One of the best places to get a job. One of the lowest unemployment rates in the nation. A Best Buy city. San Antonio racked up a number of impressive accolades last year, and it’s starting off 2016 the same way. San Antonio has just been named to Fortune’s list of Best Real Estate Markets for 2016.
“Trulia Housing Economist Ralph McLaughlin cast a wider net when deciding which home markets interested him most,” said Fortune. “He looked at five metrics: strong job growth over the past year, low vacancy rates, high affordability, more inbound home searches than outbound, and a large share of millennials. He found the following markets to be poised for higher activity, and also good places to look to move.”
The list includes:
- Grand Rapids, MI-WY
- Charleston, SC
- Austin, TX
- Baton Rouge, LA
- San Antonio, TX
- Colorado Springs, CO
- Columbia, SC
- Riverside–San Bernardino, CA
- Las Vegas, NV
- Tacoma, WA
Fortune is in good company; the nonprofit research and education organization Urban Land Institute (ULI) also said San Antonio is a real estate market to watch for 2016. San Antonio’s “local housing market, both single-family and multifamily, is viewed as offering two of the best investment opportunities, with the other commercial sectors viewed as offering good potential for 2016,” they said.
Factors that contributed to the No. 20 ranking on ULI’s list include:
- An 18.2% increase in new-home closings
- A rise in new homes sold: 8,539 in the 12 months that ended in August, up from 8,416 the previous year
- Closings increased for new and existing homes
- The average value of new homes rose 6.8% to $279,041 per unit
- The average mortgage size on new homes was up 8% to $257,462
- Foreclosures and real estate owned (REO) closings were down
Great place to make a living
Part of San Antonio’s vast appeal is in its growing economy and strong job market. The city was No. 7 on business.com’s list of the best places in the nation to find a job, thanks to its low unemployment and thriving industries.
“There are not many cities on this list more impressive than San Antonio,” they said. “The primary reason is its population of more than 1.4 million. With this many people, it is hard to imagine an unemployment rate of 3.4 percent. But that is exactly what the city offers.”
Strong local industries including “healthcare/biotech, IT services, military and financial services, and companies like Rackspace Hosting Inc., Toyota Motor Manufacturing Texas, and USAA," were specifically mentioned, said the San Antonio Business Journal.
Growth at Brooks City Base, the most exciting Southside redevelopment project in San Antonio, also continues to bring attention to the city, and, in particular, the Southside. Formerly an abandoned Air Force Base, Brooks City Base is bringing new jobs and amenities including “an apartment complex, a townhouse development, a neighborhood redevelopment project, the Embassy Suites Hotel, a Hampton Inn, new retail outlets, new restaurants and a renovation project at the Air Force base's former Hangar 9,” all of which are expected to Grand Open or begin construction in the coming year.
Not surprisingly, San Antonio's strong economy has been a beacon for young singles, families, military, and retirees. San Antonio’s population growth rate of 1.8 percent was the highest among the country’s 10 largest cities from July 2013 to July 2014, and that trend is expected to continue; the city’s population is projected to increase by more than 1 million people by 2040.
All of this positive growth is creating a need for San Antonio new homes on the Southside, and communities like Mission del Lago are stepping up. The SouthSide’s favorite community offers a range of new homes from D.R. Horton and Lennar Homes with modern floorplans, desirable features, great amenities including an 18-hole golf course, and a location that’s serene and private yet convenient to downtown and all the best of San Antonio. Prices are from the $150s.
For more information about living in the fastest-growing neighborhood in South San Antonio, visit Mission del Lago or download our Guide to Buying a New Home in Southside San Antonio.