San Antonio Real Estate Update: What September 2024 Means for Homebuyers and Sellers

If you’ve been thinking about buying or selling a home in San Antonio, here’s what September 2024 can tell you. Whether you’re eyeing a brand-new home or a pre-loved property, both markets have something to offer, and this might be the perfect time to make your move.

What Buyers Need to Know:

• More Homes to Choose From: In September, 2,411 new listings hit the market. That means more choices for buyers! While competition for homes is still there, you’re not in the same rush that was happening a year ago.

• Prices Are Holding Steady: The average price for a single-family home is $371,945, with a median of $312,000. While prices have dipped slightly, it’s a sign that the market is stabilizing—good news for buyers looking for a bit of relief after the wild price hikes in recent years.

• You Might Have More Time: Homes are staying on the market for an average of 72 days, up 11% from last year. For buyers, this means you have a little breathing room to make decisions and negotiate. Sellers aren’t rushing as much, which could work in your favor if you’re looking for a deal.

New Construction vs. Existing Homes: What’s the Difference?

If you’re in the market, one of the biggest decisions is whether to go for a brand-new construction home or an existing property. Here’s what each option brings to the table.

New Construction Homes

• More Choices, Lower Prices: The market for new construction homes in San Antonio is heating up. With 1,071 new construction homes sold in September (a 13% increase over last year), builders are offering more options, and they’re pricing homes competitively. The average price for a new home is $347,183, down 5%, so you might snag a better deal here than in the past.

• Modern Conveniences: New homes come with the latest technology, energy-efficient designs, and often lower maintenance costs. You can move in knowing everything is brand new, with no immediate repairs or renovations needed.

• Slightly Longer Sales Process: On average, it’s taking 85 days to sell new homes. That’s 11% longer than last year, so if you’re a buyer, you may have more negotiating power with builders. Some are even offering incentives, like covering closing costs or upgrading finishes to get deals done faster.

Existing Homes

• Tried and True: For those looking at existing homes, you’ll find that 1,622 homes were sold in September. While this is down 5% from last year, these homes are still popular—especially in established neighborhoods with character, larger lots, or great locations close to the city.

• Slightly Higher Prices: Existing homes tend to be priced a bit higher on average than new construction. The average price is $388,301, with a median of $310,000. These homes often come with mature landscaping, established communities, and proximity to schools or workplaces that newer developments may lack.

• Faster Turnaround: The time it takes to sell an existing home is generally quicker than new builds, with an average of 63 days on the market—giving buyers less time to ponder but also meaning you can get settled in faster.

What Sellers Need to Know:

• Prices Are Solid: If you’re selling, the market is still strong. The average sale price of existing homes is holding at $388,301, up 1% from last year. While homes are taking a little longer to sell, prices aren’t dropping, so now could be the right time to get your home listed.

• Less Inventory Means Less Competition: The number of active listings has dropped by 6%, so there’s a bit less competition. If you’re thinking about selling, you might have a better chance of attracting serious buyers, especially with fewer homes for them to choose from.

• Marketing Your Home Matters: With homes staying on the market for an average of 72 days, it’s more important than ever to present your home in the best light. Professional photos, staging, and pricing it right can make all the difference in grabbing a buyer’s attention early.

What Does This All Mean?

For buyers, whether you're considering a shiny new build or a charming existing home, the San Antonio market has something for everyone. New construction homes are priced competitively, and with builders eager to move inventory, you might find some great deals. Meanwhile, existing homes are still selling well, especially in desirable areas with established amenities.

For sellers, the market is stable, and prices are holding strong. Even with homes taking a bit longer to sell, the demand is still there, and with less competition, it’s a great time to put your home on the market.

Ready to explore your options? Whether you’re buying, selling, or just curious, your HomeBase team is here to guide you every step of the way. Reach out to us for expert advice and personalized strategies to make the most of this market!