The city of San Antonio in southern Texas is the second largest city in all of the state and seventh in population within the United States. San Antonio is a city that has seen rapid expansion and growth in the past few decades, with its population growing more than 15% over each of the last four ten year periods. Now with more than 1.3 million people living within its borders, and a total of 2.2 million living in the Greater San Antonio area, the city is a major player in business as well as politics and government. For real estate buyers interested in the San Antonio market, the sheer size of the city can make the process overwhelming but also leave room for great opportunity.
Although San Antonio has quickly grown become one of the most populous areas in the country, the economy in the city has remained focused on a few specific fields that have been long-standing employers for residents of the area. Many people that now live in San Antonio were originally brought to town to work in one of these careers. Health care, government service, financial services, energy, tourism, and military and the major players in the economy of San Antonio. Tourism is strong because of the many historical aspects around the city, most notably the Alamo and the Riverwalk. Many companies have chosen to make San Antonio their headquarters for business operations thanks to the vast population and relatively central location. Among those includes Valero Energy Corp, Tesoro Corp, Clear Channel Communications, Eye Care Centers of America, Whataburger, Rackspace, Frost Bank, and Kinetic Concepts.
The city of San Antonio is pretty evenly divided between north and south when it comes to housing and real estate prices. Areas to the north of the city are the more affluent and expensive places to live, while housing that is found south of downtown tends to be more affordable. The only notable exception to that rule is the Highland Hills/Pecan Valley area to the southeast of the city, which is one of the more expensive locations around town. Other high priced areas to the north include the neighborhoods of Greater Harmony Hills, Vance Jackson, Elm Creek, Dellview, and Oxbow. The average real estate listing in these neighborhoods will start at $250,000 and go up from there. For communities that average under $125,000, buyers should look in Quintana, Thompson, Greater Gardendale, and Cable-Westwood.
The population of the city of San Antonio is divided mostly among two races, White and Hispanic. 26% of the residents are classified as non-Hispanic Whites, while 63% have some kind of Hispanic or Latin origin. The remaining residents are a mix of many different races, with Black and Asian being the other two most commonly found. Females in San Antonio outnumber males by 7%, and the median age is 32 years old – right around the average for the country as a whole. Median household income is a bit over $36,000, making San Antonio a little below the national average, especially for a major city. This is a contributing factor to keeping home prices lower than they are in other metro areas.
A common theme in Texas is an abundance of single family homes, and that trend is continued within San Antonio. There is no lack of land in Texas, so the need to build multi-family units like apartments and condos just doesn’t exist like it does in other areas. Almost 85% of San Antonio residents live in a single family home. Also, nearly 60% of those people own their homes, which is still below the national average but is a high number for a large metropolitan area. This goes to show that just because San Antonio has grown greatly in population, it still remains a smaller town in many aspects and is a place people imagine themselves living for a long time. The population growth can easily be seen in the age of housing in San Antonio, as more than 17% of homes in the city have been built since the year 2000.
Thus far in 2013, the increasing prices of real estate around the country has not yet translated to San Antonio. In fact, the median sales price for a residential property is down to just $66,000, a 17% percent cut from a year ago. The number of property sales is also decreased dramatically, while the average listing price is staying stable from year to year. Right now the San Antonio real estate market can be described as ‘quiet’, but there are still opportunities for buyers who know what they are looking for and are patient enough to find it.
As San Antonio continues to grow and more businesses move into the city as a response to the blooming population numbers, the housing market will likely pick up as it does in most major cities. With plenty of reasons for tourists to visit and great career opportunities in a number of different fields, San Antonio’s future as a major player in the state of Texas seems secure.
Bell Real Estate - Broker
4475 Trinity Mills #703981
Dallas, TX 75370