While the San Antonio housing market continues to set price records, a new study shows it’s one of the best U.S. markets for growth and stability.
The study, published by personal finance website SmartAsset, places San Antonio at No. 11 among 400 metro areas for housing growth and stability.
The study notes that San Antonio-area home prices soared 214 percent from 1997 through the end of 2021. Meanwhile, it estimates there’s a zero percent chance that a San Antonio-area home would suffer a 5 percent drop in value within 10 years of being purchased.
In February, the median price of a home in the San Antonio metro area climbed to $314,000, representing an all-time high. Homes spent an average of 38 days on the market, and 100 percent of homes sold for list price.
Half of the metro areas in the study’s top 20 are in Texas, including the state’s other major metros.
Austin, which ranks No. 1, saw home prices skyrocket 368 percent from 1997 through the end of 2021; the study estimates there’s a zero percent chance that a home there would suffer a 5 percent drop in value in 10 years.
Houston ranks sixth, with a 221 percent rise in home prices over a 25-year span and a zero percent chance of a 5 percent loss in value over a 10-year period.
Dallas-Plano-Irving is seventh, with a 228 percent rise in prices and only a 1 percent chance of a 5 percent loss in value over a 10-year period.
Fort Worth-Arlington-Grapevine ranks 15th, with a 213 percent rise in home prices and, like Dallas, a 1 percent chance of a 5 percent loss in value in value over a 10-year period.
Midland (No. 3), Odessa (No. 8), San Angelo (No. 10), Waco (No. 12), and Bryan-College Station (No. 17) are also among SmartAsset’s best markets for growth and stability.
Homebuying expert Liz Hutz notes that the two main drivers of home price increases are economic growth and job creation, both of which have enjoyed a torrid pace in Texas. For instance, Texas in November surpassed its previous pre-pandemic employment high by inching close to 13 million jobs.
“We will continue to unleash the full might of our economy, attract new business investments, and ensure a more prosperous future for all who call Texas home,” Gov. Greg Abbott vowed in December.
Source: Culture Map San Antonio | John Egan