The San Antonio Business Journal’s Katie Burke reported on the Hot San Antonio housing market this week. For homeowners living in one of San Antonio’s northeastern pockets, now may be the time to make a move. Based on Realtor.com’s annual ranking of the hottest ZIP codes in the country, San Antonio’s 78247 has placed fifth — bumping up a spot from the previous year. That’s great news for empty nesters looking to downsize their maintenance requirement to upsize their lifestyle in downtown San Antonio.
The area is bordered by Wurzbach Parkway to the south, Loop 1604 to the north, and Jones Maltsberger and Nacogdoches roads to the west and east, respectively, the area has been home to a major population and development boom. The report also cited growth among millennial homebuyers, largely due to the area’s affordability. According to Realtor.com, the online real estate arm of News Corp. (Nasdaq: NWS), the younger demographic makes up 36 percent of mortgages in the zip code, and in San Antonio as a whole, millennials have a homeownership rate of 61 percent — 1.5 times larger than the national rate.
So what are the other markets that are heating up? A majority of the zip codes included in the ranking are located in California, Texas and Colorado, with Watauga, TX — a Fort Worth suburb — taking first place, followed closely behind by Pleasant Hill and Petaluma in California, as well as Northglenn and Colorado Springs in Colorado.
“Homes for sale in this year’s hottest ZIP codes are selling almost as quickly as they hit the market,” Jonathan Smoke, chief economist for Realtor.com, said. “While millennials are usually a significant presence in most markets, their sheer size and buying power have made them a force to be reckoned with in these hot ZIP codes and given them the power to shift supply and demand dynamics.” On average, homes in San Antonio sell in less than 30 days, and the average price has ticked up by an annual 5.8 percent to $184,000, according to the website’s report.
Growing demand and dwindling inventory have prices on the rise. Alteza above the Grand Hyatt in Downtown San Antonio is down to its final 20 residences available for sale. Unlike the surrounding suburbs, new high rise development is scarce, and Alteza is likely to be the last opportunity to own a luxury condo in the heart of downtown for several years to come. To learn more about the remaining inventory, and closeout specials that include custom closets and designer finishes, contact Dustin David at 210-212-8400 for a private showing.