San Antonio is seeing an economic boom with increased job opportunities for the wider public. However, one thing stopping the career-driven individuals from moving here is the shortage of affordable housing in the area. In 2018, the housing market experienced an obvious growth with the builders building around 12,000 homes, up from 11,000 in 2017.
Despite a limited supply of homes in the market, record purchases have been seen since summers. As you choose to buy or rent a residential property in San Antonio, you must consider the following interesting facts regarding the city’s housing market:
More than 10,000 homes for sale in San Antonio are available
Being one of the biggest cities in the United States, a large number of homes in varying sizes can easily be found. The budding job market in San Antonio serves to be the underlying cause of continuous progress in the housing sector. The city is stocked with variety so you’ll find a mansion as easily as a starter home. So, it all comes down to your own personal choice and affordability.
The high availability of homes is encouraging because more renters will now become buyers. The construction of the houses is according to the new trends and tastes but you will still be able to find homes as old as a hundred years. The neighborhoods of King William, Monte Vista, and Tobin Hill are packed with some of the most nostalgic and one-of-a-kind homes.
The average price of houses in San Antonio is approximately $250,000.
The growing population and the increased economic potential of the city has led to a high demand for homes for sale in San Antonio. The downside is that the number of construction workers has reduced over the years and thus, not enough homes are available. Even if they are, a high price is demanded by the seller.
As compared to other parts of the state, there is no denying that San Antonio offers quite affordable living. Moreover, the construction quality and the size of the house are also remarkable but given that an overwhelming number of individuals is moving to this area, it might be hard to find the perfect option. However, the number of homes available under $200,000 is slipping fast as it reached 17% in 2017 from 43% in 2013.
The inventory of homes in San Antonio is 3.1 months.
The term inventory refers to the time taken by a home to be sold when no new property has been listed. Earlier, it used to be high but in recent years it has dropped drastically coming down to 3.6 from 3.9 within a month. Currently, it is at its record low. In order to create a balance between the buyers and the sellers, the inventory should be at least at 6 months.
Considering the falling stats, something should have been done to pace up the process of constructing new homes. For now, work is being carried out in the construction business but it is not futile enough to restore the balance.
Alamo Ranch is the most popular neighborhood and the first choice of the buyers.
Located at the west side of the city, Alamo Ranch has formed a name for itself within a very short span of time. The quality of living it provides to its residents has made it a favorite of the people who are moving to this city. It is in proximity to various shopping centers and the Sea World which is the top visited spot in San Antonio.
One of the most surprising revelations is that despite having breathtaking landscaping and fantastic views, the price of the houses in this area is not sky-high. One can still find an affordable home in Alamo Ranch but there’s a thin chance that you’ll find one.
While there are not many homes for sale in San Antonio, you can still try your luck. A lot of research is required from your end and one missed chance would mean that you have to rethink about the idea of moving to this place. Stay alert and you are definitely going to land yourself a comfortable and inexpensive home.