04/26/2026
Hello, Alamo City! Here’s your monthly snapshot of the San Antonio real estate scene!
San Antonio Housing Market – March 2026 Update
March finally brought some energy back into the market. We saw higher prices across nearly every major data source, homes selling faster, more closed transactions, and some modest improvement in rental numbers as well. No, this is not 2021 all over again—and frankly, that’s a good thing—but March did feel like a market that shook off the winter dust and got moving again.
The bigger theme this month: buyers are still price-sensitive, but they are participating. That matters.
Single-Family Home Prices: Spring Bounce Arrives
Home prices rose month over month across all four major sources I track. That’s a notable shift after the softer winter months.
Median Price Snapshot
Redfin: $261,500 (up from $260,000 in February and $250,000 in January)
Realtor.com: $289,225 (up from $285,000 in February)
Zillow: $249,810 (up from $247,132 in February)
SABOR: $316,850 (up sharply from $299,900 in February and $292,999 in January)
The SABOR number made the biggest move and likely reflects a stronger mix of homes sold during March—possibly more move-up homes or higher-end closings entering the sample. Still, when every source is pointing in the same direction, that usually means the monthly trend is real.
My take:
March often marks the beginning of the spring selling season, and this year followed script. Buyers who paused during the holidays and rate uncertainty appear to be stepping back into the market. That doesn’t mean buyers are reckless. It means they’re adapting.
Days on Market: Buyers Are Making Decisions Faster
This was one of the strongest signals in the report. Homes generally sold faster in March than they did in February.
Days on Market Redfin: 97 days (vs 98 in February)
Realtor.com: 57 days (down from 71)
Zillow: 56 days (down from 69)
SABOR: 99 days (down from 102)
That is a meaningful shift in just one month, especially on Realtor.com and Zillow.
My take:
When days on market fall this quickly, it usually means one of two things:
Buyers returned
Sellers became more realistic on pricing
My guess? A little of both. Well-priced homes are moving. Overpriced homes are still sitting there collecting dust and reducing every 14 days.
Listing Performance: Sellers Gain a Little Ground
March also showed slightly stronger sale outcomes.
Listing Metrics
Redfin sale-to-list ratio: 96.9% (up from 96.3%)
Zillow below asking price: 64.7% (improved slightly from 65.3%)
Zillow sale as % of list: 98% (flat)
SABOR close to original list: 92.8% (up from 91.9% in February and 91.4% in January)
My take:
This is still not a seller’s market. Let’s not get carried away. But it is a sign that sellers regained a little leverage in March. Buyers are negotiating—but perhaps not as aggressively as they were a few months ago. Good homes priced correctly are getting attention. Homes chasing last year’s fantasy numbers are still being humbled.
Inventory: More Choices Continue to Build
Inventory kept climbing in March, which remains one of the defining features of today’s market.
Active Listings
SABOR active listings: 15,900 (up from 15,081)
SABOR months of inventory: 5.76 (up from 5.51)
Realtor.com active listings: 6,895 (up from 6,697)
Zillow inventory: 7,450 (up from 7,251 in February)
My take:
This is why prices are rising modestly instead of exploding upward. More inventory gives buyers options. More options create competition among sellers. That competition helps keep the market grounded. A balanced market is healthier than a frenzy market—even if it’s less exciting for cocktail party stories.
Sales Activity: March Was Busy
This was another strong sign.
SABOR Homes Sold March: 3,100 vs February: 2,363 vs January: 1,974
That is a substantial jump.
My take:
Some of this is seasonal. March is usually busier than January or February. But even accounting for seasonality, the increase suggests real demand is still there. Buyers may not love mortgage rates, but many are learning to live with them. That’s an important psychological shift.
Mortgage Rate Watch
Mortgage rates moved higher in March, with the average 30-year fixed rate rising to 6.38%, up from 5.98% in February. Affordability remains the biggest challenge for buyers, so even small rate increases can impact monthly payments.
The interesting part: despite higher rates, March market activity improved. Homes sold faster, prices rose, and sales volume increased. Buyers may not like these rates, but many are adjusting to them.
The silver lining: rates are still below the 6.83% level from this time last year.
Rental Market Snapshot: Some Encouraging Signs
Rentals have been softer for a while, so March was worth noting.
Rental Data
SABOR active rentals: 4,362 (down from 4,797 in February and 5,127 in January)
SABOR median rent: $1,801 (up from $1,767 in February)
Zillow average rent: $1,360 (flat vs February, up from January)
My take:
This may be the beginning of stabilization. Lower rental inventory paired with higher median asking rent is the type of combo landlords want to see. One month doesn’t make a trend, but it’s more encouraging than what we saw late last year.
If supply continues shrinking, rent pressure could gradually improve through the second half of 2026.
My Bottom Line
March was the healthiest month we’ve seen so far in 2026.
Prices moved higher
Homes sold faster
Sales volume jumped
Sellers gained slight leverage
Rentals improved modestly
We’re still in a market defined by rising inventory and affordability pressure, but the tone improved noticeably in March.
That doesn’t mean boom times are back.
It means the San Antonio market showed stronger demand than many expected, even with mortgage rates pushing higher.
The bigger question now is whether that momentum carries into April. With growing uncertainty surrounding the war with Iran, higher oil prices, and shaky consumer confidence, I would not be surprised if April data comes in softer than March. Buyers can handle high rates better than uncertainty—and uncertainty tends to slow decisions.
How’s Bill’s Business Going?
Wow! - What a difference a day makes. This was my report yesterday and I will give you an update at the bottom.
On the rental side, one of our traditional rentals is scheduled to go vacant in May, so it’ll be interesting to see what the San Antonio rental market looks like heading into summer.
We also still have an offer out on a house. I’d call it 50/50 whether it actually closes. It’s alive, but far from certain. This one has been interesting for another reason—the title company out of Austin has been a mess.
On the strategy side, I haven’t committed to any major new marketing—and I’m increasingly confident I won’t. We’ve talked about jumping back into radio or testing a phone campaign, but for now I’m staying conservative. My instincts say this kind of market can create buying opportunities, but higher rates and global uncertainty make aggressive moves less appealing.
Instead, I think the smarter goal is simple: grow our net rental inventory by two homes per year over the next few years. That feels achievable without spending heavily on marketing.
On the downside, we still haven’t found a tenant for our fully furnished rental. That remains frustrating.
And in an interesting twist, the house we sold on an owner-finance note about two years ago may still come back to us—but nothing has happened yet. The buyer had been trying to sell since July and hinted at giving it back, but so far hasn’t followed through.
On Deanna’s side, she is mostly standing by as well. We still own the Wimberley property, and in hindsight we likely paid too much for it. That one has delivered a few expensive lessons—but lessons all the same.
For now, the business feels steady but cautious: a few opportunities, a few headaches, and a focus on slow, smart growth in an uncertain market.
My final take.
The broader theme right now is steady optimism. The market is fine—not booming, but healthy enough to create opportunities for patient buyers, investors, and homeowners making smart long-term decisions. Higher interest rates and global uncertainty are keeping some people cautious, but the fundamentals in San Antonio remain solid. The city continues to grow, population trends are favorable, and new construction has slowed, which should help support housing values and rents over the coming months and years. In short, this feels like a market where steady, selective moves could be rewarded.
Okay, that was yesterday’s take. Here’s today’s update. That house we put an offer on—the one I said was 50/50 to close—I’m now about 85% to 90% confident it’s going to happen. Even bigger news: I went to see another house yesterday off Redland Road. It was a mess, which usually means it is right in my wheelhouse. We made an offer last night, and they verbally accepted it this morning. So yes… it’s been a very busy 24 hours for me, but YAHOO!
Bonus multifamily section. I don’t buy multi-family anymore but after the wounds of the last couple of years I throw it in here occasionally. San Antonio multifamily is in a transition year.
The pain from overbuilding is still real—high vacancy, concessions, slower rent growth—but the worst of the supply wave appears to be behind us. New construction is slowing sharply, demand is still decent, and many investors are starting to look at 2026 as the setup year for a stronger 2027–2028.
The Big Headline: Vacancy Is High
San Antonio now has one of the highest apartment vacancy rates among major U.S. markets. Some recent reports peg it around 15%+, which is extremely elevated for a market like San Antonio.
That means:
Renters have leverage
Owners are competing harder
Free rent / move-in specials remain common
Lease-up on new Class A product is slower than hoped
I still tell aggressive investors that this is the time to buy multi-family. Not 2 or 3 years ago when I did it, but now when the market is near its lows.
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 [email protected] 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.
Some of the data in this report is sourced from Zillow, SABOR (San Antonio Board of REALTORS®), Realtor.com and other third-party providers.
Friendly neighborhood disclaimer:
The thoughts, opinions, and interpretations shared in this report are my own and are provided for general informational purposes only. This is not financial, legal, or investment advice. Always do your own research and consult with a qualified professional before making real estate or investment decisions.
