78209 Magazine Residential Real Estate Market Report
78209 remains a strong real estate market with its unique selection of homes, central location, and the recognized Alamo Heights Independent School District. And, if you’re looking to buy there’s good news. According to May 2024 data from the San Antonio Board of Realtors (SABOR), buyers in the area have more choices in home selection and more leverage in negotiating prices compared to a year ago.
More Choices for Buyers
One example is the number of new and active listings, which more than doubled in May 2024 compared to May 2023. Last May, SABOR reported a 5.8-month inventory supply in 78209. This is over a 70% increase from the 3.4-month inventory the previous May. Many real estate experts consider a six-month housing inventory a buyer’s market.
The housing supply was fueled by 108 new listings in May, which is almost a 23% increase from May 2023. A bump in new listings had a ripple effect on the number of active listings. There were 238 homes for sale in May 2024, which was a 63% spike compared to May 2023.
Better Pricing
Several data points suggest the increased home inventory is influencing pricing. Last May, both the average price and median price of homes decreased by more than 16% and 23%, respectively. This suggests a potential market correction or an increase in lower-priced home sales. The price per square foot dropped by just over 5%, which is in line with lower home prices. Another telling figure is the ratio of the closing price to the original listing price. In May 2024, homes sold for about 92% of their original listed price. This is a 6% drop from May 2023, when homes, on average, sold for 97% of the original list price. This could suggest sellers might be accepting lower offers compared to the previous year.
Strong Sales
Though pricing trended downward in May 2024, it was the opposite for the number of closed listings. Fifty-three homes sold last May, which was almost a 40% spike compared to a year before, indicating higher market activity.
It still takes about six weeks to sell a home in 78209. SABOR data shows the average days on the market slightly decreased from 46 to 45, showing little change in the pace of sales.
Shifting Market?
The housing market in 78209 is one of San Antonio’s most resilient, with increased activity in terms of listings and closed sales, but with a noticeable decline in home prices and a significant increase in inventory. Buyers may have more options and negotiating power, while sellers might need to adjust expectations or pricing strategies.
