Whether you are a current or prospective homeowner or renter or are considering buying or selling, it is important to know how the current state of the market impacts your daily decisions while living in Central Texas. Our blogs are written to provide you with the data to create clarity so that you can make informed real estate-related decisions. Read below to gain valuable market insights and connect with one of our local agents today!
Median home prices in San Antonio declined for the fifth month in a row to $314,625 from their peak in June at $348,200. Homes are still appreciating year over year by 5% for the month of November 2022 according to data from the San Antonio Board of REALTORS®. Homes are now selling for 94% of their asking price, as compared to 102% in April.
Let’s take a look at what’s happening in the local San Antonio housing market:
- The number of homes for sale increased 89% year over year.
- The number of new listings entering the market increased 10% compared to a year ago.
- The number of homes under contract fell 38% year over year, and the number of homes sold fell 24% compared to one year ago, so unsold inventory (active listings) will sit on the market for longer.
- Monthly inventory levels remained at 3.3 months, up 1.7 months compared to November 2021.
- Homes are averaging 52 days on the market, up 8 days from last month and 20 days from one year ago.
- Median home sale prices declined for the fifth month in a row to $348,200 but are still up 5% year over year.
- There are over 10,000 homes for sale, and over 800 homes have reduced their price in the past 30 days.
Source: San Antonio Board of REALTORS®, All MLS.
What are the questions today’s home buyers and sellers are asking?
• Will there be more housing inventory in 2023?
Are you trying to time the market? We have some insights that can help you understand where housing inventory is headed.
• Is buying a home still a good investment?
This winter presents a unique opportunity for those who have been sitting on the sidelines waiting to buy a home. Learn the top three reasons why buying a home is a long-term wealth investment.
• Will mortgage rates come back down?
As long as inflation is high, we’ll see higher mortgage rates. However, economists at Fannie Mae and the Mortgage Bankers Association are expecting rates will come down, it’s just a matter of time. Pro Tip: Learn more about mortgage rate locks to support your buying power with certainty.
The market, and therefore the rate of appreciation, may be slowing down, but that doesn’t mean it’s a bad time to sell. Learn why the significant gains in equity by homeowners over the past few years can make a big difference in what you can afford if you need to make a move.
BOTTOM LINE: If you’re thinking of buying or selling a home this new year, connect with a trusted real estate professional who can help you understand where the housing market is headed.
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