San Antonio Area Home Prices Continued Rising in October

Trudy Edwards

Nov 19

The San Antonio area continued to see an increase in average and median home prices in October, despite a decrease in the number of homes sold, according to the October 2022 Multiple Listing Service (MLS) Report from the San Antonio Board of REALTORS® (SABOR).

Average and Median Home Prices The average price of a home sold in the San Antonio area in August was $382,518, which is an 8% increase over October 2021. The median price homes sold for in October was $323,190, which is also an 8% increase over the October 2021 median price.

However, the number of single-family homes that sold in the San Antonio area in October was 19% lower than the number of homes sold in October 2021 with 2,656 homes sold.

Average sold price per square foot was $183, which is percent 11% higher than one year ago.

Inventory and Days on Market - In October, single family homes in the San Antonio area stayed on the market for an average of 44 days compared to an average of 29 days in October 2021.

The month of October ended with 10,390 listings on the market including 3,978 new listings. The month ended with 2,179 sales pending.

Condominium and Townhomes - The number of Condominium and townhomes sold in October was 29% lower than October 2021 with 59 units sold. The average sold price of condos and townhomes, at $266,873 was 14% fourteen percent higher than October 2021Condominiums and townhomes stayed on the market for an average of 54 days in October.

Housing Inventory - The San Antonio area had only 3.2 months of housing inventory available in October. A supply of six months of inventory is considered to be a balanced market, so we are still in a Sellers' market.

With housing inventory increasing, home buyers are regaining some negotiating power. Even though it's still a seller's market, today buyers have less competition and more negotiating power.

Residential Lots & Acreage - The number of residential lots and acreage properties sold in the San Antonio area in October was 27% (twenty seven percent) lower than October 2021, with 267 lots sold. However, the average price of lots increased to $149,061 (one hundred forty nine thousand, sixty one dollars) a 9% increase compared to one year ago. Lots and acreage properties spent an average of only 62 days on the market in October, which is 11% less time on the market compared to the average number of days that they spent on the market than in October 2021.

Rural Farms and Ranches - The number of Rural Farms and Ranches sold in October was 48% lower than October 2021. The average price of rural farm and ranch properties that sold was $1,145,268 (one million, one hundred forty five thousand, two hundred sixty eight dollars) which was 14% higher than the average price of farm and ranch properties that sold in October 2021.

Keeping Things in Perspective - If you are a home buyer contemplating a move but wondering how and why to buy a home amidst rising interest rates, here are a few things to consider.

While interest rates have increased from their historic lows, they are still far below where they have been in recent decades.

Despite rising interest rates, there are many mortgage programs, builder promotions, down payment assistance programs and creative financing strategies available to help home buyers get into a home with a more affordable monthly payment.

While some homebuyers have been watching and waiting for prices to fall, waiting could be costly. If you are ready and able to buy a home now, it makes more sense to get into a home of your own, start building equity and net worth and enjoying the other benefits of being a homeowner.

As Odeta Kushi, Deputy Chief Economist at First American stated,

"If you can find a house that meets your financial expectations for a monthly payment and it's a good time to buy, then do that…And if you wait for prices to fall, but they never do, you may discover the hard way that the house you found a year ago that you really loved that you could afford but you passed up on, is more expensive next year."

In this real estate market it pays to make sure that you are informed about the local market, rates and options available to you to make smart financial moves. If you are ready to make your next move in the San Antonio area, reach out today for a no obligation home buyer or seller consultation with Trudy Edwards, REALTOR with Keller Williams Heritage.

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