Home prices have skyrocketed over the last year due to inflation, high demand and low supply.
While rising interest rates appear to be slowing home price increases to a more typical pace, the numbers behind the trend are astounding.
According to the latest data released by the San Antonio Board of Realtors, the median price of a home in San Antonio jumped $45,700 from July 2021 to July 2022.
In July 2021 the median price of a home in San Antonio was $295,900. The median price of a home ballooned to $341,600 in July 2022.
That’s a 20% increase in just one year.
Data from the San Antonio Board of Realtors saw the median price of a home exceed $300K for the first time ever last November and prices have been steadily climbing ever since.
“The price per square foot also saw an increase of 35 percent, now at $186,” statistics show.
The hectic housing market has seen record-breaking numbers across the board.
“Though the average and median price of a home continues to rise, this is the fourth month in a row we are seeing a decrease in home sales,” said Tracie Hasslocher, SABOR’s 2022 Chairman of the Board. “3,333 homes were sold in July, a decrease of 15 percent from July 2021.”
Here are some data charts that show what the real estate market looks like in San Antonio and the surrounding areas:
The changing real estate market and the return of the buyer’s powerSan Antonio named in top 10 ‘hidden gem’ housing markets for 2022, meaning home prices expected to go upCharts show substantial increase in prices in San Antonio and Texas due to inflation