Report: San Antonio among top 10 real estate markets to watch in 2024

Despite mortgage rates hitting 20-year highs, the real estate markets in San Antonio and other Sun Belt cities look ready to weather the storm, according to a new industry study.

San Antonio’s real estate market ranked as the nation’s eighth-best overall for real estate investors in 2024, according to the Emerging Trends in Real Estate report published by PricewaterhouseCoopers(PwC) and the Urban Land Institute.

The Alamo City jumped four spots compared to last year’s report, which examines the 80 largest U.S. housing markets.

The study asked 2,000 real estate executives questions about homebuilding along with their buy, hold and sell recommendations for industrial, multifamily, hotel, retail and office properties. Six of the top 10 markets for the upcoming fiscal year are located in the Sun Belt.

“The Sun Belt markets continue to be favored due to factors like cost of living, quality of life, and business friendliness, maintaining their appeal despite recent changes in market conditions,” the report’s authors wrote.

The top real estate prospects in 2024, according to the report are:

1. Nashville
2. Phoenix
3. Dallas-Fort Worth
4. Atlanta
5.  Austin
   6. San Diego
   7. Boston
   8. San Antonio
   9. Raleigh-Durham
   10. Seattle

The report noted that higher interest rates have bogged down the single-family residential market. At the same time, the rise of remote work has severely hampered the market for urban properties and office space.

At press time, the current rate for a 30-year-fixed mortgage is 7.76%, the highest rate since 2000, according to data from mortgage lender Freddie Mac. What’s more, closings on sales for single-family homes ion San Antonio were down 15% in September compared to last year, according to a San Antonio Board of Realtor market report.

Even so, the Sun Belt cities in the Emerging Trends report’s top 10 are still in high demand due to the affordable cost of living, warm weather and quality of life, the authors noted.

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This article appears in Nov 1-14, 2023.