San Antonio Real Estate Market 2026: 12,000 Homes for Sale and a Score of 21

Texas is producing two very different real estate stories in 2026. Austin scores an 18. San Antonio scores a 21. Both are among the lowest scores of any major metro in the country.

Here is why.

The Supply Picture

There are 12,247 homes for sale in San Antonio as of February 2026, up 15.3% year over year. For context: Cincinnati has 3,285 listings in a metro of similar size. San Antonio has nearly four times that inventory. New listings declined 2.88% year over year -- sellers are not adding new supply, but existing inventory is not being absorbed.

Demand Is Weak

Pending-to-active ratio: 0.3073 -- only 31% of active listings are going under contract. Homes average 79 days on market. The sale-to-list ratio is 98.07% as of November 2025. Price cuts affect 22.58% of listings. These numbers describe a market where buyers have leverage.

How It Got Here

San Antonio saw aggressive new construction during 2021-2024. New construction home sales reached 974 in a single month as of November 2025 -- one of the highest figures of any mid-size metro. Builders added supply faster than demand could absorb it. That imbalance is what the current score reflects.

Prices Are Falling -- and Not Done

Home values are down 2.14% year over year as of February 2026. Zillow forecasts an additional -0.3% decline as of December 2025. Falling prices with continued downward forecast in a market with 22% price cut rates is a consistent signal.

The Valuation Picture

Despite price declines, San Antonio remains 5.4% overvalued relative to local fundamentals as of February 2026. The income needed to buy is approximately $85,052. The median household income is $74,297 (2023 Census). Unemployment: 3.7% as of December 2025.

The market is correcting but has not finished. For buyers with a long time horizon who can identify well-priced specific properties, the leverage may be there. For investors expecting near-term appreciation, the data does not support that thesis.

PropertyIQ score as of February 28, 2026. Listing and inventory data as of February 1, 2026. Rent and forecast data as of December 2025. Census and economic data 2023-2025. All data for informational purposes only.