5 facts about the San Antonio real estate market you should know
Home Improvement Guide - November 2, 2022
San Antonio is well known for its thriving community. It is definitely a great place to live and invest. And between 2010 and 2020, it is one of the ten largest metro areas with the fastest population growth. This makes San Antonio’s real estate market rise from year to year. By the last report that came out in April 2022, the median price of a home had gone up by 23% from the year before. The average price of a house went up by 20%, to $395,847. However, San Antonio is still cheaper than the rest of Texas. And, if you are moving from far, with long distance movers San Antonio you don’t have to worry. Before you make a decision to move, we have compiled some information regarding the San Antonio real estate market.
San Antonio’s seller’s market is strong
The number of available residences has increased compared to previous months. At the moment, there are enough homes to meet the demand for about 1.2 months. This indicated a strong seller’s market. There is a big difference between how many new homes are being built and how many people want to live in them. Realtors in the area say that supply is growing faster than demand. The lack of available inventory, or properties, keeps prices high and fosters a seller’s market. Compared to the previous year, the time spent on the market is currently around a month and a week shorter. Therefore, in the case you are selling, hire packing services San Antonio on time. In order to become a buyer’s market the supply must rise to more than six months of inventory. But this is unlikely to happen soon.
Growing San Antonio rental market
In the San Antonio metro region, of all occupied homes 39% of all occupied homes are rented. Some studies have found that San Antonio’s rental market is one of the most stable in the whole country. Local movers San Antonio have a lot of work to do. There are a lot of military people living in the city, and many of them rent because they don’t know where they will be stationed next. This is one of the things that make the San Antonio real estate market great for rental investment. Over the past three years, the rent for a three-bedroom apartment in San Antonio has gone up by 21%. On average, it costs $1,700 per month to rent a home with three bedrooms. Prices are a bit higher in places like Downtown, for example. In this area, the cost of rent per month ranges from $3,169 to $4,500.
Home prices are increasing
In only the past five years, the values of San Antonio’s homes and other properties have increased by an incredible 59%. According to the numbers reported the monthly average property value in San Antonio was $326,500 in the month of March. The cost of housing in San Antonio is on the rise. However, the city is still relatively inexpensive in comparison to that other cities and regions. It is generally agreed that Highland Hills is the most affordable area of the city. You can buy a home in this region for a median price of approximately $170,000, depending on its features. There are other neighborhoods like Leon Valley, Lafayette Place, Live Oak, China Grove, Seguin, and Windcrest that have reasonable housing costs. On the other hand, The Dominion is the area with the highest average home price. This neighborhood has an average list price of $799,900, according to current listings.
Mortgages, downpayment, and interest rates in San Antonio real estate market
The number of “underwater” mortgages in San Antonio is one of the lowest in the country. This refers to a situation in which a homeowner owes more on their mortgage than their home is worth. With a rate of just 9.08%, San Antonio has the best housing market in the country. San Antonio has the lowest percentage of down payments. Buyers don’t need to have a lot of money saved up to buy a home. This is because the average down payment is about 13% of how much the whole house costs. But in reality, most people who buy a home put down less than 10%. Compared to the rest of the country, the interest rates in San Antonio are low. Also, the average length of time to pay off is 19 years. All of these things are making the SA real estate market grow.
Diversity of buyers
For many years, most of the people who moved to San Antonio were retirees and families. This is because it is known as a more relaxed, “family-friendly” city. But it looks like young people are also moving into the city these days. Research shows that young people are becoming more interested in “18-hour cities” like San Antonio. “24-hour metropolises” like New York and Los Angeles don’t get as many people as they used to. San Antonio has actually become home to a wide variety of people. So, if you are, for example, a musician moving into the city check for piano movers San Antonio TX. There are many different kinds of people in the housing market. This includes a wide range of ages, races, and phases of life. This shows that in the San Antonio real estate market, there is something for everyone.
San Antonio real estate market is one of the most stable ones
These are just a few of the interesting and important facts about the San Antonio real estate market. It is incredible to see how this market has been steadily improving over the past few years. It is not surprising that San Antonio was recognized as one of the top three strongest housing markets. This city is fantastic whether you’re looking to purchase a property, sell a home, or do all three at the same time. Hopefully, after reading these facts, it would be easier for you to decide which route you want to take.