San Antonio’s housing market is on fire, even as we move into our chilly fall and winter months. As I’ve shared with you before, the U.S. Census indicates that we’re the fastest-growing large city in the United States. With the increasing number of people moving here comes an increasing number of home sales – and prices.
Last month, we sold 12 percent more homes over this time last year. The median price jumped 6 percent to $235,700. Compare that with October 2012 – back then, the median price was just $159,500. What a bargain!
San Antonio remains among the more affordable cities in Texas, overall. The median home price in our state has increased 5.6 percent to $242,900. But, as you can see, we’re definitely inching upward.
The majority of our San Antonio homes (58 percent) sold in October were priced in the mid-range of $200,000 to $500,000 while just over 34 percent sold for under $200,000. About 7.3 percent sold for more than $500,000.
It’s a challenging market for first-time home buyers. We have about 10,000 available listings in San Antonio, but it’s increasingly difficult to find homes in that low $200,000-ish price range that don’t require significant improvements. So if you – or your colleagues – own a nice, well-kept starter home and are ready to cash in, let’s put it on the market and get you an excellent return on your investment.
And if you’re interested in purchasing an investment property, let’s get started. Prices are likely to continue to rise, so there’s truly no better time expand your portfolio with San Antonio real estate.
I hope you enjoy a happy and relaxing Thanksgiving week. I’m traveling to Santa Cruz, Calif., to celebrate with my sons, Matthew and Hobie, and Hobie’s lovely fiancé, Nora. I’m looking forward to seeing them, along with the rest of the Bowman family.
Again, thank you so much for your friendship and your support. I wish all the best for you and your family during this special time of the year.
Your neighborhood expert,