March San Antonio Housing Market Report

March was another strong month for San Antonio’s real estate market, which is shown in the latest data from the San Antonio Board of REALTORS®. Last month, the median home price reached $326,500, which is a 22% increase from March 2021. Houses spent an average of 34 days on the market, which is down 11 days from this time last year. Keep reading to learn about the current San Antonio housing market, and figure out how to be better prepared for common hurdles and challenges.

“As we close the first quarter of the year, we are seeing a gradual increase in new listings, active listings, and pending sales for the month,” said Tracie Hasslocher, SABOR's 2022 Chairman of the Board. “Homes were on the market for 34 days, compared to 45 last year. The average and median prices of homes are also seeing an increase from what we saw this time last year.”

With the time homes spend on the market decreasing and the median price homes are selling for increasing, the importance of working with a local real estate expert is only becoming more clear. 

People thinking about buying a home in San Antonio will want to understand the market’s upward trends and rising interest rates in order to purchase before these numbers rise even more. 

While factors like increasing interest and mortgage rates may create a sense of uncertainty among those looking to purchase a home right now, it's important for buyers to know that higher interest rates will not always signal lower housing prices, especially in a market with growing demand like San Antonio’s. 

In addition, Forbes reports that the Federal Reserve may hike interest rates 6 more times this year. It is very possible that if you are waiting to see if you can pay less, you will end up paying more. 

KSAT notes that buyers looking for a home in San Antonio right now will find hot competition, limited inventory/high demand, and surging prices. Tracie Hasslocher, SABOR chairman, says the San Antonio housing market is “busy, competitive, and continuing to grow.” If you’re ready to start your home search now, our knowledgeable agents can help you navigate these challenges. 

According to CultureMap, San Antonio was named among top housing markets for growth and stability, and the study cited estimates that there’s a zero percent chance that a San Antonio-area home would suffer a 5 percent drop in value within 10 years of being purchased. 

For those waiting to purchase a home for fear that the increase in home value and pricing is temporary and they may lose money, the history of the market should help to further soothe those concerns. According to data reported by the Federal Housing Finance Agency, San Antonio has had only two years of negative appreciation over the past 20 years. If you are a seller watching your home’s value grow, now is the perfect time to receive an estimate on your home’s worth. 

Sellers should partner with an experienced agent to make the most of the median home prices, the hot market, and to have an expert in navigating multiple offers on your side. 

For sellers that are considering moving forward with an instant buyer or iBuyer like Opendoor or Zillow, keep in mind that you won’t benefit from the potential for multiple bids on your home.

Going with a real estate agent will also provide you with support and insight that you won’t get otherwise. The experienced agents at Realty San Antonio can show you how to buy before you sell, which can help relieve the uncertainty of acting on the move you’ve been thinking about, and help you navigate any challenges you are facing. 

According to Homeward, in 2021 30% of U.S. home purchases were paid for with cash. This was an increase from 25.3 in 2020, and more cash offers than the market has seen since 2014 (30.6%). Realty San Antonio agents can help you navigate making an offer using Homeward to help you tap into the powerful role that cash offers play in the current market. 

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