San Antonio Housing Trends in 2023
San Antonio is a historic city with over 1.4 million residents.
Home to the famous Alamo, the city has become a modern metropolis. Despite constant population growth, the city is able to keep housing prices reasonable, being 18% lower than the national average.
Since it was first founded in 1718, San Antonio has become one of the most vibrant cities in the southwestern United States. Here’s a look at how we expect the San Antonio housing market to trend in 2023.
San Antonio Housing
Housing in San Antonio, Texas, is mostly single-family units. There are apartments and other options available for rent, but single-family homes dominate the housing market. If you’re looking for a place with affordable, modern housing then San Antonio might be perfect for you.
With the metro area soaring above 2 million, San Antonio has seen a growth of around 2% per year. Homes are often sold for at or above the asking price in San Antonio, but there are plenty of deals out there for those who look for them.
If anything, 2022 could be said to be one of the best years for homebuyers in San Antonio. A slight decrease in home prices while the population of the state and city continue to grow has made the city a unique opportunity.
This begs the question, why are people moving to San Antonio, and will this migration continue to help the city grow?
What Makes San Antonio Desirable?
It’s easy to see why the housing market in San Antonio remains strong. The city is an excellent place to move to and offers many amenities for families with children. It is a safe city, with low crime rates in all categories compared to other cities of its size.
San Antonio has a vibrant and growing food scene. Good public schools, diverse culture and cuisine, and beautiful weather all combine to make San Antonio one of the best places to live in the country. It’s not hard to see why the city has experienced growth over the last decade.
The weather also translates into a city that is bustling with activities all year long. There are professional sports teams to watch and games to go see. The nightlife of San Antonio has grown more attractive, with award-winning bars and nightclubs all over the city.
There are also landmarks of American history, like the Alamo. This is an 18th-century mission that is the site of a famous battle that took place over one hundred and fifty years ago. The river walk, which stretches for miles, is one of the most beautiful and vibrant in the country.
Trends in Housing for 2023
There are recent signs that the housing market in San Antonio is cooling off. There were fewer homes sold in 2022, but the price of homes remained consistent and below those of Texas or the United States at large. This will likely continue throughout 2023, with San Antonio presenting excellent value for home buyers.
Throughout 2023 you can expect to see houses slowly gaining value. The median value of a property in San Antonio has risen by 3% during the last year. This makes real estate in San Antonio a good investment, especially in multi-family units and commercial buildings.
At the same time, as property values increase, home prices have decreased. This has put San Antonio on track to outperform other metropolitan areas in Texas. The amount of time it takes a home to sell has increased slightly, but most houses still sell in under 30 days, a trend that will likely continue through 2023.
Families and young couples that want to find a good place to put down roots will probably continue to move to San Antonio. The housing market remains buyer friendly, as does the economic outlook of the city. The migration of people from California and the western states is likely to continue.
In fact, states like Colorado have seen an uptick over the last year in residents moving to Texas. This means that San Antonio is poised for long-term viability in terms of investment and housing. More people coming into the state is likely going to benefit the market.
The Future Is Bright
With a favorable outlook for 2023, the property market in San Antonio is set for another great year. If you’re interested in investing or moving to San Antonio, then there’s been no better time. Take advantage of a housing market that benefits sellers and buyers.
People are moving to San Antonio and Texas every day. If you don’t act now, the market could shift in 2024. People love the personal freedom, weather, and laid-back attitude and lifestyle that Texas offers. It’s time you get to enjoy it too.
Red Wagon Properties is excited to help anyone who wants to invest in properties in San Antonio. We can manage them for you and make sure that they provide you with the value you deserve.
Contact Red Wagon Properties today so we can help you build your portfolio and reach your financial goals.