May 2023 Market Update for San Antonio, TX

Mortgage rates have remained at historically low levels, making now a great time to buy a home. Interest rates have been stable for a few months now, and this has given buyers the opportunity to lock in low rates for their home purchases. With mortgage rates hovering around 3%, buyers can afford more home for their money. This means that if you're looking to sell your home, you can expect to see more buyers on the market.

In real estate news, San Antonio has seen a steady increase in home prices over the past year. The median home price in San Antonio now stands at around $290,000, which is a 10% increase from last year. This is mainly due to a combination of low inventory and high demand. The job market in San Antonio has been growing, and more people are flocking to the city, which is driving up demand for housing.

As for the market update, it's important to note that the market is still favoring sellers. However, we are seeing a slight shift towards a more balanced market. Homes are still selling quickly, but we are starting to see more inventory come onto the market. This means that buyers have more options to choose from, and they're able to take their time finding the right home for them.

Overall, the San Antonio real estate market is strong, and we expect it to remain that way for the foreseeable future. If you're thinking about buying or selling a home, now is a great time to get started. With low mortgage rates, high demand, and a growing job market, the future of San Antonio real estate is looking bright.