In case you were wondering, the current real estate market in San Antonio, TX, is hot hot hot!! What about the future, though? Many looking to buy or sell are left wondering how COVID-19 changed the San Antonio Housing Market Forecast.
Luckily for San Antonio and anyone looking to buy or sell property within the area, this booming hot market is expected to continue into the future. The city sees an average of more than 65 new residents moving in daily.
People are moving in because they have found that San Antonio offers a low cost of living and many employment opportunities.San Antonio's housing market continues to heat up. Here's how COVID-19 impacted the current forecast! Click To Tweet
How the Pandemic Changed the Housing Forecast in Bexar County, Texas
The downside (or upside, depending on how you look at it) to the many people flocking to San Antonio is that it has increased the median home prices in the city. This trend began in 2019 and, again, is expected to continue.
That means that if you are contemplating a move to San Antonio, the sooner, the better.
Changes to Happen in the San Antonio Housing Market in Recent Years
While the rise in housing costs isn’t extremely drastic, it is still an increase. As a matter of fact, since 2019, the price of real estate in San Antonio has risen by almost 5%.
Like most other big cities these days, housing prices are going up, and the availability of homes is going down. The percentage of available homes in the San Antonio area has dropped by over 40% since 2019.
Many people are buying right now, which means that there are bidding war possibilities if you are purchasing a home.
Another thing to note is that the amount of time a home in San Antonio stays on the market has also dropped significantly. Since 2019 the time a home is on the market has fallen by over 50 days or 19%.
Upcoming San Antonio Real Estate Market Forecast
If the current trend continues (as many experts believe it will), we can expect the median San Antonio housing prices to continue to move in an upward trajectory.
By the end of 2021, many experts expect the median home price in San Antonio to reach over $302k.
We can also expect to see houses stay on the market for even less time in the next year. On average, you can expect a home to be on the market for less than 50 days, although some suggest that it will be closer to the 40-day mark.
If you plan to sell your home in the next year, you can expect to gain a lot! The average homeowner is projected to earn over $25,000 in equity during the 2021 year.
COVID-19 and the San Antonio Housing Market
We all know that COVID-19 has affected the economy significantly. The key to understanding this is that you need to recognize that it has hit certain parts of the economy harder than others. The same is true for real estate in the time of COVID-19.
The real estate market is booming, yes, but the real estate landlord market is not. During times of COVID-19, it’s become increasingly difficult for landlords to collect rent. As you can imagine, landlords who depend on rent to make their payments, whether houses in California or Paterson apartments, are struggling during this time.
If your goal is to become a landlord during this time, that may be a difficult decision to consider the particular specifics of this current housing market. However, if your goal is to buy or sell real estate, you are in luck!
For buyers, the prices are rising, yes, but not at such a rate that it has become unaffordable. Additionally, sales are happening fast. Sellers are accepting offers more quickly, and closings are happening at lightning pace.
For sellers in this market, the news is excellent. You can use that added equity that is coming with the rise of housing prices to increase your profits.
Also, like with buying, these real estate transactions are happening quickly, which is always great!