The San Antonio housing market has undergone significant changes in recent months. After a prolonged sellers’ market during the COVID-19 pandemic, the tide is now turning in favor of buyers. According to housing data, median sale prices, closed transactions, and the close-to-list price ratio have all declined both year over year and month over month in mid to late September.
This shift is particularly beneficial for younger San Antonians entering the home-buying market. Houses are now sitting on the market for longer, and housing market inventory in the city continues to climb. Sellers are more likely to consider concessions, and buyers are no longer facing intense bidding wars and exceeding asking prices.
The change in the market is attributed to several factors, including increased interest rates and a slowdown in the influx of out-of-state buyers, particularly from California. While these buyers were able to outbid local residents due to the more affordable housing market in Texas, this phenomenon has now subsided. Experts suggest that San Antonio’s affordability compared to other metropolitan areas remains a draw for buyers, making it an opportune time for those looking to enter the market.
