San Antonio’s housing inventory decreased last month, contrary to the overall trend seen in major U.S. cities. According to data from Homes.com, the number of listings in San Antonio fell by 249 homes, or 1.6 percent, compared to the same period last year. This made San Antonio one of only two major metropolitan areas among the top 40 in the country to experience a decline in available homes, with San Francisco being the other city reporting fewer listings.
Houston led the nation with a significant increase in housing supply, as its inventory grew by 22 percent and surpassed 43,000 listings.
“It’s a strange position for a Sun Belt market like San Antonio to be in at the moment,” said CoStar analyst Daniel Khalil. “For San Antonio really to be the only major Sun Belt market to see a decrease year over year — it’s a small decrease, almost flat — I think that speaks to the resiliency of San Antonio as a market.”
Earlier this year, San Antonio also recorded the highest rate of canceled home sales nationwide. Local agents attributed this trend to sellers’ reluctance to adjust their expectations amid changing market conditions.
Clint Neal, co-founder of local brokerage Neal and Neal, commented on current seller behavior: “A lot of people have really good equity and really good rates on their property, so they’re just holding tight.”
While buyers currently have more negotiating power than before, Grant Lopez, president of Keller Williams of San Antonio, noted that it is not yet fully a buyer’s market. “It feels to a lot of people like we’re in a down market. We’re actually not. We’re just back to our normal market that we always operated on,” Lopez said. “It’s like running on a treadmill: If you’re used to running five miles an hour, and you up it to ten for a good, long while — if you lower it down, it’s going to feel like you’re walking suddenly. But you’re not walking; you just had a long sprint.”
The median home price in San Antonio has remained relatively stable this year at $265,000 according to Redfin data.
Other Texas markets such as North Texas (Dallas), Houston and Austin have experienced larger price declines during 2025 than San Antonio. In Houston—the city with rapidly increasing inventory—the median sale price is about $336,000 and has generally been lower than last year except for brief periods when prices rose slightly above previous levels; Dallas saw declines as much as five percent earlier this year but now reports its median price ($412,000) is one percent higher than last year; Austin’s median sale price stands at $440,000 after trailing behind last year’s figures between December and August.
Khalil added that other Sun Belt cities including Phoenix and Orlando have also seen modest depreciation.
“We need this kind of stabilization to happen at a certain point because it just can’t continue to rise and rise and rise,” Lopez said.
