San Antonio Housing Market: September 2024 Analysis
The San Antonio, TX metro area housing market in September 2024 presents a complex landscape with varied trends across different metrics. The Median Sales Price has seen a modest increase of 1.3% year-over-year, reaching $308,830. This indicates a slight upward pressure on home prices, despite the Median List Price remaining unchanged at $305,000 compared to last year.
In terms of Price Per Square Foot, the market has experienced a decline. The median Price Per Square Foot has decreased by 2.8% year-over-year to $166.48, while the Median List Price per square foot has seen a marginal decrease of 0.2%, now standing at $172.97. This suggests a potential softening in the market's pricing dynamics.
Sales activity has shown mixed signals. The number of Homes Sold has decreased by 2.3% year-over-year, totaling 2,471 units. However, Pending Sales have increased significantly by 9.4%, reaching 3,154 units. This rise in Pending Sales could indicate a potential uptick in future closed transactions.
New Listings have dropped sharply by 19.6% year-over-year, with only 3,168 new properties entering the market. Despite this decline, inventory levels have increased by 3.7%, totaling 12,095 homes. The Months of Supply have also risen substantially by 30.0%, now at 4.90 months, suggesting a shift towards a more balanced market.
The Median Days on Market have increased by 16.0% year-over-year, now averaging 66 days. This indicates that homes are taking longer to sell compared to the previous year. The average sale to list ratio has improved slightly by 0.4%, now at 97.6%, suggesting that sellers are achieving closer to their asking prices.
However, the percentage of Homes Sold above list price has decreased by 5.0% year-over-year, now at 10.7%. This decline may reflect a cooling in buyer competition. Additionally, the proportion of Price Drops has increased by 1.6%, now at 38.2%, indicating that sellers are adjusting their expectations in response to market conditions.
The percentage of homes going off the market within two weeks has decreased by 9.4%, now at 14.3%. This suggests a slowdown in the pace at which homes are being snapped up by buyers.
Overall, the San Antonio housing market in September 2024 reflects a mix of stability and challenges. While prices have shown some resilience, the decrease in New Listings and the increase in inventory and days on market suggest a shift towards a more balanced market. Buyers may find more opportunities, while sellers may need to adjust their strategies to align with the evolving market dynamics.
