It’s not just the weather that’s got us burning up – the local market is also hot as ever! The housing market in San Antonio hit record sales in 2016 with almost 30k homes sold, an 8.2 percent increase. So how are things looking now?
It’s no surprise we’re still seeing a lot of New York and California plates all over town. San Antonio also leapt into the top 20 “markets to watch,” according to Urban Land Institute.
With the continued low cost of doing business as well as the low cost of living, especially compared to other metropolitan cities, San Antonio is holding strong as a highly appealing place to live. The prediction is San Antonio will continue to rise to the top. Median home prices in San Antonio are $198,000, compared to the national average of $231,000.
Just last month, 2,981 homes were sold in the San Antonio-New Braunfels metro area, according to our own San Antonio Express-News. This is a 5.6 percent increase from the previous year.
Home sales are in line with national averages, but the good news for San Antonio dwellers looking to buy, appreciation rates are not as high as other cities, making it more affordable to buy or build a new home.
We’ve also seen fixed mortgage rates in the entire U.S. hitting a new low in 2017. According to Freddie Mac News, 30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.5 point for the week ending June 29, 2017. However, as the market is always fluctuating, you should do your own research to determine the best time to invest in a new home.
At Stone Creek Custom Homes, we are extremely proud to live and work in one of the best cities in the United States. We work closely with all of our customers to make sure they’re always getting the most bang for their buck, from the light fixtures to the foundation.
If you’re looking to build a custom home in this strong-as-ever market, give us a call at 210-494-5400 for a free consultation. You can also fill out our online form to request more information.