Real Estate Market Update for San Antonio, Texas April 2024

Real estate market update in San Antonio, Texas for April 2024: How's the market? Some parts are a buyer market, other parts are a seller market, and some are neutral. What about New Braunfels? Or Canyon Lake? How's Stone Oak? Or new construction?

For this market update, we’re going to dive into what the market looks like in different parts. Parts of San Antonio are in a seller’s market (there’s more buyers than homes, so sellers have the upper hand), some parts are neutral, and others are deep into a buyer’s market (there’s too many homes for sale, so buyers have all the negotiating power). If you stay tuned until the end, I’ll tell you just how many homes on the market are new construction – it’ll surprise you.

The San Antonio area currently has 11,778 active homes and another 2,618 sold in the past month. Which gives us 4.5 months of inventory. In a nutshell, if no one else listed a new home for sale, it would take 4.5 months for buyers to buy up all the homes in the San Antonio area. But that doesn’t tell us the full story.

Real quick: 1 month of inventory was our record seller’s market with 25 offers per house. 10 months of inventory is like the infamous crash of ‘08. Under 6 months is a seller market, 6-7 months is neutral, and anything over 7 is a buyer market. Some even say 4-6 months is neutral. Got it? Let’s dive in.

Our winner for best market for sellers in the San Antonio area is the North Central/Stone Oak area at 2.7 months of inventory. These homes are hot!

Over toward the west side in Helotes and Braun Station we’re seeing 3 months of inventory. Over on the east side in Schertz, Cibolo, and Universal City we’re seeing 3.5 months. Terrell Hills is the same as Austin right now, at 3.8. Close behind we see Alamo Heights at 4 months. We’re seeing more of a neutral-ish market at this point. The southern side near Kingsborough Ridge is at 4.6 months. New Braunfels is now at 4.7. Boerne is at 5.2.

If we dip downtown, we start getting into officially neutral territory: King William and Prospect Hill are both around 6 months.

Now we start getting deep into buyer market territory. If you’re buying, you have a ton of options and these areas are on sale! If you’re selling in these areas, good luck. LaVaca and Jefferson Heights are at 9 months. Canyon Lake is a solid 10! Hard to go boating – there’s not much water in the lake and almost every boat ramp is closed. Denver Heights is at 12 months. If no one else lists a new home for sale, it would take a whole year to sell all those houses! And Dignowity Hill came in at last place, at a scary 15 months.

So aside from Stone Oak, what is hot? New construction is on fire! They are offering interest rates lower than banks right now, 10-year builder warranties, covering closing costs, and everything’s shiny and brand new. Remember the overall 4.5 months for San Antonio? New builds are at 2.6 months. 31% of homes for sale are new construction. They make up 36% of homes sold and under contract.

Interested in selling or buying? There’s a strategy for every market. Give me a call and as always, open a new door in life.