2018 was another strong market for the San Antonio real estate industry, according to figures released today by the San Antonio Board of Realtors, News Radio 1200 WOAI reports.
32,140 homes were sold in the metro last year, which is up four percent from 2017. The average price of a house sold last year, $259,000, is also up four percent from the previous year.
The rising price of homes is drastically changing the city's housing market. Homes priced under $200,000, the majority of homes sold not long ago, amounted to 39.2% of homes of the market. Homes priced at more than a half million dollars, once just a fraction of the local market, amounted to nearly 6% of homes sold last year.
“We have seen the numbers maintain a constant rise throughout 2018, so it is no surprise it was another record-breaking year for our city,” said Grant Lopez, SABOR’s 2019 Chairman. “While inventory has remained tight, hovering between 3.2 and 3.6 months, it has not discouraged buyers from getting into the market.”
A lack of inventory mixed with the city's continuing economic growth are behind the strong sales. At the height of the home sales season, in mid July, the average home was on the market a very short 49 days before closing, and a large number of sellers received their asking price.
But SABOR stresses that despite the increase in metro San Antonio housing market is still among the most affordable in the state, and in the nation.