According to November reports, homeownership transactions are still moving forward in the San Antonio metro area. The reports showed 3,027 homes sold in San Antonio, just a slight decrease of 4% compared to last November. The average price for a home increased 17% and the median price appreciated by 19%, with an average sales price of $359,545 and a median of $307,200. Available inventory reduced to 1.6 months in a continued sellers’ market. All numbers included are according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR), which reports on all areas contained within the MLS.
“As we approach the end of the year we are beginning to see a glance into what the 2022 housing market may look like,” said Cher Miculka, SABOR’s 2021 Chairman of the Board. “A trend we have witnessed this quarter is more new listings hitting the San Antonio market, which means more inventory for prospective buyers. November reported 3,323 new listings and 5,437 active listings.”
On average homes spent 32 days on the market before selling. Of the homes sold, 99.5% sold for the listed price, compared to 98.2% in November 2020.
Bexar County followed a similar pattern with a total of 2,109 homes sold, a 6.5% decrease from the previous year. The county’s average home price rose by 15.4% to $335,071, and the median rose 18.7% to $292,000.
Comparatively, in all of Texas, 30,415 homes were sold, an increase of 2.3% from November 2020. The state average home price increased 15.2% in comparison to 2020 numbers, up to $387,338. A total of 29,859 sales were pending and 98.9% of homes were sold at the listed price across the state.
As we round the corner into the new year it is anticipated that home prices will appreciate at a higher rate in San Antonio versus surrounding markets. Because of this, NAR has listed San Antonio among its Top 10 “hidden gems” in the housing market for 2022. San Antonio falls in the upper half of the metro areas analyzed in terms of wage growth, job growth, the ratio of the change in population to housing permits, population growth, net domestic migration, population percentage aged 25-44, and lastly, the percentage of homes with broadband service. Something else to keep in mind is that it will likely become a bit more expensive to finance your home in 2022 as NAR predicts the Feds to hike interest rates up by about 2 quarter points.
SABOR Multiple Listing Service Report: Home Sales Recap
|November 2019||November 2020||November 2021|
|Total Month Sales||2,466 homes||3,154 homes||3,027 homes|
*Percentage increases are based on a year-over-year comparison.