The San Antonio metro’s real-estate market is among the best in the nation for homebuyers, with a new study by mortgage lender Best Interest it No. 1 in discounted listings.
More than a quarter of active listings in the San Antonio metro area — or 28%, to be precise — have already undergone a price cut, which is above the the national average. The average price cut here is also arout $6,000, the study found.
The report also found that San Antonio-area homes spend a median of 86 days on the market, giving potential buyers plenty of time to negotiate the asking price down.
Best Interest ranked the nation’s largest 50 metro areas on their buyer-friendliness by scoring them based on the average sale-to-list ratio, percent of active listings with price drops and the average size of the price drop as a percent of the original value. On that list, San Antonio ranked second only to Detroit.
San Antonio’s metro isn’t the only buyer-friendly Texas market though.
Austin’s metro has the nation’s second-highest percentage of listings with price drops, and Austin homes sit on the market for the second-longest time on average.
Meanwhile, Austin, Houston, and San Antonio all ranked among the top five cities with the lowest sale-to-list price ratio.
Texas’ cool housing market can, in part, be attributed to 30-year fixed mortgage rates hovering around 7%, according to the study. Overdevelopment during the cheap-money era immediately following the COVID-19 pandemic also contributed.
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