SAN ANTONIO – 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: