Exploring The San Antonio Housing Market: A Look into 2024 Trends
Welcome back, folks! Let’s jump into the San Antonio housing market scene. But first, a quick glance at what’s on the horizon for home prices and mortgage rates in 2024. Since November 2023, forecasts across the board have been updated, pointing towards increased home price appreciation. Everyone’s projecting significant upticks in home prices, from big players like Goldman Sachs to the Mortgage Bankers Association and the National Association of Realtors. This optimism is largely tied to movements in mortgage rates, which we’ll get into shortly.
Speaking of mortgage rates, the story’s evolving there too. From starting around 7% in the first quarter of December 2023, we’re now looking at projections ranging from 6.4% to 5.8% in the fourth quarter of January 2024. These projections hinge on the Federal Reserve’s promise to cut rates three times this year, each time by a quarter point. While nothing’s set in stone, recent rate fluctuations hint at a potential trend toward lower rates, especially given the current economic landscape.
Now, let’s zoom into the local San Antonio home sales data. Despite the usual winter slowdown, we still hold steady in a seller’s market. Inventory’s seen an 8% month-over-month bump, with homes spending around 41 days on the market before finding buyers. The median sold price in January was $270,000, a slight dip from December. However, the median estimated property value rose to $293,000, marking a 2% increase month over month. It’s a testament to the market’s resilience in the face of change.
Furthermore, new listings are rising, up nearly 43% compared to the previous month. With a median list price just shy of $290,000, the market’s buzzing with activity. Active listings, those sitting for at least 10 days, sport a median price of $309,950, with properties spending about 71 days on the market. On the flip side, pending listings, those going under contract in January, boast a median price of $296,900, showing continued momentum despite seasonal shifts.
The San Antonio housing market remains robust and adaptable amidst shifting forecasts and economic conditions. With increasing inventory and potential rate cuts looming, buyers and sellers can confidently navigate this dynamic market. Stay tuned for more updates, and don’t hesitate to contact me if you need guidance. Let’s unlock the full potential of the San Antonio housing market together!