The real estate market in San Antonio is booming right now. Homes are selling quicker than usual. At the present time, homes in San Antonio sell after approximately 25 days on the market, compared to almost double this length of time last year. This is reflected in relatively high demand for each property that comes on the market, with some homeowners receiving upwards of 9 competing offers. This high demand is due primarily to limited inventory, thanks to the influx of people moving to the area.
Studies estimate that around 66 people moved to San Antonio every day during 2020, driven by the low cost of living and the abundance of job opportunities in the area. This trend is expected to continue in 2021, which should also continue to push home prices us. The median sale price of a home in San Antonio is around $250k, which is up around 11.2% from last year.
Types of San Antonio Homes
3 and 4 bedroom single-family homes are the most common housing units in San Antonio, with single-family homes accounting for more than 60% of housing units. Other prevalent housing types include large apartments, duplexes, and rowhouses.
Like other big cities in Texas, homes in San Antonio range from modern new builds to Victorian classic. Southern-style homes are perfectly adapted to deal with the scorching summer temperatures, with large wraparound terraces, and operable shutters to maximize airflow in the heat. European ‘McMansion’ style homes are in abundance, with features including marble flooring, grand stairways, and focal fireplaces. And in the historic King William district, you can find some traditional Victorian-style homes. Whatever sort of home you prefer, you are bound to find something suitable in San Antonio.
Rental in San Antonio
Not ready to buy just yet? Not a problem. Generation Z are the most active renters in San Antonio, although there are plenty of renters in other demographics. In fact, renter-occupied households in San Antonio make up around 39% of the total occupied housing units in the metropolitan area. According to recent research, the median rent in San Antonio is $1,499 per month for a 3-bedroom single-family home. Buying a property to rental remains an attractive prospect for many people since rental returns are good and house prices are expected to continue to rise.
Interested in finding out more about real estate trends in San Antonio, or moving to the area and need help finding your perfect property? Speak to our dedicated realty team today. Contact Texas Road Runner Realty in San Antonio, Texas at (210) 598-7600 to schedule a consultation today!