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San Antonio Home Prices Up, Growth on the Rise

Posted by VIP Realty on Tuesday, April 29th, 2014 at 9:32am.

As the remnants of the Great Recession and the housing crisis ebb further into the rearview mirror, San Antonio’s home sales keep getting stronger. The latest figures from the San Antonio Board of Realtors (SABOR), which look at sales in March, show home prices up compared to those in March 2013.

According to SABOR and the San Antonio Business Journal, the average price of a home in the city was $211,247 in March, which is 10 percent higher than in March 2013. The median price is $172,400, which is 8 percent higher than the year prior.  According to the Business Journal, the under-$200,000 market has been and remains the strongest price range, as 61 percent of the homes sold in greater San Antonio in March closed for less than $200,000. However, mid-market, between $200,000 and $500,000 is gaining steam, having made up 35 percent of the sales in the same month. A year prior, homes in this price range accounted for 29.2 percent of sales, the Business Journal wrote.

Zillow The median home value in the larger San Antonio metro area at $127,300, a 3.4 percent uptick from where the market was in Mac 2013. Zillow also expects prices to continue rising another 3.9 percent through March 2015. Current median prices, according to Zillow, are at their highest point since June 2012, when they sat at $126,000.

The median price of homes currently listed in San Antonio is $173,995, Zillow reported in April.

All this is why CNN Money recently ranked San Antonio the fifth-fastest-growing metro in the United States. CNN cited the city’s diverse economy and low unemployment rate as reasons for the rise in interest in Alamo City. The report should come as no surprise to anyone familiar with the city or who read the New York Times a few years ago, when it looked at the growth of downtown businesses that has been helping San Antonio trade its sleepy, small-city image for a dynamic hub of business and activity.

The most recent Census figures bear this news out. According to the Census’ 2010 figures, San Antonio is adding people faster than any other city in Texas, most of whom are attracted to new business and a warm, sunny climate.

Whatever the reason, home sales are brisk and values are going up, making San Antonio an ideal place for buyers seeking a good home investment in an increasingly desirable market.

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