Hello, Alamo City! Here’s your monthly snapshot of the San Antonio real estate scene!
If you would like to reach out to me. I am offering free 30-minute phone calls from 6:45 AM to 7:30-ish AM, Monday through Friday. Why these early hours? That’s when I walk my dog and usually listen to real estate podcasts anyway, so it’s the perfect time for me to connect with people.
Schedule a Call: https://calendly.com/helpforhomeownerssa/30min?month=2025-02
I look forward to chatting with you soon!
I had my first call last month. Cesar called to talk about what to do with his current house as they look to buy a new property. We had a great conversation for about 30minutes as we talked about selling and renting and some of the software I use in my own business.
San Antonio remains a buyer’s market for the 14th straight month as we move past winter. Surprisingly, December’s home prices were mixed—Redfin and Rocket Mortgage showed slight increases, while Realtor.com reported a small decline for the third month in a row. I expected prices to drop across the board since many people I spoke with said November and December felt slower than usual.
One thing all three major real estate sources agree on is that homes sat on the market longer. Days on market increased by about 10% in December, indicating that buyers are taking their time and sellers are having to wait longer to close deals.
Listing performance was a mixed bag. Rocket Mortgage showed a small improvement in homes selling below list price, while Realtor.com and Redfin both reported a slight weakening in asking-to-sales price ratios.
Now, let’s talk about inventory. At the end of January, we saw a major jump—rising from 3.0 months in December to 4.0 months. That’s the biggest month-over-month increase I’ve seen in the 18 months I’ve been tracking this market. This surge was mostly due to weak January sales rather than a huge influx of new listings.
I checked in with a few local industry experts to get their take. David Acosta, a 10-year agent with Remax, said November and December were particularly slow, which he attributes to election uncertainty and the holidays. However, he’s starting to see an uptick in activity now that the holidays are over, the weather is warming up, and buyers are gearing up for the spring market. Theresa Wernette of My Title Company of Texas shared a similar outlook—things were slow through the end of the year but started picking up in late January as temperatures improved.
My Take on the San Antonio Market
It’s still a buyer’s market, and the typical seasonal trends—price softening and inventory increases—played out during the holidays. The big jump in January inventory was likely driven by cold weather keeping buyers at home rather than a flood of new listings. I expect the market to gain some momentum heading into spring, but let’s be real—last year’s spring market wasn’t great, so “better than last year” doesn’t mean booming. Until we see interest rates drop, I don’t expect any major shifts. For now, the San Antonio single-family market remains stable, and I don’t see that changing anytime soon.
Here’s where things stand with our portfolio today:
The Lazy Fox properties are still in limbo. The potential renters were waiting on a court settlement, which their agent conveniently failed to mention. Since that was a dealbreaker, I canceled their leases, and the properties are back on the market. If I’d known upfront, I would have gone with another renter who was ready to commit. Lesson learned!
On a positive note, the property I took back from an owner-financed deal has been sold, and we have new buyers in place. This worked out well for everyone involved—definitely a win-win.
Last month, I mentioned we had a couple of properties under contract from radio ads. We closed on one, brought in a 30-yard dumpster to clean it out, and sold it in two days—without even listing it—for more than I expected. Total win. The other deal fell through because the seller couldn’t get a clear title. Pro tip: If your family sets up a living trust, make sure your real estate is actually titled in the trust’s name. This family didn’t do that, and now they have to go through probate.
The property I bought subject to off Facebook hit a snag. I thought the contractor I was working with could handle permitted work—turns out, he couldn’t. That mistake cost me a good chunk of money, but we finally passed our inspections and are back on track.
For our personal portfolio, we’re staying cautious. We’re focused on owner-financed and subject-to deals, with a priority on keeping interest rates below 4%.
Deanna’s land-flipping business has been slow. She still owns the property in Wimberley, but so far, there hasn’t been much interest.
Looking ahead, we’re staying optimistic. We’ll keep adjusting to market conditions and making smart moves to set ourselves up for long-term success.
Multi-family
The San Antonio multifamily market remains weak due to an oversupply of new apartments. According to CoStar, the final count for 2024came in at 12,858 new units—about double the usual 5,000 to 6,000 range. Looking ahead, CoStar expects around 5,600 new apartments in 2025 and just 2,700 in 2026. Rents were down 2.3% in 2024, are expected to stay flat in 2025, and could see a modest 1.5% increase in 2026.
For investors, now might be a great time to explore opportunities. If you know someone syndicating deals, this could be a smart time to invest. Those who have weathered the worst of the downturn could be in a strong position moving forward. The market is still weak, and rents aren’t climbing yet, but in my opinion, the worst is likely behind us.
As for my own multifamily investments, I continue to be at The Annex weekly, where I’m a general partner. December was a weak month with occupancy dipping to 86%, probably due to the holidays. I know we had an improved January even with the colder than normal weather. The partners met last week, and we believe we have a solid plan moving forward. Our goal is to refinance the property using a loan with a low-income housing tax credit, which would help generate cash flow. This would allow us to tackle deferred maintenance and start paying down some of our outstanding accounts.
San Antonio remains a buyer’s market for the 14th straight month, with December home prices showing mixed trends. Days on market jumped 10%, and inventory spiked from 3.0 to 4.0 months—the biggest surge I’ve seen in 18 months—driven more by weak sales than a flood of new listings. I think the slow January was mostly due to cold weather keeping buyers at home rather than a major market shift. I expect some momentum heading into spring, but last year’s spring market wasn’t great, and until interest rates drop, I don’t see any big changes coming. I expect the San Antonio home market to be stable for the foreseeable future.
The San Antonio multifamily market remains weak due to an oversupply of new apartments, with 2024 seeing double the usual number of new units. While rents were down last year and are expected to stay flat in 2025, I believe the worst may be behind us, making now a good time for investors to explore opportunities. At The Annex, where I’m a general partner, we’re working on a refinance plan using a low-income housing tax credit to improve cash flow, address maintenance, and stabilize finances.
Remember this year, I’m trying something new: offering free 30-minute phone calls from 6:45 AM to 7:30 AM, Monday through Friday, just to talk about real estate.
If you’d like to chat about the market, investing opportunities, or our upcoming deals, schedule a call using the link below. You can also stay in touch by joining our monthly newsletter or reaching out anytime at homehelpsa@gmail.com or 210-960-6543.