Are you wondering what recent headlines all about a “slowing US housing market” mean for the real estate in and around San Antonio? Many recent realty headlines are intentionally inflammatory while others are straight up misleading. After diving into data that has come out over the past month, much of it is comforting for real estate holders and should ease fears in homeowners in the greater San Antonio-area.
For example, a recent article from Fortune shows 392 markets analyzed, with only 45 having a greater than 50% chance of prices going down (that’s up from 23 markets in its last survey). That leads to the headline that “markets at risk of a price drop increased 73%.” If you dig into this article and interact with the map of all 392 housing markets researched, San Antonio is in the very low risk category. It’s mainly the expensive coastal areas (plus Phoenix) that may go down.
Keep in mind that San Antonio’s high-end real estate market is still reasonably priced. Our finest estates generally sell between $400-550/sq. ft. High-end condos with the best finishes and soaring views of downtown top out at $800/sq.ft. Keep in mind, we’re talking about the top 0.01% of sales. Last year, there were 125% more sales over $1 million in Austin than San Antonio.
If you are interested in what’s next, consider that San Antonio, price-wise, is so far behind the other Texas metros there is still room for growth. Prices rose 18% in 2021 and that’s likely to continue. UTSA just became a Tier One research institution. Its rise in prominence is promising for the future. There are many bright kids who got Capped at UT that discover San Antonio by starting (and often staying) at UTSA. Young people are injecting new ideas and a fresh spirit into the city. It’s likely that Austin and San Antonio will continue to grow toward each other, becoming more of a Metroplex.
And what about you? Whether you are interested in the historic mansions of Monte Vista, the in-town enclave of Alamo Heights, newer homes areas such as The Dominion, high-end real estate on the northside near USAA or Valero corporate headquarters, or Hill Country charm in Boerne, please reach out to start a conversation. Many gorgeous luxury listings never hit the public market, so our extensive network of luxury agents and homeowners will work to your benefit. The Jason Glast Group is the only real estate team to ever average more than a million dollars a sale in the greater San Antonio-area, so we are experts in San Antonio luxury real estate.