The State of the Housing Market: San Antonio 2022 Review
According to the National Assembly of realtors., San Antonio, TX continues to rank among the housing markets considered hidden gems. The city’s prime real estate is spread out across various neighborhoods and subdivisions.
The demand for housing in San Antonio is quite high, and properties stay an average of about 25 days on the market before selling. This is definitely a shorter time than the average one month on the market from last year.
While the demand is high, the inventory of available properties is still higher. With these demand and supply-demand dynamics in consideration, San Antonio is presently a buyer’s market. The market is hot, and property prices have been at record highs.
February 2022 saw the home prices in San Antonio go up by 14.3 % compared to last year. Industry statistics have the median price for homes in San Antonio at $280K. Hot homes in the city stay on the market for about 12 days and sell at around 4% above the listing price.
Even as property and rental prices go up, San Antonio remains to be the most affordable real estate market in Texas.
The median listing home price in San Antonio has surpassed $300K and stands at $305K, while the median listing home price per square foot is $159.
An estimated 62% of all housing units in San Antonio are single-family homes. The demand for these units is quite high, and the most common of these single-family houses are three and four-bedroom houses. San Antonio also has some affordable condo/townhouses and duplex/triplexes.
San Antonio Home Values By The Neighborhoods
San Antonio, TX, is made up of 179 neighborhoods. The most expensive of these neighborhoods is The Dominion, which has a reported median listing price of $799,900.
Coming up in the second place among the most expensive neighborhoods in San Antonio is Oak Park-Northwood, with a median listing home price of $494.3K. Despite the higher-than-average listing price, demand for housing in Oak Park-Northwood is quite high.
Stone Oak, another popular neighborhood, has a median listing home price of $419.5K. In this neighborhood, the average listing price per square foot is $159.
Coming in close in price among the most popular neighborhoods is Midtown, for which the median listing home price is $395.5K. The listing price per square foot in Midtown is $227.
The median listing home price in Vance Jackson is $300K. Renters can come up with a budget, working from the neighborhood’s listing per square foot of $165.
Just as popular and close in the price range with Vance Jackson is Greater Harmony Hills. If you want to own a home in Greater Harmony Hills, work out your budget with the median listing home price of $297 K. On the other hand, the average listing per square foot in the neighborhood is $184.
People Active in Community Effort, Denver Heights, and Heritage are three popular neighborhoods in San Antonio with near-similar median listing home prices. For People in Active Community Effort, the median listing home price is $235K, and an average $139 per square feet listing price.
Denver Height’s median listing home price is $231.2K. In this neighborhood, the listing price per square foot is $183. The heritage continues to be quite popular in the neighborhood, thanks to its listings of affordable townhouses. The median listing home price in the neighborhood is $223K, and the listing price of $141 per square foot.
On the other end of the spectrum are the cheaper neighborhoods with median listing home prices of less than $200K. Highland Hills is a quite popular neighborhood with a median listing home price of $183.5K and a listing price of $148 per square foot.
The most affordable neighborhood yet is Prospect Hill. The median listing home price in this San Antonio neighborhood is $160K.
Highlights For Renters
The San Antonio rental real estate market has proven itself quite stable over the years, which is why the city is quite attractive for investors. In fact, renter-occupied units in San Antonio constitute about 40% of all the occupied housing in the city.
Several industry reports have placed the median rent for a 3-bedroom home in San Antonio at $1800. Rent has increased at a steady 13% year-over-year in the city.
If you are looking for the most affordable rental units in San Antonio, then start your search in Sunnyslope, Quintana, and Salado Valley. These have been described as some of the most affordable neighborhoods to rent. In these neighborhoods, the average monthly rent is about $900.
However, neighborhoods such as Downtown San Antonio, Forest Crest, and King William have been rightly listed among the most expensive neighborhoods for renters. The average monthly rent in these neighborhoods is in the range of $3000-4500 per month.
What Next? Predictions For The Future
Industry insiders have previously predicted the San Antonio real estate market outperforming other cities. This has been the case, even as home prices continue to rise. Home prices in San Antonio are expected to rise by 3.5% this year.
Rent prices are also expected to stay on the increase. Of course, the low supply of inventory is one of the primary factors for this hike. Additionally, it is expected that the demand will stay steady and even increase, thanks to an anticipated steady increase in population. People are always looking to relocate within the city, not to mention the in-migration numbers from other parts of the greater Texas area.
Find Or List A Home With The Experts
Are you looking for a home? Browse through the listings on Orchards to find the perfect home in San Antonio for you and your family. Apply the right filters, from choosing your area to the number of beds and price range, to make your search easier.
Are you selling a home? List with Orchard and get your listing in front of the right people, as you enjoy the services of a dedicated listing agent.
Photo courtesy of Deposit Photos