Several days ago, the San Antonio Board Of Realtors released a report that detailed the San Antonio housing market in July 2018 compared with July 2017. This month’s report included statistics, quoted experts, and more. Since you probably don’t have time to decipher it yourself, we thought we’d give you the easy-to-read version!
According to overwhelming recent data (tracked by US Census reports), San Antonio is growing fast. In fact, the recent population spike (24,208 new residents between 2016-17 alone) has placed the Alamo City at the No. 1 fastest-growing city in the country...outnumbering notoriously popular locales like LA, Atlanta, and neighboring Austin.
SABOR 2018 Chairman of the Board Lorena Peña commented on the popularity of San Antonio: “The city coming together to attract new businesses to San Antonio is a big factor in keeping a hot housing market,” she noted. “One of the draws for any business is affordable housing solutions for its workforce and all areas of San Antonio fit the bill.”
Unsurprisingly, this rapid increase in residents is easily visible in the last month’s real estate activity: 3,275 homes were sold in July, an 11% increase from last year!
This kind of double-digit increase places a significant advantage in the hands of local sellers, a fact easily seen in rising home prices (and an increased desire to sell). The average sales price rose 2% to $261,889, while the median sales price increased 5% to $229,800. It seems more and more homeowners are eager to take advantage of this seller’s market, as 239 more homes were placed on the market than last July.
On average, these homes still took their sweet time to sell, averaging at 49 days on the market (just one day less than last year). It seems that, while many buyers are eager to find the perfect home, they are staying smart by considering all the options. Well done, y’all.
16011 Mission Ridge ($355,000)
So just what are people buying these days? Over the course of the last month, most of the homes bought and sold (57.89%) were priced between $200,000 and $500,000 (like 16011 Mission Ridge pictured above).
12231 Ridge Spur ($159,000)
2919 Box Canyon Ct ($549,900)
Finally, the luxury market saw a 5.31% popularity (defined as homes priced $500,000 and above). Many of these gorgeous estates are located in historic districts or on the outskirts of the city where Hill Country views abound (as is the case with 2919 Box Canyon Ct).
And the real estate boom isn’t just limited to San Antonio city limits. Bexar County as a whole is experiencing growth: the number of single-family homes sold totaled 2,384 single-family homes last month, an 8.7% year-over-year increase. The average price also experienced a 3.2% increase ($252,632), while the median price rose 5.1% (to $217,500).
The San Antonio Board of REALTORS® is the largest professional trade organization in San Antonio and represents over 10,500 REALTOR® members. SABOR’s membership services nine counties including Bexar, Atascosa, Frio, Karnes, Kendall, LaSalle, McMullen, Medina, and Wilson. SABOR is one of over 1,200 local boards and 54 state and territory organizations of REALTORS® nationwide that make up the National Association of REALTORS® (NAR).