San Antonio is counted in as one of the topmost popular cities of the United States in part for its a fast-growing economic trend. San Antonio’s real estate market is considered as one of the best real estate market in the whole United States. As per San Antonio Board of Realtors, which comprises the best realtors of San Antonio, Ray Suarez being one of them; the real estate market of San Antonio has continued to show a positive trend in comparison to all others in this race.
In this blog, we will compile major exciting facts that contribute to an upward trend of our city.
Population Growth & Housing Demand
The current population of San Antonio is about 2.3 Million (as of July 2020). Population is increasing at the rate of more than 2.25%. Although new construction is already on overdrive, still there is not enough supply. Thus, the price of the housing has increased to 8.9% over last year. Top realtors of San Antonio revealed that 98% of homes sold at asking price. Those who are keen to interest in buying a property in San Antonio, it is a golden opportunity.
Flourishing Rental Market
Similarly, it is also known as a strong renter’s market. In the past decade, 375,000 individuals have moved to San Antonio. Meanwhile, most of them prefer renting a house rather than owning a one. This significant increase in demand has positively impacted the rental market as well.
The price/rent ratio increased up to 21, where 16 or higher values points toward a great-renting opportunity. As of June 2020, the average apartment rent within 10 miles of San Antonio, TX, is recorded as $1157.
High Return on Investment
The housing market is indeed showing prowess. San Antonio Home Values increased by 5% in 12 months. Meanwhile, a 1.9% increase already speculated by this San Antonio luxury realtor. The median home value increase by up to 55.1% from 2012. The appreciation rate of the San Antonio real estate market for 2019 is speculated at 5.65%. It gives overall confidence to investors.
Affordability & cost of living
Although the cost of houses has increased tremendously, the investment cost is still far lower. Low-interest ratio, steady mortgage rate, and reasonable down payments for the property have further paved the way for investors.
Besides, the cost of living is shockingly low. Groceries, food, medical facilities, transportation, power, gas, and other necessities of life are available at far less rate. Thus, it also plays a significant role in the upward trend of the Real estate market here.
The other significant factors that support investment in San Antonio Real Estate are listed below
1. A fast-growing job market with only 5% unemployment rate
2. The south side of San Antonio has a high potential for development
3. A positive Cash Flow with no state income tax compulsion
4. Highly affordable Mortgage rates
5. Vast diversity to invest in Real Estate ventures
Interested in Real Estate Investment? Give us a call and have Ray Suarez Top Real Estate Agent to find your new home at San Antonio.