San Antonio Real Estate Market Update: What Sellers Need to Know in 2024

The San Antonio real estate market continues to evolve in 2024, presenting both opportunities and challenges for homeowners. Whether you're considering selling now or waiting, understanding current market conditions is crucial for making informed decisions.

Market Overview: By the Numbers

Current Statistics

• Median Home Price: $285,000 (up 3.2% year-over-year)
• Average Days on Market: 42 days
• Inventory Levels: 2.8 months of supply
• Mortgage Rates: Hovering around 6.8-7.2%

These numbers tell a story of a market that's stabilizing after the volatility of recent years, but still favors sellers in most neighborhoods.

Key Trends Shaping the Market

1. Inventory Remains Tight

Despite predictions of a flood of homes hitting the market, inventory remains below historical norms. San Antonio has just 2.8 months of supply, well below the 6 months that indicates a balanced market.

What this means for sellers:

• Less competition from other listings
• Buyers still competing for quality homes
• Opportunity for quick sales at strong prices

2. Interest Rates Stabilizing

After dramatic increases, mortgage rates have settled into the 6.8-7.2% range. While higher than the historic lows of 2020-2021, buyers are adjusting to this new normal.

Impact on your sale:

• Buyer pool is smaller but more serious
• Cash buyers have increased advantage
• Priced-right homes still sell quickly

3. Military and Corporate Relocations

San Antonio's military bases and growing corporate presence continue driving demand. Lackland AFB, Fort Sam Houston, and Randolph AFB ensure steady buyer activity.

Relocation market effects:

• Consistent demand throughout the year
• Buyers with firm deadlines
• Often need quick closings

Neighborhood Spotlight

Hot Areas

• Alamo Heights: Premium prices, quick sales
• Stone Oak: Family buyers, good schools driving demand
• Southtown: Young professionals, renovation opportunities
• Boerne: Suburban growth, new construction competition

Cooling Areas

• Far Northwest: Longer days on market
• East Side: Price-sensitive buyers
• Some downtown condos: Oversupply issues

Price Trends and Predictions

Recent Price Movement

San Antonio home prices have shown resilience:

• 2021: +15.2% annual appreciation
• 2022: +8.5% annual appreciation
• 2023: +4.1% annual appreciation
• 2024 (projected): +3-5% annual appreciation

What's Driving Prices?

1. Population growth: 1.2% annually
2. Job market: Tech and healthcare expansion
3. Relative affordability: Compared to Austin/Dallas
4. Limited new construction: Supply constraints

Seasonal Patterns

Understanding seasonal trends helps timing your sale:

Spring (March-May)

• Highest buyer activity
• Best prices typically achieved
• Most competition from other sellers

Summer (June-August)

• Family buyers before school starts
• Military transfer season peaks
• Good for family homes

Fall (September-November)

• Serious buyers remain active
• Less competition from sellers
• Holiday pressure motivates buyers

Winter (December-February)

• Lowest inventory levels
• Motivated buyers only
• Corporate relocations continue

Challenges Facing Sellers

1. Buyer Qualification Issues

Higher rates mean:

• Buyers qualify for less
• More deals falling through
• Increased importance of cash offers

2. Inspection Negotiations

Buyers in this market are thorough:

• Requesting more repairs
• Using inspections to renegotiate
• Walking away over minor issues

3. Appraisal Gaps

Rapid price changes create:

• Appraisals below contract price
• Deals requiring renegotiation
• Cash buyers avoiding this issue

Opportunities for Quick Sales

Cash Buyer Demand Increasing

With traditional financing challenging, cash buyers have advantages:

• No appraisal requirements
• No financing contingencies
• Faster closing times
• More attractive to sellers

As-Is Market Growing

Many buyers, especially investors, seek:

• Properties needing work
• Below-market opportunities
• Quick closing situations
• No repair negotiations

Impact of Economic Factors

Job Market Strength

San Antonio's diverse economy provides stability:

• Healthcare: Major medical center
• Military: $40+ billion annual impact
• Tourism: Recovering strongly
• Tech: Growing sector with high-paying jobs

Population Growth

Texas migration patterns favor San Antonio:

• California exodus continues
• Remote work enables relocation
• Relative affordability attracts families
• No state income tax advantage

What Different Types of Sellers Should Know

Traditional Sellers

If your home is updated and you have time:

• Spring market offers best prices
• Professional staging worth investment
• Price competitively from start
• Be prepared for longer sale time

Quick-Sale Needs

If you need to sell fast:

• Cash buyers very active
• As-is sales eliminate delays
• Certainty worth price consideration
• Closing in 7-30 days possible

Investors/Landlords

For rental properties:

• Good time to exit
• Tenant issues increasing
• Cash buyers handle occupied properties
• 1031 exchange opportunities

Looking Ahead: Rest of 2024

Expected Trends

• Gradual price appreciation: 3-5% annually
• Inventory slowly increasing: But remaining below normal
• Rate stability: Barring major economic shifts
• Continued population growth: Supporting demand

Wild Cards

• Federal Reserve decisions: Could impact rates
• Corporate relocations: Major employer moves
• New construction pace: Supply additions
• Economic recession risks: Would change dynamics

Strategic Advice for Sellers

If Selling Now

1. Price realistically: Overpricing kills deals
2. Consider all offers: Including cash
3. Be flexible: On closing dates and terms
4. Address obvious issues: First impressions matter
5. Market professionally: Quality photos essential

If Waiting

1. Monitor rates: They affect buyer pool
2. Track neighborhood sales: Know your competition
3. Maintain property: Small issues become big ones
4. Build flexibility: Market timing is uncertain
5. Get cash offer baseline: Know your options

The Cash Buyer Advantage in This Market

Current conditions make cash offers particularly attractive:

No Rate Worries

Cash buyers aren't affected by:

• Rising interest rates
• Lending requirements
• Debt-to-income ratios
• Credit score issues

Speed in Uncertainty

While traditional sales face delays:

• Cash closes in days, not months
• No financing fall-through risk
• Certainty in uncertain times

As-Is Acceptance

With buyers pickier about condition:

• Cash buyers expect imperfection
• No inspection renegotiation
• No repair requirements

Your Action Plan

Whether selling now or later, prepare:

1. Know your home's value: Get multiple opinions
2. Understand your equity: Calculate what you'll net
3. Research your options: Traditional and cash
4. Time your move: Based on your needs, not just market
5. Stay informed: Markets change quickly

Bottom Line for San Antonio Sellers

The 2024 San Antonio market offers opportunities for prepared sellers. While not the feeding frenzy of 2021, conditions remain favorable for those who price right and market well.

For sellers needing speed, certainty, or as-is sales, the strong cash buyer presence provides excellent alternatives to traditional listing. The key is understanding your options and choosing the path that best fits your situation.

Remember, real estate is local. City-wide statistics matter less than your neighborhood's dynamics. Whether you're in Alamo Heights or the Medical Center, Stone Oak or Southtown, understand your micro-market before making decisions.

The San Antonio market's fundamental strength—population growth, economic diversity, and relative affordability—suggests continued stability. For sellers, this means opportunity remains, but strategy matters more than ever.