Number of homes sold in San Antonio for under $200K plummets. Here’s why.

In the San Antonio metro area, the percentage of homes sold for less than $200,000 fell from 69.3 percent in 2011 to 11 percent in 2022.

The number of homes sold for under $200,000 in Texas’ four major metropolitan areas has plummeted over the last decade, data from the Texas Real Estate Research Center at Texas A&M University shows. It will take more time to save money for a down payment and to reach the income level needed to qualify for a higher-priced home, Losey said.

It declined from 66.4 percent to 5 percent in the Dallas metro area, from 53.6 percent to 0.5 percent in the Austin metro area and from 64.8 percent to 10 percent in the Houston metro area during the same time frame. Meanwhile, less available land to be developed and rising construction, labor and regulatory costs, such as minimum lot sizes, “have diminished the ability of builders to meet the demand,” Losey said.“It’s not that they couldn’t hypothetically produce homes in that price range,” Losey said. “It’s that they’d be sacrificing their expected return on it.”

“When you’re artificially constraining density to that degree, you’re also raising the price of a home,” Losey said.The trends are unlikely to change unless significant measures are implemented to reduce regulatory costs and facilitate higher densities and greater variety of housing, she said. Down payment assistance programs can also prove helpful to buyers trying to qualify for loans.

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