San Antonio housing market: Everything you need to know

Each year, San Antonio attracts new residents and businesses looking for affordable housing, mild winters and no individual or corporate income tax. In fact, according to Census data, the Alamo City had the highest population growth in the U.S. (numerically) between 2020 and 2021.

With median home prices below the national and state averages, San Antonio is one of Bankrate’s best places to live in Texas. If you’re interested in buying or selling property in the city, here’s what to know about its real estate market.

San Antonio housing market overview

After years of consistent increases, housing prices in San Antonio hit their peak in June 2022, with the median sale price of a single-family home reaching $340,000, according to the San Antonio Board of Realtors (SABOR). Prices have fallen since then, but they’re still up year-over-year.

San Antonio housing trends and stats

• As of January 2023, the median price of a single-family home in San Antonio is $308,249, according to SABOR. That’s an increase of 3 percent from the same time last year.
• SABOR data also shows that the sale-to-list ratio for single-family homes in the city is 93.1 percent. This means that, on average, properties are selling for 93.7 percent of their asking price.
• Single-family homes spent 66 days on the market in January, which is nearly double year-over-year.
• There were 1,743 home sales in January, a 30 percent decrease year-over-year.
• In Texas overall, the average closing costs on a home are $4,548.

Should you buy or sell in the San Antonio housing market?

Deciding when to buy or sell isn’t always easy. Here’s what you should know if you’re thinking about entering the housing market in San Antonio.

If you’re a home seller

If you’re looking to sell your home in the Alamo City, there are a few factors to consider. For starters, according to SABOR, there is an estimated 3.2 months’ worth of housing inventory — this indicates that the city currently has a seller’s market, with demand for homes outweighing available supply, meaning you’re in the driver’s seat.

Also, despite slumping in the second half of 2022, housing prices in the region have increased significantly over time. Specifically, the median sale price in the San Antonio-New Braunfels metro area has increased by around $100,000 in five years, according to data from Texas A&M’s Texas Real Estate Research Center. Depending on how long you’ve owned your property, you could stand to make a decent amount of profit on the sale.

However, high mortgage rates in Texas (and across the rest of the country) mean that fewer people are looking for a new home, and those who are likely can’t afford to spend as much. Keep this in mind when setting a listing price for your property.

If you’re a homebuyer

Similarly, there are some things to think about before buying a home here. Mortgage rates are still relatively high. If they decrease in 2023, as some predict, you could lock in a lower rate if you wait. But if you act now, you’ll probably score a good price on the home itself, and you can always refinance in the future.

Whenever you choose to buy, getting preapproved for a mortgage is one of the first steps you should take. This lets you know how much house you can afford (based on how much a lender is likely willing to loan you), and lets homeowners know that you’re a serious buyer. You should also make sure that you’ve read up on the cost of living in Texas, especially if you’re coming from a different city or state.

San Antonio housing market predictions

It’s been a hectic year in real estate, which has raised some alarms about whether or not a housing crash is coming. Fortunately, experts don’t anticipate a crash or the enormous decline in home values like we saw in the Great Recession. Instead, they predict a slowdown after the market’s recent hot streak.

Things look promising in San Antonio, though. In fact, the National Association of Realtors picked the San Antonio-New Braunfels market as one to watch in 2023, thanks in part to the area’s affordability and employment prospects.

Find a San Antonio real estate agent

Whether you’re buying or selling, hiring a knowledgeable local real estate agent can greatly improve your experience — especially in today’s complex market. Good agents have deep expertise in their local area and can offer valuable insight and guidance to help you find your dream home, or sell your current property for the best price possible.

FAQs

• Are housing prices going down in San Antonio?

  After rising for years, San Antonio housing prices peaked in June 2022. They’ve been declining fairly steadily since then. The city’s current median sale price, $308,249, is considerably lower than the national median of $359,000.
  

• Is San Antonio a buyer’s or seller’s market?

  San Antonio is still a seller’s market, with just over three months of housing inventory available. A balanced market requires five to six months’ worth of inventory, while a market with more than six months’ supply would favor buyers.
  

• Is it a good time to buy a house in San Antonio?

  Although San Antonio home prices decreased in the latter half of 2022, mortgage rates have spiked. So sale prices are affordable — the median price here is about $50K cheaper than the national median — but keep in mind that a higher rate will still mean higher monthly payments.