If you’re thinking it’s a great time to become a real estate agent in San Antonio, you’re not wrong! Check out these San Antonio real estate trends for 2020.
Home Prices Are Still Rising
Residential real estate prices in San Antonio are still on the rise, with home prices increasing 3.4% over the past year according to data from Zillow. For the year 2020, prices are expected to go up by 2.4%. This continues the trend of rising home prices that San Antonio has experienced for the past several years.
PwC’s report, Emerging Trends in Real Estate 2020, describes the San Antonio housing market as above average in its national rankings. The city earned 13th place in homebuilding outlooks for the near future and the 24th spot in overall prospects.
San Antonio Market Stabilizing
On the other hand, it’s worth noting that San Antonio’s rate of price increases is slightly below the national average. CoreLogic reported that national home price increases were at 3.6%. The report also predicts that, on a national level, home prices will increase by 5.8% by August of 2020.
This relative slowdown in appreciation could entice buyers. This is especially true for new homeowners and those looking for properties at the lower end of the price scale, which experienced the biggest reduction in the rate of a price increase.
In the long run, slow growth is much better than a bust, and affordability is welcomed by buyers. San Antonio is still a strong, steady market that’s poised to stay that way in 2020.
Low Cost of Living and Affordable Homes
The median home value in San Antonio is $178,500, which looks very affordable compared to other Texas metro areas. This can attract a lot of buyers in the coming year, particularly the dominant homebuying population right now, Millennials.
San Antonio is also known for its low cost of living compared to other cities in Texas and across the nation.
San Antonio Attractive to Investors
The San Antonio real estate market will offer plenty of great opportunities for investors in 2020. The home rental market is strong, with a growing population resulting in increased demand from tenants.
San Antonio is also a destination for tourists, so savvy investors have noted that short-term rentals (Airbnb, etc.) are legal in the area and can be very profitable.
Strong Job Market, Strong Sales
Texas is a great place to do business, and that’s reflected in the diversified San Antonio job market. The San Antonio economy is expected to grow by about 39.6% in the coming decade, which is more than the national average. The means low unemployment rates, notable population growth, and yes – great opportunities for real estate sales!
Overall, the 2020 outlook for the San Antonio, Texas real estate market is quite positive. Ready to get it on the action? Find out how to get your Texas real estate license today!