Across San Antonio home prices are going up, but the area still offers amazing value compared to other Texas metros. This has been the general trend in recent years for homes in San Antonio, TX, so much so some people consider the market to be predictable. However, some areas are experiencing more profound growth than others.
In the northwest region of the San Antonio metro in areas like Helotes, new upscale communities are attracting the attention of buyers that put quality and comfort at a premium.
One of San Antonio’s oldest and most respected builders, Sitterle Homes, has multiple developments in this area including Triana and Aviara Homes in the Westover Hills. It’s a good sign that the northwest corridor is poised for continued growth.
The National Association of Home Builders most recent Housing Market Index shows that builders are more confident about the market than they’ve been in a decade. The improved jobs market, which has always been strong in San Antonio, is helping builders break ground on more projects. However, the one challenge is finding land to build on. Here again San Antonio has an advantage, particularly in the underdeveloped areas of the northwest.
While homes in the $200,000 and lower price point are in low supply, buyers looking for higher priced homes have a nice selection, in large part because of new builds. In a recent San Antonio Magazine report, local realtors noted that there has been a noticeable increase in demand for new homes listed at $500,000+. In the last year alone the sale of homes at this price point have jumped from 3% to 4% of total sales, which is much more significant than it appears.
Among the fastest growing areas are Bulverde, Helotes and Boerne. The 78023 homes for sale have appreciated much faster than other areas thanks to this growing interest. For example, in Helotes the current median home value is approximately $242,000, but just 15 years ago it was $154,000. The median price for the greater San Antonio area currently sits at $173,300.
Important San Antonio real estate stats for 2015 include:
· Median list price: $225,000 (August 2015) 6% increase year-over-year
· Unemployment rate: 3.8% (third lowest in the country)
· Delinquent mortgages: 3.5% which is well below the national average of 6.9%
· Days on market: 48
These trends are predicted to continue throughout 2015 helping to further stabilize the San Antonio real estate market. Locals can expect to see continued interest among younger buyers in the downtown area as new condo developments get underway, strong appreciation in the surrounding downtown neighborhoods and a growing luxury market in the northwest.