Business is booming.

New Braunfels area housing market continues to cool off | Community Alert


After a whirlwind two years, home sales are down throughout the New Braunfels area and the entire state.

A quarterly housing report released earlier this month by the Texas Realtors and the Texas Real Estate Research Center at Texas A&M University shows the market has slowed for the second consecutive quarter.

There were about 10,300 home sales in the San Antonio-New Braunfels metropolitan area during the third quarter of 2022. That number is down 11.5% from last quarter.

Stephanie Ryan, board president-elect of the Four Rivers Association of Realtors, said that the past few months have seen sellers “be a little more creative.”

Real estate agents with the New Braunfels-based company manage listings across five counties from Austin to San Antonio.

“A lot of sellers had neighbors tell them, ‘Well, I sold my house in two days and got $15,000 above and it was all cash,’ but now we’re seeing more of a market like we saw prior to the pandemic,” Ryan said.

Negotiations are more common now, with homeowners giving buyers seller concessions to buy down interest rates.

There are about 10,000 active home listings in the area — up 67% from last quarter.

The median price for a home in the area is $325,857, up about 11% compared to this time last year.

But that median price is down from last quarter’s report of $334,646.

Homes are spending an average of 34 days on the market and taking 48 days to close. That’s a total of 13 more days than this time last year.

Russel Berry, Texas Realtors chairman, said that although higher interest rates are a challenge for buyers, the larger number of homes on the market means buyers have more options.

“We had two years of an unprecedented housing market,” Berry said. “While higher interest rates present a challenge for buyers, the good news is that buyers have more homes to choose from and are less likely to find themselves in a bidding war.”

For the entire Texas housing market, the median home price this quarter was $345,000. Home sales are down nearly 15% compared to last quarter.

Ryan recalled the “crazy” housing market activity at the start of 2021.

“I manage 75 agents, and they were asking me how much over the asking price we should go,” she said. “That had never happened.”

Regional home prices have remained high even as the market slows down slightly.

The average price in New Braunfels and San Marcos is in the mid-$400,000 range, with Seguin averages slightly lower at about $379,000.

“It’s still a great investment to buy a home,” Ryan said. “It’s the number one thing you can do to build your wealth.”

Source link

Leave A Reply

Your email address will not be published.