Price gap between new and existing homes narrows in San Antonio
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New homes in San Antonio aren't dramatically pricier than existing ones, per a recent report, but even a small gap can make a difference for buyers.
Why it matters: San Antonio — like much of booming Texas — is known for newly constructed homes, but they're not accessible to everyone.
By the numbers: The median listing price in the San Antonio area for existing construction was about $328,000 in January, according to the report from Realtor.com.
- For new construction, it was about $340,000.
The intrigue: The gap in San Antonio is not as large as it is elsewhere.
The big picture: The median list price of a new build in the U.S. was $449,967, compared to $395,800 for an existing home.
Zoom out: In Austin, the reverse is true — new builds ($457,000) are cheaper than existing homes ($479,000) because builders there have cranked out more (relatively) affordable inventory.
Zoom in: A good chunk of the city of San Antonio's 2022 affordable housing bond is going toward rehabbing housing.
- $40 million of that bond is going toward building homes to rent or own, while $85 million is for preserving housing stock for homeowners and renters.