San Antonio Housing Market Update | June 2024 Housing Market
Welcome to our comprehensive update on the San Antonio Housing Market and San Antonio Real Estate for June 2024! In this blog post, we’ll provide a detailed overview of the key trends and insights from our latest video update, which you can watch below. Whether you’re a buyer, seller, or investor, this information will help you make informed decisions in today’s dynamic real estate market.
National Housing Market Trends
Inventory Changes
Across the United States, inventory changes are fluctuating significantly. According to data from Realtor.com, we see an average year-over-year increase of 35.2% in inventory. This means there are a lot more homes available now compared to last year.
- Texas: 42% more listed homes for sale.
- Florida: 70% increase in housing inventory.
- Georgia: 49% increase.
- South Carolina: 46% increase.
- Arizona: 68% increase.
On the flip side, some states are experiencing a decrease in inventory:
- Nevada: 24% decrease.
- South Dakota: 10% decrease.
These variations highlight that inventory changes are not uniform across all markets, even within neighborhoods in San Antonio.
Price Appreciation Projections
Seven different entities have provided their home price appreciation forecasts for the rest of 2024, averaging around 3%. This forecast assumes the Federal Reserve’s decisions on interest rates, which remain uncertain but are unlikely to see significant cuts this year.
San Antonio Housing Market Specifics
Market Status
San Antonio is still classified as a seller’s market, with 4.21 months of inventory. This means fewer homes are available to meet current demand, but that is slowly slipping.
Key Metrics
- List Price to Sale Price Ratio: 97.7%, indicating homes are selling close to their listed prices.
- Median Days on Market: 33 days, showing homes are moving relatively quickly.
- Median Sold Price: $295,000, slightly down by 1% compared to previous months.
Inventory and New Listings
- Active Listings: Typical price is $318,000 with 51 days on market.
- New Listings: Average listing price is $309,990, a 1.6% month-over-month decrease.
- Pending Listings: Typical price is $289,900, with properties staying on the market for about 28 days.
These metrics show a healthy level of activity in the San Antonio market, with homes priced around $300,000 being the most in demand.
Insights for Buyers, Sellers, and Investors
For Buyers and Sellers
The market is seeing more choices for home buyers, although prices and inventory levels can vary widely by neighborhood. Sellers are advised to price their homes competitively to attract buyers quickly.
Investor Strategies
Investors are deploying strategies like “subject to” transactions, which allow them to assume existing mortgages. This is becoming increasingly popular as borrowing costs remain high. Homeowners with USDA, FHA, or VA loans can also benefit from these strategies by selling their homes at a premium, attracting more buyers.
Conclusion
The San Antonio housing market continues to evolve, with increasing inventory and stable price projections. Whether you’re buying, selling, or investing, staying informed about these trends is crucial.
For a more in-depth analysis and actionable advice, make sure to watch our full video update. Stay tuned for more updates and insights on the San Antonio housing market!
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