T
he cost of buying a house in San Antonio this year is similar to what it was at the same time last year, while renting an apartment costs slightly less. However, there were fewer "sold" signs on front yards in March compared to the previous year, according to data from the San Antonio Board of Realtors (SABOR).
Renters may be paying lower rates now due to a surplus of apartments on the market, but prices could rise if trade wars continue to fuel uncertainty or drive up construction costs. Chen Zhao, Redfin's economics research lead, warned that tariffs could also increase demand and drive up rents.
In March, the average rent for an apartment in San Antonio was $1,289, with the highest average rent in Midtown at $2,201 a month and the lowest in Stone Oak at $1,491. Sales activity has been declining, with just under 3,000 homes sold in San Antonio last month, an 8% decrease from March 2024.
Despite fewer sales, both the median and average home prices rose slightly, according to SABOR. The median price increased by 2% to $315,499 while the average price also grew by 2%, to $378,792. Inventory continued to expand, offering buyers more homes to choose from.
The number of new listings rose by 6% to almost 5,000 in March, and active listings reached 14,716 – an 18% hike. Houses are taking longer to sell than before, but still selling within a two- to three-month turnaround, according to Melissa Aguillon, a real estate agent with the Jason Glast Group at Phyllis Browning Co.
The Texas Real Estate Research Center at Texas A&M University reported that residential mortgage lending activity increased in March. Lenders are reporting favorable mortgage credit availability and loan approval rates, shifting market conditions in favor of homebuyers. Inventory has exceeded pre-pandemic levels.
The median single-family home price in San Antonio is around $300,000, according to Danny Khalil, associate director of market analytics at CoStar. The median price increased by 0.7% year over year in South Central Texas, maintaining the market's affordability relative to the nation as a whole.
In contrast, the median sales price of homes sold in the United States rose 5% over the same month last year, with 33 of the nation's largest markets experiencing faster appreciation than San Antonio.
