Hello, Alamo City! Here’s your monthly snapshot of the San Antonio real estate scene!
If you’d like to reach out to me, I’m offering free 30-minute phone calls from 6:45 AM to 7:30-ish AM, Monday through Thursday. 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 to connect.
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San Antonio Single Family Real Estate Market Data
San Antonio remains a buyer’s market, but home prices are holding steady.
In April, most data sources showed little to no change in home prices compared to March. Redfin held firm at $249,900, while Rocket Mortgage dipped slightly to $296,892 from $297,207. Realtor.com edged up to $299,900, and Zillow showed a solid increase to $257,632 from $252,434. While there are differences among sources, the overall trend is one of stability, with no sharp rises or falls.
Homes are selling faster again.
After a slow winter, April brought shorter days on market across the board. Redfin dropped from 74 days in March to 62 in April. Rocket Mortgage improved from 85 to 79 days. Realtor.com also saw a decrease, from 59 to 56 days, and Zillow showed the shortest timeline with just 39 days on market. This suggests that spring is bringing more buyer activity, as expected.
Listing performance remains stable.
Homes are still selling close to their asking prices. Redfin remained steady at 96.7% of list price. Realtor.com stayed right around 99.17%, and Zillow reported 98.3%. The percentage of homes selling below list price fell slightly: Rocket Mortgage dropped from 57.9% to 57%, and Zillow saw a similar dip from63.8% to 62.8%. All signs point to a market where sellers need to price smartly, but buyers don’t have as much negotiating power as they did just a few months ago.
In April, the San Antonio real estate market showed signs of typical spring improvement. Home prices remained steady across most platforms, and days on market declined noticeably, indicating increased buyer activity. Listing performance held firm, with homes continuing to sell close to asking prices and fewer properties selling below list compared to March. Overall, the market remains favorable for buyers, but the momentum is gradually shifting toward a more balanced environment as we move deeper into the spring season.
I believe the numbers are wrong and times are changing
So, the April numbers I just shared paint a picture of a relatively stable market—but things have shifted quickly in the past few weeks. Based on what I’m hearing from people in the industry, the market has more or less hit pause since the recent tariffs were announced against key trading partners.
This isn’t a political newsletter, so I won’t get into opinions. But the impact on the real estate market has been noticeable. Buyers and sellers alike seem to be hitting the brakes, waiting to see how the situation unfolds. I’m expecting the May data to reflect this slowdown, with softer prices and homes sitting on the market longer.
That said, I’m slightly optimistic that the market will begin to thaw as we get more clarity around the tariff situation and head into the early summer months, when activity usually starts to pick up.
Now let’s take a look at Bill’s business.
We are hunkered down, trying to ride out the storm. We’ve gone out, looked at some properties, and made a few offers—but it has to be a really good deal for us to buy anything right now. I have no confidence that I can sell anything I buy at the moment.
Good news: we have tenants in both Lazy Fox properties—yeah! All our properties are full, but we are moving tenants out of one because we had a balloon mortgage on it, and the balloon is almost up. We need to rehab the property and get it sold. The plan is to sell it and buy another property or two with the proceeds. I believe I can find some really great deals in the San Antonio real estate market right now.
Deanna has also been really quiet on the land business. We’re having trouble moving the property in Wimberley, even though we like the subdivision and love its proximity to Austin.
Now lets look at the San Antonio multi-family report.
In 2025, San Antonio’s multifamily market is facing growing pressure from multiple fronts. While the median rent remains relatively affordable at $1,240—drawing interest from Gen Z renters and young professionals—the market is struggling to absorb a wave of new apartment supply. More than 14,500 new units were delivered in 2024, leading to a 2.3% drop in rent growth and pushing average occupancy down to roughly 89.2%. Mid-tier rental properties have been hit hardest as competition intensifies.
These conditions have led to a rise in distressed properties across the metro area. In April 2025, San Antonio recorded one of the highest foreclosure rates among major U.S. cities. Property owners—especially those holding older Class B and C assets—are facing mounting financial pressure from higher interest rates, maturing loans, and stagnant rent growth. Many are being forced to sell at a discount or risk default, contributing to a growing inventory of troubled assets on the market.
Let’s Talk About the Elephant in the Room
I’ve taken a couple of months off from writing this newsletter, and now it’s time to be transparent about why.
Over the last 2 months, I had to share with my investors that we were likely going to lose all of the capital invested in the Annex apartment complex. Now, that outcome is almost certain. After final offers came in, it looks like the property—purchased for $12 million just two and a half years ago—will sell for just under $10 million. Once fees are paid and the bank loan is settled, there won’t be anything left for investors. Not for the Limited Partners. Not for me or the other General Partners who personally loaned money to support the project. Everyone loses.
As one of the largest individual investors in this deal, it’s incredibly painful. But losing my investors money – the money you trusted me with—is what weighs on me the most. To those who invested: I’m sorry and I am going to attempt to make it up to you. To those who didn’t invest—thank you. I’m genuinely relieved you were spared this outcome.
So how did this happen?
We secured a variable-rate loan when interest rates were at historic lows. Instead of the rent growth we projected, the property experienced slight rent decreases. At the same time, a flood of new apartment deliveries across San Antonio drove occupancy down across the city, including at the Annex. The combination of rising debt costs, falling revenue, and lower occupancy created the perfect storm—and we couldn’t weather it.
Looking back, I can see how I got caught up in the multifamily hype. I paid a mentor to teach me how to do this. The problem was the mentor I trusted probably wasn’t the expert that I thought he was. This is evidence by his current financial troubles.
Real estate is usually very forgiving. We made our first single family investment back in 2006—just before the housing crash. We survived because we had a fixed-rate loan and a reliable tenant. This time, the loan structure and market conditions gave us no margin for error.
Summary.
April brought a mixed bag for San Antonio real estate. The single-family market remains steady, with home prices mostly flat and days on market improving as spring buyer activity ramps up. Listings are holding close to asking price, but recent tariff news has created uncertainty that appears to have slowed momentum heading into May.
For our business, we’re staying cautious—only pursuing properties that present truly great deals. All of our rentals are currently occupied, but we’re preparing to sell one due to a balloon mortgage coming due.
On the multifamily front, the market is under serious strain. A flood of new units, declining rents, and falling occupancy have led to a rise in distressed properties. If you’re interested in multifamily, now may be the time to invest. There’s a company out of Houston called Disrupt Equity that has a deal here in San Antonio I’d seriously consider—if our current investments were performing better and we had the liquid capital.
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 or210-960-6543.