What is the San Antonio Real Estate Market Like ? March 2024

by Tami Price Properties Group

San Antonio’s real estate market has experienced diverse trends in March 2024, reflecting a mix of growth and challenges across different property sectors.

Here’s a snapshot of the key findings from the March 2024 report by the San Antonio Board of REALTORS, analyzed by the Real Estate Center at Texas A&M University:

Key Highlights:

Steady Growth in Single-Family Homes: The number of closed listings for single-family homes increased by 3%, with an average price rise of 2% year-over-year.
Decline in Condominiums and Townhomes: This sector saw a significant 16% drop in closed listings, with a contrasting 19% decrease in median prices but a 7% rise in average prices.
Surge in Multifamily Units: A robust 33% increase in closed listings, though average and median prices fell by 16% and 27%, respectively.
Cooling in Residential Lots & Acreage: Listings closed decreased by 21%, with a 29% drop in dollar volume.
Challenges in Commercial Properties: A 15% reduction in closed listings and a 29% decline in dollar volume highlight economic uncertainties.
Growth in Rural Farms & Ranches: A notable 14% increase in closed listings and a dramatic 78% rise in dollar volume, with a significant 56% increase in average prices.

Detailed Analysis:

Single Family Homes: This segment continues to dominate San Antonio’s market, maintaining stability in median prices while witnessing a slight increase in average prices. The consistent performance indicates ongoing demand for both new and existing homes.
Condominiums and Townhomes: Despite the average price rise, the sharp decline in closed listings and median prices suggests potential oversupply or diminished demand for higher-priced units.
Multifamily Units: The strong increase in transactions points to a growing interest in investment properties and affordable housing options, though price reductions indicate potential adjustments in market valuation.
Residential Lots & Acreage: The significant decrease in transactions and dollar volume may signal a slowdown in land development, possibly due to economic shifts or market saturation.
Commercial Properties: The decline in activity in this sector could be attributed to broader economic uncertainties, affecting business investments and commercial real estate dynamics.
Rural Farms & Ranches: The substantial growth in both transactions and dollar volume for rural properties suggests an increasing interest in rural living or recreational land, driven by high-value transactions.

The San Antonio real estate market presents a complex picture in March 2024, with varying performance across different sectors. While residential properties, particularly single-family homes, demonstrate resilience, other segments like commercial properties and high-end condos face more significant challenges.