As we moved through February 2024, the San Antonio real estate market displayed trends that underscored its resilience and adaptability. With a total of 2,697 closed listings, marking a 14% increase from the previous year, it’s evident that San Antonio continues to be a sought-after destination for homeowners and investors alike. This surge in activity brought the dollar volume to an impressive $941,148,496, a 10% year-over-year increase, showcasing the market’s robust economic health.
Interestingly, while single-family homes saw a notable uptick in sales, condominiums and townhomes experienced a downturn, highlighting a shift in buyer preferences or potentially reflecting inventory challenges. The commercial sector, however, faced more significant hurdles, with a sharp decline in closed listings and dollar volume, suggesting a period of adjustment or reevaluation within the commercial real estate space.
Average prices across the board slightly decreased by 3% for single-family homes, settling at $348,961, which might indicate a market correction or an increase in affordability for potential buyers. Conversely, the median price for single-family homes decreased slightly to $295,000, underscoring a nuanced market where value and opportunity coexist.
February’s market dynamics also revealed a fascinating shift in the residential lots and acreage sector, which witnessed an 18% increase in closed listings and a 17% rise in dollar volume. This trend might signal a growing interest in custom home builds or investments in land, reflecting the diverse opportunities the San Antonio market offers.
Looking at the broader picture, the price per square foot for all properties slightly dipped to $173, a modest 1% decrease. This suggests that while the market remains competitive, there’s a balancing act between pricing and demand. The days on the market (DOM) for properties averaged 80 days, an 11% increase, indicating a slight slowing in the pace at which properties move yet still reflecting a healthy turnover rate that benefits buyers and sellers.
Looking ahead, the San Antonio real estate market in February 2024 painted a picture of a dynamic and evolving landscape. With its blend of increased activity in certain sectors, adjustments in others, and the continued appeal of the city’s diverse property offerings, San Antonio remains a vibrant hub for real estate endeavors. Whether you’re a first-time homebuyer, a seasoned investor, or looking to sell, the opportunities in San Antonio are as vast and varied as the city itself.
For anyone navigating this market, the key lies in understanding these trends, leveraging the insights from February’s performance, and partnering with a knowledgeable real estate professional who can guide you through the intricacies of San Antonio’s real estate environment.
