It seems that the 2018 San Antonio real estate market forecast can be summed up in one word: growth. Real estate professionals and economists came together for the annual San Antonio Board of Realtors 2018 Housing Forecast event in early January, and the industry elite that were present were buzzing with the potential for the new year.
Throughout 2017, the real estate market shattered records and continued to perform well, despite challenges with low inventory levels. Now, it seems, that 2018 stands to be an even more remarkable year. So what do potential buyers and sellers need to know? Well, local real estate agent Liz Petroff was in attendance, and brought back all of the most vital information for her clients.
2017: A Record-Breaking Year for San Antonio Real Estate
When it comes to summing up the 2017 real estate market in San Antonio, successful is an understatement. The numbers don't lie — this was a record-setting year for the local real estate industry. Here's a round-up of the market statistic data released by the San Antonio Board of Realtors:
More than 30,000 homes were sold in 2017, representing a 4 percent year-over-year increase.
The average home price in 2017 was just over $250,000, which also was a 4 percent year-over-year increase.
The median home price in 2017 was about $214,000, which was a 5 percent year-over-year increase.
A home that was listed on the market in San Antonio throughout the last year was destined to sell in a matter of moments, regardless of its size or price point. However, it was the luxury homes that were in the most demand. According to the Texas Association of Realtors, luxury homes sales in the state increased by more than 19 percent, generating more than $7.5 billion in sales. This trend was recognized locally as well as statewide, with San Antonio itself seeing an 18.6 percent increase in luxury sales throughout 2017.
2018: Continued Economic Growth, New Housing will Fuel the Local Market
All experts seem to be in agreement that the stars have aligned and that 2018 looks to be another fantastic year for the local real estate market. One of the largest driving forces behind the thriving real estate market is the growing economy. The San Antonio area is a hotbed for new jobs, and not just any jobs. According to KSAT12, job growth in the region is specifically focused within several pivotal sectors, including technology and cybersecurity. Texas Economist Mark Dotzour explained that nationwide, people are living large metropolitan regions with high costs of living in search of places like San Antonio, where there's high-paying job opportunities as well as affordable living options.
Dotzour: Los Angeles-Long Beach and New York-Newark have seen the most migration out of their markets due to higher costs of living, tax burdens, etc. Markets like San Antonio become attractive as affordable options with amazing job growth. @SABoardREALTORS #HF18 ^DR— Liz Petroff ???? (@RealLizPetroff) January 4, 2018
While the potential for continued job growth and a strengthening real estate market is exciting, real estate experts still have some concerns about the coming year. Rising prices may keep some from participating in the market, high property taxes can deter the expected growth and housing inventory levels are anticipated to remain low.
These challenges can't be ignored, but the reality is San Antonio continues to rank as one of the best places to live across the country. As people begin to take notice that it's one of the best places to visit, and has one of the fastest-growing economies in the country, the city will surely end up in the national spotlight this year.
Take Action Today: Find a Committed, Experienced Local Realtor
Liz Petroff is the San Antonio real estate agent that can provide you with the results that you need. Not only does she have experience working with buyers and sellers throughout the community, but she also is committed to professional development by utilizing accurate data to drive results. She is the most informed as well as the most approachable local agent, so there's no question as to who is the best choice for your real estate journey in 2018. To have a customized market report delivered directly to you, contact Liz Petroff today.