San Antonio home values are dropping
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More than three-quarters of San Antonio homes lost value over the past year, a recent Zillow analysis shows.
Why it matters: It's a major reversal in a market that spent the pandemic with skyrocketing prices. Still, most homeowners "have plenty to feel good about," the real estate site reports.
What they're saying: "While fluctuations in home values can distress watchful owners, the vast majority are sitting on large equity gains that they can take advantage of when they sell," Zillow chief economist Mischa Fisher tells Axios.
By the numbers: 86% of San Antonio-area homes lost value over the past year. In 2020, only 1% did.
- That rose to 6% by 2021 and 2022. By 2023, 55% of area homes had lost value.
Zoom out: Other Texas cities aren't far behind, with most homes in Austin (89.5%), Dallas (86.7%) and Houston (79.6%) losing value in the past year.
- Nationally, 53% of homes have lost value in the past year.
Context: The state's downturn reflects a regional trend across the West and South, where swelling inventory and growing climate risks have cooled once white-hot markets.
Zoom in: 8% of San Antonio homes have a list price that's lower than their last sale price.
- In 2019, by contrast, only 2% of local homes were selling below their last sale price.
- San Antonio area homes have lost, on average, 13% of their value since the peak of the pandemic. Only seven other major U.S. cities saw higher value losses, per the report.
The big picture: It's a homebuyer's market right now, if you can afford it. Nationwide, sellers now outnumber buyers by a record 37%, Redfin estimates.