🏡 2024 San Antonio Housing Forecast: What You Need to Know!

Every January, my business partner Sandra and I attend the San Antonio Board of Realtors' Housing Forecast. We see it as an opportunity to hear not only from our local Realtor association, but also city leaders and economists. And what we love most about it, is that we get to bring the information back to all of our clients, readers and friends! So, without further ado, here are some valuable insights about the 2024 San Antonio Housing Forecast. Let's dive right in! (**For a quick video recap, you can also scroll down to the bottom of the post**)

Interest Rates and Inventory: 📊

• Interest rates are currently around 6.5%, which is lower than recent months and the historical average. They are still higher than a couple of years ago, but the trend is looking better.

• Inventory remains tight, with some properties receiving multiple offers. This is why we have not experienced any significant price drops. On average, properties are attracting 2.6 offers, depending on the neighborhood. If you're thinking of selling, the market is still robust and with the right strategy, sellers are in a great position for success.
  

Commute and Work Trends: 🏢

• As commuting costs rise, people are returning to offices. This shift will likely bring more options to the market for those wanting to move closer to work. It's also an opportunity to explore homes outside the city.

The Importance of Real Estate Agents: 🤝

• 89% of buyers and sellers still prefer to work with real estate agents. Experience, market knowledge, and a tailored strategy are crucial when choosing an agent. A great agent will serve as your guide and advisor so you can make an informed decision.
  

Exciting Airport Developments: 🛫

• The airport is expanding with a new facility, Terminal 3, set to be as large as Terminals 1 and 2 combined. This expansion will embody San Antonio's essence with a focus on nature, brightness, and sustainability. Direct Concord flights to Germany are also on the horizon, promising more national and international routes.
  

Commercial Real Estate Insights: 💼

• The commercial real estate sector experienced a slight dip last year, but REITs are showing a positive outlook with an 8-10% increase. Texas, in particular, is in an excellent position for investment due to its surplus and continuous growth in population and companies.
  

Keep an Eye on the FED: 💰

• The Federal Reserve's upcoming meeting in March is worth monitoring, especially for interest rates. Loan assumptions are a promising option for commercial real estate opportunities, and multi-family investments are gaining popularity.
  

Military Impact:

• San Antonio, known as Military City USA, is home to Joint Base San Antonio, who is the largest contributor to our economy and the top job creator in the region. If you're connected to the military, we're here to assist with your real estate needs. We have a specific page on our web site dedicated to our service members. To learn more, you can visit HERE.

Key Points to Remember: 📈

• Texas and San Antonio continue to experience robust job growth, adding 30,000 jobs annually with a low unemployment rate of 3.2%.

• Migration to Texas remains strong, with many newcomers from California and international regions.

• New home prices are stabilizing and remain more affordable compared to larger Texas cities. Builders expect slight price increases (2-5%), but incentives are available for new construction homes, which is great news if buying a new construction home is one of your goals in 2024.
  

CHECK OUT OUR VIDEO RECAP:

In conclusion, San Antonio and Texas are on a positive trajectory in the real estate market. Whether you're a buyer, seller, or real estate professional, it's an exciting time to be part of this dynamic landscape. Remember that My Nest San Antonio is here to guide you through the ever-changing and thrilling world of real estate. 🏠✨

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