April San Antonio Housing Market Report

Things are still moving quickly in the San Antonio housing market, even as experts point to a shift. Homes spent an average of 31 days on the market, which is 7 days less than in April 2021.

According to data from the San Antonio Board of REALTORS® (SABOR), the month of April showed a slight dip in home sales for the San Antonio area (which mirrors what we are seeing in Austin). 3,255 homes were sold in April 2022 compared to 3,524 in April 2021, which is a 7.6% decrease. The average home price rose to $395,847, which is up 20% from April 2021 to April 2022.

The median home price also increased 23% to $338,700 from April 2021 to April 2022. Active listings were up 9% with 4,800, and pending home sales were down 2% with 3,290, both of which point to a slight shift in the market.

“The Central Texas market changes rapidly, so it is important for prospective buyers and sellers to plan ahead, see if they are pre-approved, understand what their needs are in a home, and think about where they can be flexible,” says Realty Austin Head of Sales Jolene Weinstein. “Working with an experienced agent is one of the best ways to set yourself up for success because you’ll have access to hyper-local market insights as well as their knowledge and connections.” 

For sellers, the home prices have continued to rise this year, a trend we saw ring true in April. If you’re thinking about selling your home, now is a good time to do so, because you will likely benefit from the over-asking price numbers we have seen over the past two years. In fact, in April 2022, homes sold for an average of 102.8% over the original price, compared to 100.6% in April 2021. 

That said, rising mortgage rates and other economic factors that impact buying power, as well as an increase in available inventory, could cause that number to slow. Low inventory combined with increasing demand is one of the factors that cause home prices to surge, according to Time.

In the same article, they state that “in the current market, you can expect your home to sell fairly quickly for the asking price, possibly above, and you’re more likely to receive multiple offers.” This hits on many of the points that sellers want to achieve when putting their homes on the market, so now would be a good time to act.

For people looking to buy a home, you may have felt frustrated over the past two years. Endless bidding wars would cause anyone to become dejected in the process of finding a home. But as mortgage rates and the cost of renting continue to rise and more inventory is available, now is a great time to get back in the game if you are in a position to buy.

Potential buyers may be wary of the current mortgage rates, but experts expect that they will continue to rise. A recent Forbes article cited Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors (NAR), as saying, “All in all, the 30-year fixed mortgage rate is likely to hit 5.3% to 5.5% by the end of the year. Some consumers may opt for a 5-year ARM (adjustable-rate mortgage) at 4% by the end of the year.”

No matter where you are in the home buying or selling journey, working with an experienced agent can be the key to understanding hyper-local market changes and ensuring you meet your real estate goals.