May 2024 Real Estate Market Update: San Antonio & Texas

May 2024 Real Estate Market Update: San Antonio & Texas

Hey everyone! Here’s a quick update on the latest real estate market trends for May 2024 in the San Antonio area and across Texas.

In San Antonio, total sales reached 3,472, reflecting a slight 3% dip compared to last year, with the average price hovering around $371,202, a modest 2% increase. The median price remained steady at $314,000. Homes are selling close to their list prices, with an impressive 94.8% close rate, while the average days on the market increased by 6% to 69 days. The price per square foot has gone up slightly to $178. We have 4.9 months of inventory, indicating a balanced market, and the average residential rental is now $1,889. Notably, there’s a significant surge in new listings (20%) and active listings (39%), hinting at a vibrant market with plenty of options for buyers.

Zooming out to the state level, Texas saw total sales of 31,686, marking a 2% year-over-year increase. The average home price is up by 3.5% to $446,813, with the median price slightly rising to $350,000. By county, median prices varied, with Bexar County at $302,000, Dallas County at $390,000, Harris County at $335,000, and Travis County leading the pack at $580,000.

Whether you’re buying, selling, or renting, now’s a great time to explore your options in this dynamic market. Feel free to reach out if you need personalized advice or have any questions! Go to jessicasalinas.lptrealty.com and fill out the form for a call back.

-Jessica Salinas

LPT Realtor

512.762.8324