Hello, Alamo City! Here’s your monthly snapshot of the San Antonio real estate scene!
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San Antonio Single-Family Real Estate Market – June 2025
Prices are up, but buyer activity is cooling.
San Antonio remains a buyer’s market even though June brought a modest bump in home prices across most platforms. Redfin reported a healthy increase to $278,000, up from $275,000 in May and nearly 10% above where the year began. Realtor.com also ticked up to $299,900, and Zillow held steady at $256,363. Only Rocket Mortgage showed a slight dip, from $299,900 to $297,076.
On paper, prices are holding strong—but talk to agents, and the story is more mixed. Many are seeing fewer showings and fewer offers. Even with stable or rising prices, there’s a noticeable drop in buyer urgency out in the field.
Homes are selling faster than in winter—but not flying off the shelves.
Days on market (DOM) in June remained relatively flat month-over-month but still well below January highs. Redfin came in at 50 DOM, Rocket Mortgage at 76, and Realtor.com at 61. Zillow, as usual, showed the fastest turnaround at 34 days.
That said, DOM is actually up year-over-year—homes took about 64 days to sell last June, compared to 75 days this year. And many sellers are needing price adjustments or buyer incentives to get deals done.
Listing performance is holding—but sellers are giving more to close deals.
Homes are still selling close to their asking prices, especially if they’re priced right from the start. Redfin came in at 96.9% of list, while Realtor.com and Zillow posted 98.9% and 98.8%, respectively.
The percentage of homes selling below list price, however, remains high: 58.2% on Zillow and 57.5% on Rocket Mortgage. In practice, sellers are offering more—closing cost credits, flooring allowances, or rate buy-downs—to help buyers manage affordability.
Under the surface, the market feels slower.
Despite steady prices and seasonally normal activity levels, there’s a clear cooling trend if you look closer:
- Pending sales are down 21% year-over-year, a sign that buyers are hesitant or priced out.
- New listings dropped 10% from last June, likely because sellers don’t want to list into a quiet market.
- Inventory is up 14%, and San Antonio now has nearly six months of supply—close to a balanced market.
Agents on the ground are reporting lighter open house traffic and longer decision timelines. While the numbers don’t show a crash by any means, they do point to a more cautious, slower-moving market than we’ve seen in recent summers.
What’s ahead?
I expect the San Antonio housing market to cool as we head into the second half of 2025. Buyer activity has slowed, with pending sales down 21%, and many agents report fewer showings and offers. Inventory remains high, and more homes are sitting longer, with sellers increasingly offering price cuts or incentives. After steady gains earlier this year, I expect prices to flatten or dip slightly through the fall and winter. Mortgage rates remain the big wildcard; a drop could bring buyers back, but for now, the pace is slow. Buyers will benefit from more options and negotiating room, while sellers will need to price competitively and be flexible to close deals.
Now let’s take a look at Bill’s business.
We’ve cut off the radio ads and we’re only pursuing one or two deals at this time. In this market, it has to be a great deal for us to even consider buying. We’re staying disciplined and trying to avoid anything that we’d need to flip quickly.
We tried listing one of our properties recently. The county appraised it at $230K, and we listed it at $210K, thinking we’d priced it right—but after three weeks with zero showings, we took it off the market and turned it into a rental instead. It has already rented, so that’s looking like the right decision.
Another one of our units came up for lease, and we were able to push the rent a bit higher—so that was a win.
Deanna’s side of the business has also been quiet. We’re still holding the Wimberley land, and while she’s sent out more marketing, nothing promising has come in yet.
We’re still active—but we’re being patient and picky. We’re long-term believers in San Antonio real estate, and we’ll be ready when the right opportunities show up.
Let’s talk about the San Antonio multifamily market.
The San Antonio multifamily market is soft—no sugarcoating it. Rents are basically flat, with year-over-year growth slightly negative. Vacancy is sitting around 8–10%, and landlords—especially in newer Class A properties—are offering steep concessions just to keep units occupied. There’s leasing activity, but renters have options, and they’re taking their time.
The one bright spot? New construction has pulled back hard. Permits are down more than 50% from pandemic-era highs, and what’s in the pipeline now is minimal. That slowdown matters. Once the market works through its current inventory, especially in overbuilt suburbs, we should see rents stabilize and eventually rebound. If you’re an investor with patience and staying power, this could be the time to quietly pick up well-located deals—particularly in Class B and workforce housing.
That brings me to the Annex Apartments, a property where I’m a general partner. We bought it in 2022 for $12 million—financed with a $9.2 million loan and roughly $3 million in investor equity. We recently listed it with a commercial broker. A couple of blind offers came in around $10 million, but further due diligence revealed they weren’t viable. The most realistic offer was $9 million, but the bank rejected it because it didn’t cover the loan. As of now, the lender is expected to formally foreclose on the property in September.
This has been incredibly difficult. As a general partner, I told people this was a strong investment. I was wrong. To my investors—I’m truly sorry. I still plan to make this up to you. On another note, K-1s are supposed to be out in the next month.
That said, this deal will likely come back to market as a foreclosure. And it won’t be alone—many multifamily properties purchased in 2021–2023 are heading in the same direction. San Antonio isn’t building enough new multifamily to keep up with demand, and while this has been a painful experience for me personally, I believe there’s opportunity ahead. Investors should look into firms that specialize in acquiring distressed multifamily assets and carefully vet those operators. I won’t be jumping back into multifamily myself anytime soon—I’ve got some scars from this one—but for those willing to take some risk, this seems like an excellent opportunity to invest near the bottom of the market cycle.
Summary
The San Antonio single-family market in June 2025 is steady but slow. Prices have inched up, but homes are sitting longer, with average days on market up year-over-year. Pending sales are down more than 20%, and inventory is high, nearing a six-month supply. Sellers are offering more incentives, and while demand is still there, buyers are taking their time and negotiating harder. We expect this trend to continue through the end of the year. The big variable is interest rates. All other things being equal, we expect a slow market with downward price trends through December, but we expect the market to pick up next year.
Bill’s business reflects the mood of the market—cautious and selective. I am only working one or two deals right now with a focus on strong fundamentals. Our recent listing at $210K, despite being priced under appraisal, saw no interest and was converted to a rental—demonstrating to me the extremely slow buyer’s market. Another rental leased at a small increase, while our land deals remain quiet despite new marketing. While it’s been a tough stretch, the long-term outlook remains optimistic. I am holding off on acquisitions unless the numbers make clear sense.
On the multifamily side, San Antonio continues to feel the impact of oversupply. Rents are flat to slightly down, and vacancies remain elevated, especially in newer Class A properties. Many landlords are relying on concessions to lease up units. However, construction has pulled back sharply, with permitting down more than 50% from pandemic highs. That slowdown in new supply could help rebalance the market over the next 12–18 months, opening opportunities for disciplined investors focused on value-add or distressed assets.
We are always happy to talk San Antonio real estate. Call us directly at 210-392-5555, email us at homehelpsa@gmail.com, or message us on Facebook at facebook.com/HomeHelpSSA. We are always here to help.