SAN ANTONIO – A new market report released by Zillow, an online real estate database company, says home values are growing at a pace not seen since the market was recovering from the Great Recession between 2007 and 2009.
According to data from the company, the growth in value stems from a “seemingly endless demand and a long-running evaporation of inventory.”
“Typical home values in September were up 2.2% since June to $259,906, the largest quarterly increase since 2013,” the company said in a press release.
Across the country, data shows “hot” market conditions are extending into October.
“Inventory for the week ending Oct. 10 plumbed new lows, down 36.4% year over year, while median list price rose 11.6% above 2019,” the company said.
The company released the following information for the San Antonio area:
- The typical home value in September was $221,860, up 3.6% year over year and 0.6% month over month.
- Rent prices are up 1.8% from last year to $1,385.
- Potential buyers have far fewer homes to choose from than they did at this time last year. As of the week ending Oct. 10, the number of homes on the market was down 27.8% from last year.
Additionally, according to the company, typical U.S. rents dropped slightly in September to $1,756 after sustaining a 0.5% monthly decline in August.
“Rents continue to fall in the nation’s most expensive cities,” the company said. “Persistent strong demand drove inventory to record lows, down 36.4% year over year, and list prices up 11.6% above 2019 in the week ending Oct. 10.”
To read the survey in full, click here.