San Antonio real estate is hotter than ever, and with sales up all across the city and inventory down, homebuyers are looking to purchase soon to avoid further price increases.
Data from the Texas Association of Realtors shows that the median home price in San Antonio is up 5.1 percent this quarter over the second quarter of 2015, to $205,000. Prices for homes at Southside new home communities like Mission del Lago, the fastest-selling community in all of San Antonio in its price category and one of the fastest across all price points, have increased by $20,000 over the past year. Mission del Lago remains one of the most affordable solutions for new homes in San Antonio, and buyers know that now is clearly the time to make a move.
San Antonio at the top of everyone’s list
On the heels of FORTUNE naming San Antonio the No. 5 “Hottest Real Estate Market of 2016” and Forbes calling it a “Best Buy City,” Zillow just placed San Antonio atop its “sweet spot” list. This impressive designation is “based on the market's strong income growth, growing job market and the ability to break even on a home purchase in just over a year,” said Builder magazine. Construction Dive notes that, “Average U.S. employment growth is 2% and average U.S. income growth is 2.3%;” compare that to San Antonio’s job growth at 2.8% and its income growth of 4.1%.
Zillow’s sweet spot list also considers “job market and income information to find places where home ownership is not just financially advantageous but also more likely to be financially possible,” they said. Zillow Chief Economist Dr. Svenja Gudell reminded that buying a home hinges on being able to “qualify for a mortgage, have a down-payment saved up and, most importantly, can find a home for sale in your price range.”
Homeownership in San Antonio still provides a much more affordable alternative for buyers than in other big cities across the nation, including in Texas. However, its popularity is pushing prices up everywhere.
“The San Antonio area is seen as a vibrant market, but prices overall are affordable in comparison to other large cities in Texas and the nation, industry observers say,” said the Bexar Witness. “
Prices for single-family new homes in San Antonio at Mission del Lago currently start in the $170,000s. This 800-acre San Antonio golf course community, whose location makes it a prime spot for those who work on the Southside or drive to downtown, and who want to take advantage of all the benefits of this revitalized area, offers homes from D.R Horton and Lennar and an array of resort amenities.
For more information, visit Mission del Lago or click below to view all move-in ready homes.