Study: San Antonio housing market most overpriced in country

For home buyers, rising costs could make for another obstacle for buying a home. As of 2015, the median price for houses in San Antonio surpassed $200,000, according to data released by the San Antonio Board of Realtors.

According to Forbes Magazine the Alamo City is not just overpriced, but the most overvalued housing market in America, by 18.6 percent.

That begs the question. Why? Is it still affordable to make San Antonio home? "Cost of living yes. But price points are going up," said Housing Expert, Art Ramirez.

For home buyers, rising costs could make for another obstacle for buying a home. As of 2015, the median price for houses in San Antonio surpassed $200,000, according to data released by the San Antonio Board of Realtors.

Could San Antonio be losing its reputation for affordable living?

"It’s becoming a greater disconnect between area median family income of SA which for a family of 3 is around $57,000 and average sales price of homes in S.A..," said Ramirez.

Recent natural disasters like Hurricane Harvey and Irma, could send buyers to San Antonio to relocate and that, experts say, could also impact home prices.

"More demand can drive of prices but there is a lot of inventory," he said. "We will see just like we did with Katrina. We will see the same thing with these hurricanes. You get tired of dealing with the floods, and hurricanes and insurance."

But the bright side, experts say, is a growing population could boost San Antonio's overall economy.

San Antonio is one of ten metro areas in the U.S. where home values have recovered the most, ranking number eight in the nation.

© 2017 KENS-TV


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