According to SABOR’s January 2022 press release, 2022 kicked off the year strong. Even with the large increases in the average and median home prices in January, the area only saw a decrease of 1 percent of total sales. This shows that sellers are earning more for their houses than ever before, and buyers can still find the right home despite San Antonio becoming a more popular market each year.
The San Antonio Business Journal reports that San Antonio is one of 10 national targets for buyers, ranked over Austin and Houston. The city is growing increasingly desirable to people relocating from the East Coast, West Coast, and Midwest. Among the reasons people move to the Alamo City is to retire or find comparably affordable housing. The city was even ranked in a Realtor.com roundup of under-the-radar affordable markets.
Data from the San Antonio Board of REALTORS® (SABOR) shows that in January 2022, the median single-family home price appreciated by 18%, with the median sales price at $304,700. The available months of inventory decreased to 1.2, showing that people are buying faster than they are selling.
“2022 is starting with a bang with 99.5 percent of homes closing at list price and the average home sitting on the market for 35 days,” said Tracie Hasslocher, SABOR's 2022 Chairman of the Board. "We only saw a slight decrease in total sales but saw an increase in the number of pending sales at the close of the month.”
This means that though the market remains competitive for buyers, there are still plenty of opportunities and sales being made. Working with an experienced agent is the best way to navigate the market.
Buyers should also keep interest rates in mind. According to CNET, mortgage interest rates are continuing to climb, and experts predict that this will continue throughout the year.
If you’re ready to start looking to purchase a home, browse our San Antonio listings. Our agents are available to help you make sense of the market.
Even if you aren’t looking to sell your home until later in the year, the beginning of the new year is a great time to start preparing, according to Realty Times. Now is the time to find an agent, begin making repairs and updates, and decide on a listing date.
Because of the frustrations that buyers are experiencing with the supply chain, sellers are further poised to be able to have more influence in the process of selling their homes.
The Washington Post reports that 2022 will continue the trend of the market favoring sellers. The Washington Post also predicts that sellers will have “a relatively easy time during the first half of the year.”
If you want to sell your home and you’re curious to gain insight into the rising sale prices, you can start by calculating the estimated worth of your home.