Your Market Update
The San Antonio Market can be summarized in four words: More Development, More Affordability.
It is forecasted that 15,800 new single-family homes will be added to the San Antonio housing market supply in 2020 alone. This shows a significant increase in urban development from 13,740 built last year and 11,680 in 2018, largely due to job growth and consistently low-interest rates.
So how does the San Antonio housing market fare when compared to other U.S. markets? Well, according to a survey conducted by real estate marketplace Zillow alongside Pulsenomics, San Antonio is predicted to show up as a top-10 housing market in the country.
First-time home-buyers and out of state investors can feel confident in the San Antonio market, as the city has taken the no. 7 spot for most expected to out-perform in home value appreciation.
Why Purchase Now?
Despite the increase in supply, the cost of residential housing in San Antonio is rising due to factors such as widespread tax benefits, affordable cost of living and longstanding economic stability despite the ebb and flow of the U.S. financial system. In the San Antonio metro area, the average price per sq. ft. for a home between $150,000 – $500,000 rose from $88.22 to $127.22 in just one year.
Has the cost of housing risen for higher-end buyers as well? The answer is a clear and hard “yes”. Well-known as a hot-spot for affordable housing and fix and flip gems, San Antonio also boasts a robust luxury market for high-end residents and investors. This past year alone, San Antonio agents sold 208 homes over the 1 million dollar price-point. The average price per sq. ft. for a luxury home* rose from $293.51 to $311.20 in one year alone, and in the past six months, to $339.00 per sq.ft.
*Over 1m USD’s.
Even still, the cost of living has indisputably not yet caught up to the quality of life in San Antonio.
Alongside Keller Williams, The Lugo Group prides itself on strong relationships with buyers and other investors from all budgets, including luxury, commercial and land & ranch.
Not sold on San Antonio? Need help getting connected? Reach out to us… We know our stuff.