,750, and the three Houston recipients won $12,750. All of the 2022 winners reflect just how diverse the state's trailblazing culinary scene continues to expand.

“All of this year’s funded projects will further enrich the state through innovation and giveback,” said Erika White, executive director of the Alliance. “We’re extremely grateful to each of the Texas communities, our sponsors and their support in allowing us to reward these mold-breaking projects.”

In Austin, organic farm Trosi Farms was awarded the most funding ($10,000), which will help construct a germination shed for more stable plant start production. Locavore pioneer Boggy Creek Farm won $7,500 in grants to provide ADA-compliant accessibility to their new climate-controlled Tomato House, while Texas’ first organic feed mill, Coyote Creek Organic Feed Mill & Farm, received $6,250 to help purchase a building to be used as a store for the local community.

The six other Austin area grant recipients, each winning $5,000, include Vista Farms at Vista Brewing, Jamaican family business Tierra Todun ATX, coffee roasters Rising Tide Roast Collaborative, culinary educator Chef Pascal Simon from Bake Austin, East Austin food truck Community Vegan, and Latinx pastry project Comadre Panaderia (who also just earned a James Beard nomination). All winners will be able to use their grants to improve efficiency and expand their businesses, or in Chef Pascal's case, further research and development for her upcoming cookbook for Gen-Z young adults.

After starting the program in Austin, grant co-chair and TFWA past president Cathy Cochran-Lewis says it was the Alliance’s dream to expand the grant statewide.

“We’re so humbled and thrilled to now not only support worthwhile projects across Texas but also to give more than a half million dollars in funding over the last decade to help dreams come true,” she says. “This is a tribute to the culinary talent and the community mindset we are lucky to have in our state.”

The winners in the Dallas-Fort Worth and Houston areas include:

For this year's Honorable Mention, the Alliance chose San Antonio eatery Tacos Cucuy, who will soon open a brick-and-mortar space with an expanded menu. Tacos Cucuy are currently looking for support to develop a Tex-Mex charcuterie program called La Cura Carnes Especiales.

More information about the 2022 grants and its recipients can be found on texasfoodandwinealliance.org.