Another Texas city sees record-setting year in 2016
San Antonio home prices rise above $200K for first time
San Antonio, Texas saw a record-setting year for its housing market in 2016, according to an article by Richard Webner for mySA.
The city saw nearly 30,000 home sales in 2016, an increase of 8.2% from 2015, according to the article.
But home sales weren’t the only increase in San Antonio. The median home price increased to $204,300, up 6% from $192,800 in 2015. This marks the first time it hit above $200,000 for the year as a whole, according to the article.
From the article:
The local area’s inventory of available homes — measured by the average time it takes for a home to be sold if no new homes are listed — dropped again in December to a record low of 3.1 months. An inventory of six months indicates a balance between buyers and sellers; the last time the local market was balanced was in November 2012.
But San Antonio isn’t the only city reaching new heights in 2016. Dallas also saw strong increases, and even made several top 10 lists of the most booming markets. In fact, the increases are so high that some have even begun to speculate if Dallas could be the next San Francisco.
Texas’ capital, Austin, also showcased a booming market in 2016, and at the beginning of the year was home to one of the hottest luxury housing markets.
As home sales and home prices in California start to see a cool down, could Texas be rising up to take its place?