There are many great reasons to buy or rent-to-own a home in San Antonio, Texas. San Antonio is a beautiful city deep in the heart of South Central Texas and is full of rich history and cultural diversity. One of the most recognizable battles for Texas’ independence was fought in San Antonio and the fort known as the Alamo is still standing today in downtown. The culture of San Antonio is primarily influence by Mexican Americans due to its’ previous status of being part of Mexico, however there is also a very strong German cultural presence in the area due to a large influx of German immigrants in the 1840’s.
There are many reasons to live In San Antonio but let us talk about the primary reason you are here, Real Estate. San Antonio is one of the most affordable markets in the country. Home prices in the area have been rising at about a 5 percent rate year over year, yet the area is still more affordable than most other major Texas metro areas. The primary sources of fuel for the growing real estate economy in San Antonio is a growing population and a growing job market. This is good news for real estate investors because it means the growth is not speculative but is instead being driven naturally by demand.
The job market in San Antonio is one of the most diverse in country. A more diverse economy in a given area means that the area is less likely to suffer long term if any one of its markets collapse. San Antonio’s major industries include aerospace, biosciences, information technology, financial services, advanced manufacturing, renewable energy, and military/defense. San Antonio also ranks in the top 10 nationally for high-wage job growth according to Forbes magazine and is expected add nearly 30,000 jobs in STEM this year alone.
Here are some numbers for San Antonio real estate. Over 40 percent of all homes sold over the last year were priced below $200,000 with just 6 percent of homes sold priced over $500,000 and the remaining homes between $200,000 and $500,000. With the median price for homes last year in San Antonio was just $222,000 and the average price at $258,000
Another reason prices are still rising is due the tight supply of homes on the market. The supply of available homes in San Antonio is roughly 90 days, which is relatively low and means the market is pretty hot. Basically this means that if everyone shopping for a home right now ran out and bought one with no new homes going up for sale there would be no homes for sale in about 3 months. Ideally a real estate market has a good 180 day supply of homes to be considered well balanced but despite all of that there is a trend over the past 5 years that shows the market in San Antonio is cooling down a bit.
If you’ve been on the fence about buying a home in San Antonio then hop on over it because it’s a great time to buy or rent-to-own a home in San Antonio.