Hello, Alamo City! Here’s your monthly snapshot of the San Antonio real estate scene!
See this report on YouTube.com at https://youtu.be/QNM_Fv3pem4
San Antonio Housing Market – November 2025
Single-Family
November continued the slow grind lower for San Antonio single-family homes, with most data sources showing modest but persistent month-over-month softening.
Redfin reported a median sold price of $264,000, up from October’s $258,000 but still well below the $275K–$278K range seen in early summer. That bounce looks more like seasonal noise than a true trend change.
Realtor.com slipped from $295,000 to $289,000, while Zillow continued its steady decline, falling from $247,152 to $245,985. SABOR posted a median of $315,000, rebounding from October’s $305,000 but still far below July’s $330,000 peak.
Days on market continue to tell the real story.
Realtor.com edged up from 74 to 75 days, Zillow climbed from 52 to 53, and SABOR increased from 83 to 86. Buyers are taking their time, and sellers are paying for unrealistic pricing their homes.
Listing performance remains weak.
Zillow showed 62.7% of homes selling below asking, up from 61.2% last month. SABOR closings came in at 92.4% of original list, slightly better than October but still soft by historical standards. Price reductions are still the norm.
Inventory is still elevated.
SABOR months of inventory eased from 6.04 to 5.9, but that’s firmly buyer-leaning territory. Active listings dipped slightly, though absorption hasn’t improved enough to meaningfully tighten conditions.
Rentals (Worth Watching)
Rental data continues to hint at pressure on the income side. SABOR active rental listings held steady around 5,360 units, while median rent ticked up marginally from $1,781 to $1,788. I am a little encouraged by the slightly higher rents in this slow time of year. I look forward to seeing next months data.
Mortgage Rates
Mortgage rates have eased slightly over the past couple of months but remain elevated. The average 30-year fixed rate has drifted down from the high-6% / low-7% range earlier in the year to roughly 6.2%–6.3%, according to national surveys and Freddie Mac data.
This modest improvement has helped stabilize buyer interest at the margins, but rates haven’t fallen enough to materially improve affordability. For most buyers, payments are still high — which explains why pricing power hasn’t returned despite small month-to-month price bumps.
My take: I still expect home prices to slide — likely another 2–4% December through February. I believe we’ll see the low point for the year in February or March, followed by a modest price increase in the spring. Rental rates should dip slightly in December due to seasonality, then stabilize in February and begin edging higher in the spring.
How’s Bill’s Business Doing?
I’m encouraged by how our Airbnb performed over the holiday season. With Christmas behind us, I’m optimistic we can place a mid-term tenant in that property for a few months, which should provide steady cash flow through the slower winter period. Our long-term rental is back in shape and ready to lease — and it’s looking great.
We made a couple of offers over the past month. Nothing has landed yet, but I’m actively looking to add another property. We’ve started some light marketing — a few postcard campaigns — and we’re also exploring the possibility of bringing back radio spots.
On the financing side, we wrapped up our private mortgage financing for $100,000. It was a first-lien loan at 8%, amortized over 30 years with a 5-year balloon, which allowed us to retire the existing mortgage. I see this as a win-win for everyone involved.
Deanna has paused marketing for now in her land business as the market continues to settle. We still have a Wimberley property on the market, but there’s no urgency to move it. For now, the focus is on steady cash flow, tightening operations, and staying patient for the next clear opportunity.
Multifamily
San Antonio’s apartment market remains in a late-cycle digestion phase, with fundamentals changing slowly rather than dramatically. Occupancy appears relatively stable in the upper-80% to low-90% range, while rents are still modestly below last year’s levels. Class A properties continue to compete with concessions, while Class B and C assets are holding up better due to more consistent, needs-based demand.
The construction picture is improving. New deliveries are slowing meaningfully compared to last year, and the number of projects actively under construction has continued to thin. While 2025 will still see additional units come online, the pace is well below 2024 levels, setting up a much lighter delivery schedule in 2026 and 2027 and giving the market time to absorb existing inventory.
Transaction activity remains muted. After reviewing public CRE transaction summaries and recent Bexar County deed filings, we did not see evidence of large (100+ unit) apartment sales closing in November 2025. The bid-ask gap remains wide as higher borrowing costs and tighter underwriting continue to slow deal flow.
We are also actively evaluating new data sources to improve our multifamily coverage, particularly around leasing trends, transaction pricing, and development activity. If you know someone that can help please send them my way.
My take: Stress remains concentrated in properties financed with floating-rate debt, and select assets are starting to trade at discounts to replacement cost. For patient investors, preparation matters — and for those considering multifamily, this can be an attractive entry point if partnered with a disciplined, reliable sponsor.
Final Thoughts
November reinforced what we’ve been seeing all year: San Antonio is working through a slow, orderly reset. Single-family prices are drifting lower, inventory remains elevated. Buyers have leverage — but this is not a distressed market across the board. Rentals are holding up reasonably well for this time of year, mortgage rates have improved just enough to stabilize demand, and future supply — especially in multifamily — is finally starting to thin.
I am actively looking for new properties. I believe the current glut of multifamily housing will ease in 2026. Low levels of new single-family and multifamily project starts, combined with continued population growth in San Antonio, should help stabilize both the market and pricing. I expect rents and home prices to begin rising again in late 2026 and into 2027. Over the long term, the underlying housing shortage should continue to support higher prices.
If you’d like to chat about the market, potential investments, or upcoming opportunities, schedule a call. You can also stay in touch by joining our monthly newsletter or reaching out anytime at homehelpsa@gmail.com or 210-972-9580.
Required-but-amusing legal note:
Per Redfin’s request (and their legal team’s gentle nudging), some of the data in this report is sourced from www.redfin.com.