2023 Cordillera Ranch Market Recap

By:
Gary Short, Director of Real Estate Sales

2023 was quite a year for real estate and development in Cordillera Ranch, with three exciting new units coming online and continued home construction activity.

For the first time in several years, we saw new homesites become available in Clubs Village, with Unit 220, on the Guadalupe River in The Springs Unit 305 and near the Main Entrance with views for miles at Hawk Canyon. All were met with tremendous activity, and with road/infrastructure construction well underway in Hawk Canyon and Unit 305, and soon to start in 220, it won’t be long before we see new homes rising in those neighborhoods as well. 

Keeping with the home building theme, it’s great to see so many new rooftops across the community and before long, a lot of new families to occupy those beautiful homes. 2023 was another incredible year for new home construction throughout the entirety of Cordillera Ranch. Partially due to a pullback in construction material prices, there are more than 100 homes currently in various stages of construction or architectural design review. And if the number of new submittals to the Architectural Review Committee is an indicator, it’s clear that several of our property owners feel now is a window of opportunity to seize that lull in costs, perhaps pointing towards a trend that will carry-on into 2024.     

While there were certainly things to celebrate in 2023, the year wasn’t without its challenges. Interest rates continued to climb through the third quarter, topping out north of 8% in October before we began to see some erosion over the last two months of 2023. The good news is rates have continued to edge lower since their October peak and have continued that trend into the start of 2024. 

Available home inventory was another obstacle clients encountered during 2023. Because Boerne and Cordillera Ranch is such a desirable place to live given the quality of life, schools and our proximity to a major city, the lack of supply made for a challenging homebuyer environment. For the better part of the year, available new and resale homes hovered around 15 total units inside of Cordillera Ranch, adding another layer on top of interest rates that our clients had to deal with during the year. 

As we begin 2024, and absent of a crystal ball, there are some great signs on the horizon. Interest rates appear poised to continue their declines, construction materials pricing (for now) has relented from annual double-digit increases, and the quality of available homesites in Cordillera Ranch is better than ever. As we’ve experienced in the past, any of those factors could change in a moment, but the ingredients are there for continued growth in 2024.

The Cordillera Ranch Realty Team can be reached at 888.66.RANCH.

The chart above reflects all real estate activity in Cordillera Ranch, including developer and resale lots, home sales and new home starts.
The chart above shows all new homes under construction, approved to start and in design review within Cordillera Ranch.

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