SAN ANTONIO – San Antonio’s housing market is expected to show positive growth next year, brushing past a recent slowdown brought on by rising interest rates and rapid price appreciation.
The data comes from a new forecast by Santa Clara-based Realtor.com, an online provider of real estate listings and related data, which analyzed home sales and price data in the nation’s 100 largest metros. Among the findings: San Antonio’s home sales are anticipated to climb 2.5% in 2023, while average prices are likely to increase by 4.6%.
While the price appreciation falls short of the national average of 5.4% mentioned in the report, San Antonio’s growth in sales volume is expected to far outpace the national rate of change, which Realtor.com predicts is set to drop by 14.1%.
The predicted growth in pricing would mark a sharp rebound for San Antonio, where home prices have declined 5.5% price since June, according to Realtor.com.
San Antonio’s outlook also contrasts with those in many other U.S. cities that saw local real estate sales and housing prices heat up during the pandemic. For example, Phoenix home sales are anticipated to decline by 18.4% in 2023. In Sarasota, Florida, sales are expected to drop by 28.7%, and in Nashville, Tennessee, they are expected to decline by 3.3%.
The Alamo City’s expected 2.5% increase in home sales also contrasts with the outlook for Austin, which Realtor.com said is set to dip by 6.6%.
Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.