Are you looking to move into a new San Antonio home? Do you have a spare million dollars to spend on this new home? Then there’s good news for you! According to some new data, the luxury market in San Antonio is on the rise, and the San Antonio Express-News has outlined the 20 most expensive neighborhoods in the area. The Dominion took top honors as having the most expensive homes in San Antonio with Terrell Hills and Alamo Heights coming in second and third, respectively.
According to the Express-News report, the luxury market is only mirroring the overall housing market, but it is not growing because of it. Regular homes are selling more than they have in years past, and these homes are spending less time on the market. The average cost of these houses have increased by as much as 6 percent over last year, according to the San Antonio Board of Realtors.
There are clearly more sub-million dollar homes on the market, of course, and their strength doesn’t necessarily reflect on the sales of million dollar luxury homes. These shoppers are in a very specific market and are going to buy at this price regardless, and according to recent data, more high-end buyers have been choosing San Antonio’s most expensive neighborhoods.
According to the data compiled by the Express-News, the average house for sale in The Dominion sold for $752,568 over the last 12 months. Additionally, there have been 119 one-million dollar houses sold in the last ten years, and 13 of them were sold in the last year alone. Homes in Terrell Hills sold for an average of $577,533, with 7 out of 63 one-million dollar homes sold in the last twelve months in the ten year period. Alamo Heights came in a close third behind Terrell Hills with an average selling price of $525,639. Just as it was with Terrell Hills, there have been 63 one-million dollar homes sold here in the last ten years, with 7 of them sold in the last 12 months.
Are you looking to move to San Antonio? Regardless which neighborhood you choose, the attorneys at Wilson Brown can guide you as you go through the paperwork process. We can help you draft any contracts or leases necessary in finding a new home, as well as help you understand any property laws which may apply. In short, we can help you make the most of your real estate investment. Call us today for a free consultation! (210) 787-4637