78204
San Antonio, Texas

The 78204 market shows clear signs of cooling, with median sale prices declining 6.4% year-over-year to $236,250 and homes averaging 108.5 days on market. Only 6% of properties are closing above asking price, indicating minimal buyer competition and weakened pricing power for sellers. This extended market time—more than three months from listing to sale—reflects a fundamental shift from the rapid pace seen in previous years, with inventory absorption slowing considerably across this San Antonio ZIP code.

These conditions favor patient buyers willing to negotiate. With 94% of homes selling at or below list price and inventory sitting for over 15 weeks, purchasers have leverage to submit below-asking offers and include inspection contingencies without fear of losing deals. First-time buyers and value-focused investors benefit most, as the 6.4% price decline has improved affordability while the extended DOM suggests sellers are motivated to close rather than wait for better terms.

The PropIQ score of 51 signals continued caution through the next quarter, suggesting prices may drift lower or stabilize rather than rebound quickly. Watch for changes in DOM velocity—if the 108.5-day average extends beyond 120 days, expect further price compression as seller urgency increases. Conversely, if DOM contracts below 90 days with list-to-sale ratios improving past 10%, that would indicate the correction phase is ending and stabilization is beginning.