Through the halfway point of first quarter 2024, the San Antonio real estate market continues to demonstrate its resilience and vitality. Known for its rich history, cultural diversity, and robust economy, San Antonio remains a desirable location for homeowners and investors alike. Here’s a concise overview of the market conditions currently in place.
Steady Market Growth
Despite nationwide trends of fluctuating markets, San Antonio’s real estate landscape continues to show steady growth. Property values have settled on a gentle incline, reassuring both sellers and buyers. The demand for housing, spurred by San Antonio’s growing job market and attractive cost of living, has kept the market buoyant.
Inventory Levels
Inventory levels in the first quarter have seen a modest increase compared to the previous year. This shift suggests a balancing market, offering more options for buyers and a competitive edge for sellers. With more selection of homes available, buyers do have more choices compared to the frantic rush of the COVID era.
Financing and Affordability
Interest rates have experienced slight fluctuations, but in reality, remain historically low. Boomers remember times when interest rates were 9 percent and higher. Current rates, along with more housing inventory, contribute to the affordability of homes in the San Antonio region. First-time buyers are finding San Antonio’s market accessible. Various neighborhoods offer attractive entry-level pricing. Many new home communities, with in-house financing, offer affordability and lower than market interest rates. I know of one builder who regularly buys down interest rates to the mid-four percent range on a 30-year loan.
Popular Neighborhoods
Neighborhoods like Alamo Heights, Stone Oak, and The Pearl District continue to be hot spots, with properties spending fewer days on the market and fetching close to asking prices. The allure of these areas—top-rated schools, amenities, and community events—keeps them at the forefront of desirability.
Market Predictions
Going forward, experts predict a stable market progression for San Antonio. While no explosive growth is expected, the steady, reliable increase in property values and sustained demand portends a healthy real estate environment. This is encouraging for those looking to invest in property or call San Antonio home.
Conclusion
The first quarter is setting a positive tone for San Antonio’s real estate market in 2024. With a stable foundation and a growing economy, the city’s housing market is poised for continued success. Whether you’re buying, selling, or investing, San Antonio offers a promising landscape for all real estate endeavors. Please contact me with questions on buying and selling in the San Antonio area market.
Contact Form
We would love to hear from you! Please fill out this form and we will get in touch with you shortly.
Leave a Reply