SAN ANTONIO – The effects of the coronavirus pandemic on the housing market have been making headlines for nearly two years but you might be wondering what the big picture looks like in terms of where we started vs. where we are.
The residential real estate market is starting to see an uptick in discounted homes, where just one year ago people were offering well above the asking price.
Here’s a visual look at how the real estate market has fared in the San Antonio area since the start of the pandemic in March 2020:
Median Home Sale Price in San Antonio Over Time
The graph shows that the median sale price of a home in San Antonio in March 2020 was around $235,000. That number dipped lower the following month and has steadily climbed ever since. In fact, the median price of a home hasn’t fallen below the $300,00 mark since Feb. 2022.
Home Sales Comparison as Prices Increase
The table shows the number of homes sold year-over-year from March 2020 to March 2022. At the start of the pandemic, the increase in the median price of a home didn’t slow down home buyers thanks to record low-interest rates, which are now on the rise to combat inflation. The Federal Reserve issued its largest interest rate hike in nearly 30 years last June.
Median home listing price in San Antonio since March 2020
Sellers were listing their homes for an average of $270,000 in March 2020, based on the data from Zillow. Fast forward to Nov. 2022, and the average median list price for a home in San Antonio w nearly $340,000.the pandemic.
Sellers were listing their homes for an average of $270,000 in March 2020, based on the data from Zillow. Fast forward to Nov. 2022, and the average median list price for a home in San Antonio was nearly $340,000.
Around that same time, Real Estate site Redfin shared a surprising statistic showing a potential homebuyer would need to earn more than $87,000 a year to afford a typical home in San Antonio.
The data used by Zillow, RentHub and Redfin is pulled from public property records, tax records, recent home sales in the area, and user-submitted information to come up with an approximate market value for a home — whether it’s on the market or not. The data often differs from the statistics provided by the San Antonio Board of Realtors, which only uses data for homes that are currently listed or sold.
Keep up with more real estate-related news on KSAT.com.