San Antonio Housing Market Sees Inventory Rebound in 2024

In 2024, San Antonio’s housing market has shown a noticeable recovery in inventory levels, reaching the highest since 2022. While homes are selling rapidly, often near listing price, high mortgage rates continue to challenge the market dynamics.

Overview of San Antonio’s Housing Market in 2024
San Antonio’s housing market is witnessing a significant recovery in terms of available inventory, with the number of homes on the market reaching a high not seen since before the pandemic. This shift is providing potential buyers with more options, although high interest rates remain a challenge.

Inventory Levels Surge
As of May 2024, San Antonio reported a 4.1 months’ supply of homes, a substantial 52.1% increase from the previous year. This increase in inventory suggests a shift from the intensely competitive market conditions experienced during the pandemic.

Market Dynamics
Homes in San Antonio are selling relatively quickly, with the average home staying on the market for just 62 days, slightly up from the previous year. Despite this rapid turnover, the median sale price has seen a slight decline of 1.6% year-over-year, settling at $314,990.

National Trends and Local Implications
The increase in San Antonio’s housing inventory reflects a broader national trend observed across major metros. Nationwide, inventory levels rose significantly in the months leading up to May, signaling a potential easing of the tight market conditions experienced over the past few years.

Impact of Mortgage Rates on the Market
Current mortgage rates remain a significant factor in the housing market’s rhythm. With the average 30-year fixed-rate mortgage reported by Freddie Mac at 6.87%, down from a peak but still high compared to pandemic lows, the cost of borrowing continues to influence buyer decisions.

Future Outlook
According to RE/MAX President Amy Lessinger, if the trend of increasing inventory continues without a corresponding decrease in mortgage rates, there may be potential for home prices to soften, providing relief to buyers in the market.

The Bottom Line
San Antonio’s housing market is gradually recovering from the pandemic-driven surge, with increased inventory providing more opportunities for buyers. However, the market’s future will heavily depend on the interplay between inventory levels and mortgage rates.

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