News Summary
Recent data reveals that homes in San Antonio are taking longer to sell, with the average time on the market increasing by 8%. Despite this shift, there has been a 1% rise in overall home sales. The trend is leaning towards new homes, which have seen a 17% increase in sales, while pre-owned homes dipped by 8%. The current median sale price stands at $312,000, reflecting a significant rise since the pandemic. While inventories are increasing, high mortgage rates still pose challenges for some buyers.
San Antonio Housing Market Trends Shift as Homes Spend More Time on the Market
Ah, San Antonio – where the weather is warm and the housing market is shifting! Recent data has thrown the spotlight on how homes are being bought and sold in this vibrant city. If you’re curious about the current state of the San Antonio housing market, buckle up because there are some interesting changes happening.
Homes Taking Longer to Sell
Let’s dive right in! As of September 2024, homes in Northeast San Antonio have been spending more time on the market. Specifically, the average time a home was on the market rose by 8%, now sitting at 71 days. This is a noticeable shift, especially when you consider how quickly homes used to fly off the market in recent years.
A Bright Spot: More Sales Overall
In brighter news, a total of 26,304 homes changed hands in San Antonio during the first nine months of 2024, which is a slight 1% increase compared to the same period in 2023. It seems that while homes are taking a bit longer to sell, there is still a steady demand for property in the area.
New vs. Pre-Owned Homes
When we break it down further, there’s a clear divide between pre-owned and new homes. Sales of pre-owned homes have dipped by 8%, while new home sales have actually jumped by 17% in the same time frame. This trend suggests that buyers are increasingly leaning towards new constructions, perhaps due to the benefits they offer in terms of modern amenities and energy efficiency.
Price Check
Now, let’s talk numbers. The current median sale price for homes in San Antonio is at $312,000, which is quite a leap of about 30% from the pre-pandemic average of $240,000 back in March 2020. That’s a hefty increase, reflecting the ongoing demand in the face of a shifting market.
Buying Power in Flux
With the increase in homes for sale, buyers are beginning to see more options available to them, which is a welcome change. As a result, builders are responding by cutting prices and even offering enticing incentives to attract buyers. After all, a little competition never hurt anyone!
Inventories on the Rise
If you’re looking for variety, you’ll be pleased to know that the inventory of homes for sale in San Antonio reached its highest point since 2013 during the summer of 2024. The average home inventory from July to September was about 5.25 months, getting closer to the ideal six-month supply that signals a balanced market.
Challenges Ahead
However, it’s not all sunshine and rainbows. High mortgage rates have created barriers for some buyers, particularly those looking for affordable homes. Many are finding it difficult to navigate these financial hurdles, which is shaping the current landscape of the market.
The Buyer Experience
Personal experiences from local buyers reveal a mixed bag. Many are finding themselves caught in a cycle of high competition and long waits to secure the home of their dreams. As they wait and watch, the upcoming elections are also causing some potential buyers to pause their shopping, curious about how it may affect the housing market moving forward.
What to Do?
So what does this all mean for you? Well, professionals in the real estate industry advise potential buyers to consult with experienced agents and stay flexible with their home requirements. With fluctuating prices and varying demand, having a strategy can make a world of difference in navigating the current market.
Despite the slower sales, the median home prices nationwide have climbed, now at $404,500, marking a 3% increase from the previous year. This shows that while every market has its ups and downs, the thirst for housing remains unquenchable!
In conclusion, whether you’re buying or just keeping an eye on the market, it’s clear that San Antonio is one to watch. With prices shifting and new homes beckoning, the journey of finding a home here just got a bit more interesting!
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Additional Resources
- Community Impact: Northeast San Antonio Homes Spend More Time on Market
- Wikipedia: San Antonio
- Community Impact: February Real Estate Trends in the Northeast San Antonio Metrocom
- Google Search: San Antonio real estate trends
- Express News: San Antonio Housing Market Inventory for Sale
- Google Scholar: San Antonio housing market
- Community Impact: December Real Estate Trends in Northeast San Antonio
- Encyclopedia Britannica: Real Estate Market Trends
- Community Impact: Home Prices Increase in Schertz, Selma
- Google News: San Antonio home prices
