78223
San Antonio, Texas

The 78223 market is experiencing significant downward pressure, with the median sale price settling at $198,999, down 10.5% year-over-year. Homes are taking 102 days to sell on average, substantially longer than the pre-correction baseline. Only 14% of properties are commanding above-list offers, indicating buyers maintain negotiating leverage. This price-to-velocity combination signals a clear shift from the previous seller-dominated environment, with inventory absorption rates declining across the ZIP.

These conditions favor cash-positioned buyers and long-term hold investors who can withstand negative near-term appreciation. The extended days-on-market figure creates room for 5-8% below-list negotiations on properties exceeding 120 days of listing age. Sellers with equity cushions and flexible timelines can still transact, but those requiring quick exits at 2024 valuations face material challenges. First-time buyers gain access at price points 10.5% lower than last year, improving affordability metrics considerably.

The PropIQ score of 55 reflects persistent caution signals, suggesting stabilization remains three to four quarters away. Leading indicators to monitor include whether days-on-market extends beyond 110 days and if the above-list percentage drops below 12%, both indicating further softness. Current data does not support price recovery before Q4 2026, with the baseline scenario pointing toward continued single-digit depreciation until inventory levels contract by 15-20% from present volumes.