June 2024 San Antonio Real Estate Market Update

June 2024 San Antonio Real Estate Market Update

As we step into the heart of summer, it's time to look back at how the San Antonio real estate market performed in June 2024. Comparing this year’s statistics with those from June 2023, we can see some interesting trends and shifts. Here’s a detailed summary of the latest data from the San Antonio Board of Realtors (SABOR).

Key Market Highlights

• Total Sales: In June 2024, a total of 3,239 homes were sold, representing a 6% decrease from the same period last year. This decline suggests a slight cooling in market activity.

• Average Price: The average home price has increased by 2%, now standing at $378,392. This indicates that, despite fewer sales, home values continue to rise.

• Median Price: The median home price has seen a minor decrease of 1%, bringing it to $314,900. This slight dip reflects a subtle adjustment in the middle range of the market.

Market Dynamics

• Close to Original List Price: Homes are selling for 94.8% of their original list price on average. This figure underscores the importance of accurate pricing in today’s market.

• Days on Market: Homes are spending an average of 64 days on the market, which is unchanged from last year. This stability suggests a balanced market where supply and demand are in relative equilibrium.

• Price per Square Foot: The average price per square foot has dropped by 2%, now at $177. This decrease may indicate a slight easing in price pressures for buyers.

• Months of Inventory: The market currently has 5.2 months of inventory available. This level of supply is generally considered healthy and suggests that there are plenty of options for buyers.

• Average Residential Rental: The average rent for residential properties is now $1,913, reflecting the ongoing demand for rental properties in the area.

Listings Activity

• New Listings: There were 5,386 new listings in June 2024, a 15% increase from last year. More homes coming onto the market could provide more choices for buyers and a competitive edge for sellers.

• Active Listings: The number of active listings has surged by 40%, reaching 14,643. This significant rise indicates a more dynamic and robust market with increased seller activity.

• Pending Listings: Pending listings have also increased by 11%, totaling 2,833. This rise suggests a healthy level of transactions in the pipeline, pointing to sustained market momentum.

Conclusion

The San Antonio real estate market in June 2024 presents a mixed but generally positive picture. With average prices on the rise, stable days on market, and increased inventory, both buyers and sellers can find opportunities in this dynamic environment. Whether you're looking to buy, sell, or rent, staying informed with the latest market data is crucial.

If you have any questions or need expert advice navigating the San Antonio real estate market, feel free to reach out. We're here to help you make the best decisions in your real estate journey!

Feel free to connect with me for personalized assistance and stay tuned for more updates and insights. Happy house hunting!

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