The luxury housing market continues to boom in San Antonio and Texas Hill Country, as more families are making The Golden State their home. Recently, the Texas Association of REALTORS® released a report that indicates luxury homes, homes selling at $1 million or above, sold at a rate of 19% higher in 2017 than in previous years. Throughout Texas, one-third of the homes bought in 2017 were luxury market properties.In a recent news release, Texas Association of REALTORS® chairman Vicki Fullerton said “Texas luxury home sales volume has continued to grow at a booming pace. Rising home prices, high-end remodeling activity in major metro areas, and relocation activity from out-of-state residents all continue to be drivers for Texas home sales of $1 million and higher.”
The impressive luxury home sales in the San Antonio and Texas Hill Country, Texas metro area contributed to this statewide trend. Luxury home sales in the San Antonio metro area jumped 18.4%, just slightly below the state average, in 2017. In San Antonio, the unprecedented growth in the luxury market is part of a larger trend of home sales increasing. Homes at all price points sold at record levels, with the price of houses continuing to rise.
Impressive growth in the vibrant San Antonio metro area along with the nearby Texas Hill Country is a key factor in the growing luxury market. The U.S. Census Bureau lists San Antonio as experiencing the second-highest population growth in the state. Since 2011, the city’s population has grown 10%. Many of San Antonio’s nearby suburban communities continue to grow alongside the city.
More people are taking the plunge into the San Antonio and Texas Hill Country luxury home market for a number of reasons. One of the biggest factors is the job growth taking place throughout the metro and surrounding area. At the end of 2017, unemployment in the metro area was at a low 3.7%, below the national average. The region continues to add jobs, attracting new residents to the area. Top hiring industries in these areas include the health care sector, hospitality workers, and construction.
Are you planning to relocate to the San Antonio or the Texas Hill Country area or looking for a house upgrade? The local luxury market includes impressive properties for all wish lists, and spring is the perfect time to start looking for a new place to call home. To learn more about San Antonio homes for sale, contact Denise Graves today.
