2024 Housing Market Overview for Real Estate Investors

San Antonio Real Estate Market 2024

Get insights about the 2024 San Antonio real estate market to determine if it’s the best location for your next single-family or multi-family home investment.

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    San Antonio Real Estate Market Trends and Statistics for 2024

    Real estate market stats for San Antonio, Texas, on of the best places to buy rental property.

    San Antonio, a thriving Texan city, stands out for its vibrant culture, rich history, and robust economy. It’s affectionately known as ‘Military City USA,’ a testament to its stable economy bolstered by the military and diverse industries.

    San Antonio’s economy is robust and diverse, based on healthcare, tourism, tech, finance, and the military. The area is home to major companies like USAA, Toyota, J.P. Morgan, and Wells Fargo. This economic stability and diversity provide a secure foundation for investing in San Antonio’s real estate market. 

    The city was recently ranked the eighth-best market for real estate investors and second-best for homebuilders in the Emerging Trends in Real Estate report by the PWC and Urban Land Institute. 

    San Antonio’s thriving real estate market is due to its exponential population growth. With its affordability and job opportunities, the population growth is expected to double by 2040. Developers are building more homes and apartments to keep up with the demand. Despite the rapid growth, the San Antonio housing market in 2024 remains relatively affordable compared to other major cities in Texas.

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    San Antonio has always been a popular destination for tourists who are looking to experience the welcoming culture and rich heritage of the Lone Star State. However, the city has recently emerged as a sought-after location for real estate investors. 

    If you’re interested in investing in the real estate market in San Antonio, it’s essential to understand its current state. In the following sections, we’ll explore why investors find San Antonio an excellent investment market. Additionally, we’ll examine the trends in home values and rent over the past year and decade. This information will provide valuable insights into the area’s affordability and equity growth potential.

    San Antonio’s home values are more affordable than other U.S. markets.

    Median Home Value

    San Antonio vs United States

    The data in this chart is based on the average single-family home in San Antonio and the United States as of December 2023. 

    The San Antonio metro’s median home price was $281,632 in January 2024, 19% below the national average. San Antonio real estate investments are attractive to investors because of affordability. San Antonio real estate remains affordable compared to other large Texas and US metros, with home prices lower than 75% of U.S. metro areas with over 1 million residents. 

    RealWealth members who own rental property in San Antonio paid an average of $515,000 for duplexes and collected $3,600 monthly rent, earning a 0.7% rent-to-value, 23% above the U.S. average. The team that RealWealth works with in San Antonio also sells quadplexes for an average of $1,042,500, with an average rent per unit of $1,800 (or $7,200 in total monthly rent).

    San Antonio rents are more affordable compared to the national average.

    Median Monthly Rent

    San Antonio vs United States

    The data in this chart is based on the average single-family home in San Antonio and the United States as of December 2023. 

    The San Antonio real estate market is one of the most affordable Texas metros areas for renters, with an average monthly rent of $1,425. This is 28% lower than the national average. 

    RealWealth members invest in San Antonio duplexes and quadplexes, with an average rent of $1,800 per unit (i.e., an average rental yield of $3,600 for duplexes and $7,200 for quadplexes). 

    San Antonio’s price-to-rent ratio of 16 slightly favors renting. However, in RealWealth’s investment areas, the ratio drops to 12, making buying more attractive and creating substantial cash flow opportunities for long-term investors.

    San Antonio’s average rent-to-value ratio of 0.51% suggests a more conservative return for the run-of-the-mill investor. In contrast, RealWealth investors report a higher average ratio of 0.7%. This indicates the potential for more robust rental yields when you have the right investing guidance.

    San Antonio home values have been appreciating at a steady rate.

    Median Home Value (2014-2024)

    San Antonio vs United States

    60.43%

    10-YEAR EQUITY GROWTH

    5.39%

    ABOVE NATIONAL AVG.

    In San Antonio’s real estate market, home values have increased 60.43% in the last 10 years, a slower pace than the national average of 85.5%. This translates to a 5.39% annual increase.

    While the metro has seen moderate appreciation, certain areas have observed more substantial increases, with home prices rising over 50% in the last five years. These include cities such as Blanco (+67.7%), Mico (+52.5%), Garden Ridge (+55.2%), Bergheim (+61.2%), and Kendalia (+59%).

    In recent years, home price growth in San Antonio has slowed due to increasing mortgage rates. Despite this, San Antonio real estate investments remain affordable compared to other large Texas cities nationwide.

    San Antonio rents have been rising steadily.

    Median Monthly Rent (2014-2024)

    San Antonio vs United States

    +40.89%

    10-YEAR RENT GROWTH

    -1.41%

    ABOVE NATIONAL AVG.

    San Antonio rents have increased 41% over the past decade, a healthy 3.9% annual appreciation.

    San Antonio’s rents rose over 22%, or by $355, from November 2019 to December 2023. However, the rental market has recently moderated, with the median rent decreasing 1.7% year-over-year as of December 2023.

    Rental property in San Antonio is also seeing a rise in build-to-rent housing. Currently, there are about 15 build-to-rent communities with over 3,107 homes. Before 2019, there were just a handful of build-to-rent communities. Six more build-to-rent communities are under construction in the city, expected to add over 1,500 homes by the end of 2024.

    San Antonio Population Trends

    One of the most promising signs of a strong real estate market is population growth. In this section, we’ll discuss what’s happening in the San Antonio metro in that area.

    San Antonio’s population has been growing rapidly over the last several years.

    Population Growth

    San Antonio Metro Area

    23.33%

    CHANGE 2010-2023

    201.44%

    ABOVE NATIONAL AVG.

    The San Antonio metro area’s population has grown 23.3% over the last 12 years, outpacing the national average by 201%. With over 2.6 million residents, it keeps growing at 2.12% annually. 

    In-migration fuels this trend, adding more than 26,000 people annually to the San Antonio metro area population. 

    The San Antonio-New Braunfels region is also expected to grow at twice the national rate and even faster in the prime renting demographic (20-34 age group). Census data confirms that San Antonio’s metro area population grew from 2.65 million to 2.7 million between July 2022 and July 2023. 

    Bexar County, home to the city of San Antonio, is the 8th fastest-growing U.S. county, adding 27,488 residents between July 2022 and July 2023. It currently has a population of 2.08 million people. 

    As San Antonio attracts more residents, housing demand (both for sale and rent) will likely stay strong, offering a steady stream of potential tenants and buyers. 

    San Antonio Employment Trends

    Another sign of a good place to invest in real estate is a strong economy. In this section, we’ll discuss what’s happening in with jobs in San Antonio.

    San Antonio has been experiencing much higher job growth than the national average.

    Job Growth

    San Antonio Metro Area

    29,600

    NEW JOBS 2022-2023

    2.59%

    ANNUAL GROWTH

    San Antonio’s economy is booming. Job growth in the metro area outpaces the national average by 54%. Between November 2022 and November 2023, the metro area added 29,600 new jobs, a 2.59% growth rate. The military and healthcare industries are large and stabilizing economic forces. San Antonio also serves as the primary training center for U.S. Army medics. It boasts several major medical institutions, including UT Health San Antonio, Methodist Hospital, and Christus Santa Rosa Hospital.

    Logistics is also strong, with several Amazon warehouses in the area. East of San Antonio, a recently added warehouse added 1,700 workers. 

    In 2022, San Antonio’s tourism sector generated $19 billion, welcoming 35 million tourists that year alone. Alongside its thriving hospitality industry, San Antonio is a growing tech hub, with companies like Accenture, FreshBooks, and Microsoft building a solid presence. This well-diversified economy positions the San Antonio real estate market for continued growth in 2024.

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    Why Invest in the San Antonio Real estate Market Today

    In this section, we’ll recap what we’ve covered above in terms of San Antonio’s housing market trends, population trends and employment trends to help you understand what makes San Antonio a strong place to invest in 2024.

    1. Strong population growth

    The San Antonio metro area has grown 23.3% in the last 12 years, more than twice the average national population growth rate for the same period. From July 2020 to July 2023, it added 135,473 residents, making it the 16th fastest-growing U.S. metro area among those with over 500,000 residents. 

    This fast population growth creates exciting opportunities for investors, as a growing population typically indicates a thriving economy with increased demand for housing, retail, and infrastructure.

    2. Strong job growth

    San Antonio has seen significant job gains across healthcare, cybersecurity, manufacturing, and tourism. In December 2023, the metro area tied Dallas for second place in job growth. San Antonio’s employment growth rate was 3.2%, outpacing the statewide average of 2.9%. Between December 2022 and December 2023, 40,000 new jobs were created in the metro area.  

    San Antonio has over 400 corporate headquarters, including regional grocery chain H-E-B and insurance company USAA. These established businesses are economic anchors, driving investment, innovation, and job creation.

    3. Stable military economy

    Home to major military bases, including Lackland, Randolph, and Fort Sam Houston, which form Joint Base San Antonio (JBSA), there is a steady flow of military personnel into the area. This creates consistent housing demand, reducing real estate market volatility.

    Joint Base San Antonio accounts for nearly 20% of San Antonio’s workforce. With over 80,000 direct employees and 130,000 annual students, JBSA is the largest Department of Defense (DOD) installation. It injects $48.7 billion annually into the economy, stabilizing investments in the San Antonio real estate market.

    4. Affordable real estate market

    Despite its rapid growth, San Antonio remains one of Texas’s more affordable major cities for real estate investors. The cost of living is generally lower compared to Austin and Dallas. In fact, it’s ranked 46th most affordable out of the top 100 U.S. metro areas. The average San Antonio home price is $281,600, 19% lower than the national average. Lower costs and affordable properties translate to good returns on investment.

    5. High rental demand

    San Antonio’s growing population, strong military presence, and affordability generate high rental demand. In 2022, RentCafe named San Antonio the 7th most competitive housing market in Texas, with 12 potential tenants for every rental property.

    The city’s thriving tourism industry generates $16.2 billion annually, fueling San Antonio’s short-term rental market and drawing tens of millions of visitors annually.

    Newsworthy Buildings and Projects in San Antonio

    Planned developments can help investors estimate the value of their investment properties in San Antonio and how they might change in the future. Here are some notable projects in the works in the San Antonio real estate market right now.

    San Antonio real estate market Developments & projects

    The lobby of the InterContinental San Antonio Riverwalk.

    1. Intercontinental San Antonio Riverwalk

    San Antonio's Riverwalk welcomes a new luxury hotel: the InterContinental San Antonio Riverwalk. This $40 million project will transform a former Wyndham hotel into a 410-room Intercontinental hotel, featuring 40,000 square feet of meeting space, multiple restaurants and bars, 390 rooms and 20 suites. Guests can expect stunning Riverwalk views and easy access to attractions like the Henry B. Gonzalez Convention Center and the hotel’s water-taxi landing zone. Opening on July 31st, 2024, the InterContinental San Antonio Riverwalk, the first InterContinental hotel in the city, brings a new level of luxury to the Riverwalk.

    2. Microsoft's New Data Center

    The Rock at La Cantera is a unique sports complex located at the intersection of I-10 and 1604 in Northwest San Antonio. It’s part of a $500 million legacy project being developed by the San Antonio Spurs, and it will include a human performance research center, 22 acres of green space, a state-of-the-art Spurs performance center and a public outdoor event plaza.

    3. Merchants Ice Building Redevelopment

    San Antonio’s historic Merchants Ice building is transforming into a modern mixed-use space that includes retail, office and restaurant space. The Texas Research and Technology Foundation acquired the complex and began renovations in 2022. The project aims to preserve the building’s architectural integrity while adapting it to new tenants. Trans Pecos Bank already set up shop in the space in January 2024. Nearby Co-Labs, part of VelocityTX's innovation campus, opens in May 2024 with startup incubator space.

    4. 300 Main

    Downtown San Antonio is getting a new addition to its skyline with 300 Main, a 32-story mixed-use project by Weston Urban. The $107 million, 696,000 sq ft development will feature 354 luxury apartments, ground-floor retail space, and a six-level parking garage. The project is slated to be completed by summer 2024. Weston Urban, a real estate developer, has been very active in revitalization and development efforts in downtown San Antonio. In addition to 300 Main, the developer is also working on the 16-story Continental Block apartment building, which is expected to be completed by late 2025.

    5. La Picosa at Brooks City Base

    La Picosa, a 100,000-square-foot retail development, is underway at the Brooks mixed-use district in southeast San Antonio. It will be the largest retail center built in the region since 2008 and serve the growing Brooks community. The 1,308-acre Brooks development has already seen over $1.2 billion in investment, with another $425 million currently underway. The new retail center will expand the shopping, dining, and entertainment options for residents and visitors to the rapidly growing southeast San Antonio real estate market. It will feature new restaurants and shops like Pluckers Wing Bar, Outback Steakhouse, and BJ's Restaurant & Brewhouse.

    Best Places to Buy Investment Property in San Antonio Metro & Surrounding Areas

    If you’re considering purchasing rental property in San Antonio, here are some of the best places to find profitable investment properties in the city and surrounding metro area in 2024.

    1. West San Antonio

    West San Antonio is a promising area for real estate investment due to its remarkable growth and development. This area boasts attractions like SeaWorld San Antonio and Lackland Airforce Base. The neighborhood is diverse, with a mix of new and established neighborhoods providing affordable housing options. With 15 square miles, approximately 244,000 residents, and 2,500 small businesses, West San Antonio is not only a residential hub but also a bustling center of employment. San Antonio is committed to further growth in the westside, and its voter-approved $200 million "Ready to Work" program aims to boost residents' incomes and economic prospects.

    A walkway over a canal next to a building with flags in Converse, Texas.

    2. Converse

    Converse, northeast of San Antonio, is a growing suburb that attracts families seeking affordable housing and good schools. According to Zillow, homes here average $255,000, and the average monthly rent is $1,795. Converse's strategic location near major highways offers easy access to San Antonio's downtown and employment hubs. It is also close to Randolph Air Force Base and consistently has a steady demand for rental housing.

    The housing development project in East San Antonio.

    3. San Antonio's East Side

    San Antonio’s Eastside is a prime location for single-family rental investments. This area is seeing many revitalization projects. One is the Wheatley Courts redevelopment, which plans to create a 248-unit multifamily community on the East Side. This project and other Eastside projects by the San Antonio Housing Authority (SAHA) have attracted almost $100 million in public and private funding. Relaxed land-use regulations and business initiatives like SAGE (San Antonio for Growth on the Eastside) attract companies, boosting housing demand.

    City Hall in Bulverde, Texas.

    4. Bulverde

    Bulverde is a small town in North San Antonio nicknamed the "Front Porch of the Texas Hill Country." This city offers tranquility with rolling hills, oak trees, and proximity to the Guadalupe River. The area is known for its large property lots, allowing for a more spacious and private lifestyle, complemented by a tight-knit community atmosphere. Plus, it’s a quick 20-minute drive from San Antonio. The average home price in Bulverde is $456,000, with an average monthly rent of around $2,200. This combination of accessibility and serenity makes Bulverde attractive to families, young professionals, and builders looking to build homes in areas of strong demand.

    A Master Planned Class A Business Park in San Antonio, Texas.

    5. Schertz

    Schertz, northeast of San Antonio, is one of Texas's best places to invest. It offers a high quality of life, a diverse economy, and a strategic location along the I-35 corridor. Its growth is fueled by Randolph Air Force Base, a 90-year-old military installation that stabilizes the city's economy. The city’s location–just 16 miles from San Antonio and 65 miles from Austin–also makes it attractive to businesses. The city's economic strength is evident in the recent expansion of its industrial space. Investment & Development Ventures LLC (IDV) recently started constructing a six-building industrial park in the area, spanning 118 acres and adding 1.4 million square feet of industrial space. The park's proximity to Amazon's DSX9 distribution facility and a Caterpillar warehouse confirms Schertz's status as a logistics and distribution hub.

    Metro Population
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    Median Household Income
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    Unemployment Rate
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    Median Home Price
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    Median Monthly Rent
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    Real estate market stats for San Antonio, Texas, on of the best places to buy rental property.

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