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San Antonio real estate market continues to exhibit resilience in the face of evolving trends

The San Antonio Board of REALTORS® (SABOR) has released its latest data from the Multiple Listing Service (MLS), unveiling a real estate market that continues to exhibit resilience in the face of evolving trends. According to the MLS report. A total of 3,105 residential properties were sold, representing a 6% decrease compared to the previous year. Despite this, the average sales price held steady at $387,501 year-over-year. While the median price experienced a modest 2% decline YoY, settling at $323,000, the market's overall health and attractiveness remained evident.

An examination of sales distribution based on price percentages reveals the diverse nature of the market: 9% of sales were priced at $199,000 and below, underlining affordability, while most sales, comprising 73%, were within the $200,000 - $499,000 range. High-end properties priced at $500,000 and above constituted 18% of the total sales, reflecting the market's inclusivity. The price per square foot experienced a marginal 2% year-over-year decrease, amounting to $182. Homes spent an average of 57 days on the market, showcasing a substantial 104% increase from the previous year.

“The steadfast commitment of both buyers and sellers to real estate value is highlighted by the fact that properties sold for an average of 95.3% of their original listing price,” said Sara Briseño Gerrish, SABOR's 2023 Chair of the Board. “New listings entering the market totaled 4,258, reflecting a prudent 17% year-over-year decrease, while active listings surged by 25% to reach 10,964, indicating a robust supply of housing options. Pending listings experienced an 18% year-over-year decrease, resulting in a total of 2,464. The month ended with a reported 3.8-month supply of inventory available.”

In Bexar County, a total of 2,152 properties were sold, a 7.1% year-over-year decrease. Despite this, the average price displayed a positive trend, showing a modest 0.4% increase to reach $361,244. The median price, however, experienced a slight 2.7% year-over-year decrease, settling at $305,000. The other three major counties in the state, Travis, Harris and Dallas reported median home prices of $569,000, $330,000and $375,000, respectively.

In the broader context of Texas, the real estate landscape has exhibited notable trends, with a total of 28,162 properties sold, reflecting a 7.7% decrease from the same time last year. While the average price experienced a 1.4% year-over-year decrease, amounting to $434,183, the median price followed suit with a 0.7% decrease, reaching $349,900. The price per square foot showed a 0.7% decrease, at $190. Properties spent an average of 47 days on the market, and the market showcased a balanced supply with 3.3 months of inventory available.


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