San Antonio Housing Market Report October 2024

Staying informed about the San Antonio housing market is crucial whether you're looking to buy or sell. With fluctuating mortgage rates, changing inventory levels, and shifting buyer demand, making informed decisions is essential in this dynamic environment. In this blog, we'll dive into the latest trends, analyze key indicators, and discuss what these changes mean for you.

In October, the San Antonio housing market reflects a mix of steady growth and seasonal shifts. Median home prices dropped 2% year-over-year to $309,000, while active listings rose by 16%, highlighting increased inventory options for buyers. Pending sales grew 2% annually, and housing supply reached 5.06 months, signaling a balanced market. Here’s a closer look at the latest trends and what they mean for you:

• Active Listings Increase – Homes on the market rose 16% year-over-year, showing growing inventory, while a <1% month-over-month dip signals steadiness in supply.
• Home Prices Decline – Median home prices dropped 2% year-over-year to $309K, with a slight <1% dip from last month, reflecting a steadying market trend.
• Time on the market Increases—The Average time on the market rose to 69 days, up 3 days year-over-year, while Realty San Antonio Compass listings sell 12 days faster at an average of 57 days.
• Increase in New Listings – New listings are up 14% year over year and 5% month over month, signaling a steady flow of fresh inventory entering the market.
• Buyer Demand Increases – Pending sales rose 2% year over year and less than 1% month over month, reflecting consistent buyer activity and steady market interest.
• Home Sales Increase—Home sales rose 19% year over year and 7% month over month, signaling strong momentum in buyer activity.
• Housing Supply and Inventory – Housing supply is at 5.06 months, a 0.6-month increase from last year, reflecting a balanced market with steady inventory growth.
• Market Snapshot—Over 14,000 homes are on the market, selling at an average of 93% of their original list price. Realty San Antonio Compass listings stand out, achieving 99% of their original list price.

What Buyers Should Know About More Housing Options
San Antonio's housing inventory increased by 16% year-over-year in October, giving buyers more choices than in recent years. This growing inventory creates opportunities for buyers to find a home that fits their needs without the intense competition seen in previous markets. Median home prices dipped 2% year-over-year to $309,000, and steady price trends have slightly improved affordability. “With a balanced market and rising inventory, buyers have more time and flexibility to explore their options,” says Marisa Jackson, Vice President of Sales at Realty San Antonio Compass. “Partnering with an experienced agent ensures you’re making the most of these favorable conditions.”

How Sellers Can Stand Out with Creative Financing
Affordability remains a challenge for buyers. Sellers in San Antonio can differentiate themselves by offering innovative solutions like MORE Seller Financing. This program allows sellers to act as lenders, providing buyers with rates up to 2% below market averages. “Seller financing bridges the gap between buyer affordability and seller goals, creating a mutually beneficial opportunity,” explains Marisa Jackson, Vice President of Sales at Realty San Antonio Compass. “Creative financing can attract serious buyers and lead to quicker sales, helping sellers maximize their home’s value in today’s market.”

Why Mortgage Rates Matter for Buyers and Sellers
With mortgage rates hovering in the 6-7% range, affordability remains a key factor shaping the San Antonio housing market. For buyers, small rate changes can make a big difference in monthly payments, and waiting for dramatic drops might mean missing out on good opportunities. “Buyers waiting for rates to fall below 6% could be waiting for a long time,” advises Clare Knapp, Ph.D., housing economist for Unlock MLS. Sellers can adapt by pricing competitively and offering incentives like rate buy-downs to attract buyers navigating these affordability challenges.

Equity Gains Create Opportunities for Sellers
San Antonio homeowners benefit from steady equity growth, aligning with a national trend of rising homeowner wealth. With homes selling at an average of 93% of their list price—and Realty San Antonio Compass listings achieving 99%—sellers who price strategically and leverage pre-market exposure opportunities are seeing solid results. “Equity allows homeowners to reinvest in their next property or attract motivated buyers with competitive terms,” says Marisa Jackson, Vice President of Sales at Realty San Antonio Compass. 

Opportunities in New Construction for Buyers
San Antonio’s new construction market continues to be a bright spot, offering buyers fresh inventory and attractive incentives such as rate buy-downs and closing cost assistance. These homes appeal to first-time buyers and those seeking affordability without compromising quality. “Builders are offering great deals to move inventory, making new construction a viable and attractive option,” says Marisa Jackson, Vice President of Sales at Realty San Antonio Compass. With areas like New Braunfels and Cibolo growing in demand, buyers can find opportunities in emerging neighborhoods while securing favorable terms.

Migration Patterns Keep San Antonio Thriving  

San Antonio continues to attract new residents thanks to its affordability, strong job market, and rich cultural heritage. With a net population gain of 22,000 in 2023, the city stands out among Texas’s fastest-growing areas. In-migration from states like California and Florida drives housing demand, creating opportunities for sellers to target these buyers. In contrast, some out-migration to nearby states highlights lifestyle and cost-of-living considerations. This steady population growth contributes to a dynamic housing market where understanding who’s moving in—and why—can guide strategic decisions. For buyers, sellers, and investors, staying informed about these trends ensures you’re making the most of San Antonio’s expanding market.

Your Moves Inspire

At Realty San Antonio Compass, your moves inspire us to guide you through your real estate journey. Our agents help you navigate market trends, decode pricing dynamics, review contracts, and leverage negotiation skills to secure the best outcome for you. Connect with one of our local agents today to confidently navigate your next move.

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