On December 1, Realtor.com released its annual forecast report, which offers a snapshot of housing markets in the 100 biggest cities in the U.S. Along with providing homebuying trends (spoiler alert: millennials are purchasing houses now), it also ranks the metros according to three key criteria.
Heading into 2022, Realtor.com predicts the Alamo City will see an 8.6 percent increase in both combined growth in home sales and listing prices. In October 2021, the most recent numbers available, San Antonio had total monthly sales of 3,317, according to the San Antonio Board of Realtors. Realtor.com is forecasting that number to climb 5.5 percent next year.
Now for the prices. As of October, San Antonio’s average home price hit $356,071 while the median home price is now $305,400, the first time ever the median has surpassed $300K. Realtor.com predicts prices to climb an additional 3.5 percent next year, more than both Austin (3 percent) and Houston (2.4 percent).
San Antonio is no longer the most affordable of the four biggest metros in Texas.
Though Austin-Round Rock does have a higher median home price ($455,000 as of October) than San Antonio, the Alamo City just surpassed Houston’s median home price of $305,000), making H-Town the most affordable of Texas’ four major metros, as first noted by the Houston Business Journal.
Elsewhere in Texas, El Paso is forecasted to see the biggest jump in the Lone Star State. At No. 12, El Paso is predicted to see 15.7 percent combined growth, with a 10.6 percent increase in sales and a 5.1 percent increase in home prices.
Also coming in ahead of the Alamo City is Dallas-Fort Worth-Arlington (No. 37), which is forecasted to see a 12.3 percent combined growth, and McAllen-Edinburg-Mission (No. 50) with an 11 percent combined growth.
Driving housing growth across the country are a few key factors, Realtor.com notes in its forecast. First is growth of the tech industry and the rise of the remote workplace. Without being shackled to an office, employees are free to relocate to areas where they can get more space, making suburbs a prime target for first-time buyers, says the report.
There are also two interesting population trends converging and affecting the national real estate market. The report …….