San Antonio is also known as Alamo City and is currently demonstrating an increased prosperity in Texas. The real estate market in this city has remained strong over the last few years and it is now one of the hottest markets in the US. There are many reasons why you should consider buying a property in San Antonio.
On the one hand, the real estate market in this Texas city continues to keep up with the national averages; homeowners and property investors are the main beneficiaries. On the pricing level, however, this city is a little behind its neighboring cities as far as appreciation prices go. Having said that, the real estate market in Texas is still more affordable than many other markets across the US.
One of the main reasons for the low appreciation rates is due to foreclosures. The number of foreclosures during the last quarter was 12 percent higher than the previous quarter but 22 percent lower than the same period two years before. The number of REO properties also fell by 45 percent from last year.
Despite the figures, the real estate market in this Texas city is one of the hottest in the entire US. The main reason behind its recent boom is contributed to the strong job market. It is because of the job market that the local demand for property has risen. In fact, the unemployment rate is only 3 percent and the employment rates remain strong compared to other big cities.
The employment rates are certainly encouraging for the real estate sector as more tenants are becoming home owners. With the current economy expansion and the promising job industry, new property construction remains high. The recent level of construction is above national average at 12 percent. Single-family homes are more in demand and have grown over the course of the year.
Looking at the employment rate growth in this city, it is noted that construction has grown by 5 percent. The number of businesses hiring new staff is also growing by 3 percent. Based on the latest reports, the high growth in construction has contributed to employment and new permits are granted for family home construction. This is why the residential real estate market in Texas has remained healthy.
The local property market will most probably have another great year in 2017. Buyers will purchase new homes that are built by developers. However, the demand for affordable properties is starting to outpace the supply, which will limit sales to an extent.
Experts predict that developers will start building 10,000 single family homes in 2017. This is a 2 percent increase over 2016. The low unemployment rate, strong job market and growing economy are good indicators that the housing market in San Antonio will remain strong despite in the coming years. If you are looking to buy a home in San Antonio, TX, now is the right time to move to this prosperous city.