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Is it a home seller’s market in San Antonio?

There's good news for home sellers in San Antonio. During the first quarter of this year, home prices skyrocketed faster in San Antonio than in other Texas cities. Statistics released by the Texas Association of Realtors show just how good the situation is: Median home prices in the San Antonio area are 7.3 percent higher than they were at the same time last year.

The median price of homes in San Antonio is currently $214,000. Although this is not as high as the statewide median home price of $245,500, the average increase in real estate value was only 5.7 percent. Perhaps San Antonio home values are trying to catch up with prices found throughout the state.

The chief economist from Texas A&M University's Real Estate Center recently issued a statement that notes the increase in home values. However, he also had a few words of caution. He said that home sales activity is better than previous years, but the rate of increase is starting to slow due to tighter levels of inventory.

If you've been waiting to sell your home in San Antonio, you may want to check the current value of the property by having it appraised to see if its value reflects the current market increases experienced by homes in the San Antonio area. You may also want to learn as much as you can about the legal process of selling a home in Texas to ensure that you are offering and selling your residence in a way that both protects your legal rights and complies with the law.

Source: San Antonio Current, "San Antonio Home Prices Increased More than in Other Texas Cities," Sanford Nowlin, May 30, 2018

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