San Antonio Home Prices Climbed 4 Percent in April – Here’s Why

According to a recent news release by the San Antonio Board of Realtors, San Antonio home prices continued to rise in April as home sales increased. This is an ongoing trend characterizing the San Antonio housing market in 2019.

In Bexar County and surrounding counties, the median price of a new home reached $230,700 in April, signifying a 4% increase compared to last year. During this month, house hunters purchased over 3,000 homes in the San Antonio area, a 6.4% increase from April 2018.

The selling prices for more than half of those homes – 58.2% - ranged between $200,000 and $500,000. Only 36% of those homes were considered “affordable” or “entry-level” – homes costing less than $200,000.¹

Currently, the area’s inventory of homes for sale will take home buyers approximately 3.6 months to buy. Considering a six months’ worth inventory is considered a balanced market between buyers and sellers, the San Antonio region is doing well. And while homes for sale spent more time on the market in April compared to last year, the San Antonio housing market remains hot.

San Antonio Housing Market 2019: Why Do Home Prices Continue to Rise?

There are multiple reasons why San Antonio home prices have continued climbing throughout the year. While baby boomers and comparatively lower home values in Texas remain some of the top reasons for San Antonio’s healthy housing market, there are other, more recent developments that have driven the region’s rising property values.

1. Gentrification – The intense gentrifying of some of the city’s previously low-income neighborhoods such as East Side² have helped pushed the rapid rise in home prices, particularly in areas around downtown San Antonio. While some long-term residents have unfortunately been priced out, young professionals have benefited by these urban renewal initiatives.

2. Millennial Veterans – While millennials by-and-large are not buying homes, there is a sub-group that hasn’t shied away from home ownership – veterans.³ Benefiting from lower student debt due to GI Bill benefits and lower interest VA loans, buying a home has become a growing trend among young active-duty military members and veterans.

“This is a group that believes in homeownership.” – Chris Birk, Director of Education for Veterans United Home Loans³

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Sources

1. Joshua Fechter, San Antonio Express News – San Antonio home sales grew 6 percent in April as prices just keep rising

2. Fares Sabawi, My San Antonio – Spiking home prices a sign that San Antonio neighborhood among hardest hit by gentrification

3. Joshua Fechter, San Antonio Express News – Most millennials aren’t buying homes except for one group: veterans