What Does 2023 Hold for San Antonio’s Housing Market?
Several reports mark San Antonio’s housing market to be a lucrative market in 2023. It is expected to enter a growth phase and move out of the current slowdown caused by factors such as rapid price appreciation and rising interest rates. At Belmares Properties, we would like to share the inputs from these different market studies.
Housing Market Growth in 2023
According to one reliable source, San Antonio’s home sales are expected to grow by 2.5% this year. At the same time, the average prices are expected to grow by 4.6%. Where San Antonio’s housing market is expected to edge past the national figures is in terms of sales volume.
Market prices are expected to undergo a sharp rebound. The prices dropped by 5.5% in this market between June and December last year. Reports also indicated that San Antonio’s projections were in contrast to most other cities that experienced growth in local real estate sales and prices during the pandemic. While many of these cities are poised to experience a decline in these parameters, San Antonio’s housing market has a positive signal.
Some of the additional findings from the same report are as follows:
- San Antonio is different from other markets in how listed homes get priced
- Housing costs in SA are much better
- The entire real estate market in Texas is expected to undergo price appreciation in 2023
San Antonio as One of the Top 10 Real Estate Markets
Homes sales continued to fall for 8 consecutive months until December. Still, the San Antonio-New Braunfels realty market continued to remain hot compared to most other markets. This was found in a National Association of Realtors report, which also listed SA among the top 10 real estate markets in the country for 2023. This makes it one of the best real estate markets for investment.
This report was based on the comparison of these markets with the national average based on various indicators. The most notable indicators included:
- Migration trends
- Housing affordability
- Job growth
Real Estate Market Report from Urban Land Institute & PricewaterhouseCoopers
According to an earlier report by Urban Land Institute and PricewaterhouseCoopers, the San Antonio real estate market was predicted to be among the best in 2023 in the country. Previously, SA had fallen from the top list, but has been claimed to be among the top in 2023. In fact, it is ranked second overall, just behind the Dallas-Fort Worth market.
Some of the factors working in its favor are as follows:
- People still love the warm Sun Belt housing markets
- SA was among the top 23 data center markets in the country
- Data center real estate markets are seen to be more resilient to economic downturns, with the underlying factors being cloud migration and technology deployment
Whether you are a buyer, seller, or business seeking to lease property in San Antonio, Belmares Properties can assist you with each step of the process. We have been in this market since 1990 and our experience goes even beyond. For more information, guidance, and assistance, feel free to contact us at (210) 877-0815 or send us a message.