For years, buying a home in San Antonio meant competing with a dozen other buyers, waiving inspections, and rushing offers in hopes of standing out. Today, the landscape has changed. Homes are staying on the market longer, sellers are offering incentives, and buyers have more time to make decisions.

After nearly a decade of intense competition, San Antonio’s housing market has moved toward a more balanced state. In some areas, buyers now have the advantage. For those who have been waiting for better conditions, this may be the most favorable market in years.

Where San Antonio’s Market Stands Now

San Antonio’s housing market has cooled noticeably over the past year. Inventory has increased by 15-18 percent compared to last year, giving buyers a wider selection and reducing the urgency that once defined the market. Homes that previously sold within days are now often on the market for several weeks. To attract buyers, sellers are offering closing cost credits, home warranties, and price reductions.

“The market is really slow,” says Jerry Newman, Realtor at Brown Realty & Property Management in San Antonio. “Since September, things have slowed down, especially for me personally.”

This slowdown is not limited to one agent or neighborhood. Across the city, buyers are touring more homes before making decisions, showings are less crowded, and the pressure to act immediately has subsided.

What Triggered the Change?

The shift in San Antonio’s market can be traced to two main factors: higher mortgage rates and increased inventory.

Mortgage rates, which were in the low-3 percent range during the pandemic, have climbed to around 6 or 7 percent over the past two years. This increase has made it harder for many first-time buyers to qualify for loans and has made others more cautious. Although rates have recently eased to around 4 to 5 percent, depending on the lender, the higher rates have already reduced demand and changed buyer behavior.

At the same time, more homes have come onto the market. Sellers who had delayed listing have returned, and new construction has added to the available inventory. With more choices and less competition, buyers no longer feel the need to make snap decisions.

“Buyers are reluctant because of the interest rate,” Newman says. “But some of them don’t realize that 15 or 20 years ago, rates were even higher than they are now.”

While experienced buyers and investors view these fluctuations as part of the normal cycle, younger and first-time buyers are responding to the change with greater caution. This shift is influencing how deals are made and what buyers expect.

How Quickly Are Homes Selling?

The pace of transactions has slowed significantly. Homes that once received offers within 48 hours are now taking a week or longer to go under contract. Closings, which used to take about 30 days, now take 45 days as buyers take more time for inspections, appraisals, and negotiations.

“It’s a much less frantic pace,” Newman says. “Buyers can actually think before they bid.”

Sellers must now be prepared for more extended listing periods and more negotiation. Overpricing or failing to present a home well can result in extended time on the market. For buyers, this slowdown means greater leverage and the ability to negotiate terms unheard of a year ago.

What Buyers, Sellers, and Investors Should Do Now

Buyers currently have an opportunity to be selective and deliberate. Tour multiple properties, compare neighborhoods, and negotiate for concessions. Sellers are now more willing to cover closing costs, make repairs, or offer rate buydowns to close deals. If current mortgage rates still feel high, some builders and sellers are providing credits to help lower monthly payments.

Sellers must adjust their strategies. Pricing a home competitively is essential—listing high and hoping for a bidding war is no longer effective. Staging, professional photography, and a willingness to negotiate on closing costs or warranties are now crucial for attracting buyers in a crowded market.

Investors will also find new opportunities. Properties in need of renovation are available, and some sellers are motivated to negotiate, especially if their homes have lingered on the market. While competition has slowed, attractive deals still move quickly, so preparation and decisiveness remain essential.

Why This Market Shift Matters Now

San Antonio’s market adjustment is significant because it reverses nearly a decade of seller dominance. The combination of higher interest rates, more inventory, and slower buyer activity has created a climate in which buyers can negotiate and take their time to make decisions. This is a marked contrast to the rapid sales and bidding wars of recent years.

The Bottom Line

San Antonio’s housing market has shifted from a seller’s market to one that is more balanced, and in some neighborhoods, buyers now have the upper hand. Inventory has increased, bidding wars have faded, and the pace of sales has slowed. Whether you are buying, selling, or investing, the approach that worked last year may not work today.

“The serious buyers don’t let the rate stop them from reaching their dream,” Newman says. Flexibility, research, and a willingness to negotiate are now key to navigating San Antonio’s changing real estate landscape.

This article provides insights into local real estate trends in San Antonio and does not constitute legal, financial, or investment advice.