78231
San Antonio, Texas

ZIP code 78231 in San Antonio shows active appreciation with a median sale price of $459,575, up 13.4% year-over-year as of February 2026. The average 50.5 days on market indicates moderate inventory turnover, while 20% of homes selling above list price demonstrates persistent buyer competition in select price segments. This combination of double-digit appreciation and extended DOM suggests a market transitioning from peak velocity but maintaining upward price pressure in a higher interest rate environment.

Current conditions favor sellers with properly priced properties, as the 20% above-ask rate creates negotiating leverage while the 50-day absorption period penalizes overpricing. Buyers face 13.4% annual appreciation that outpaces wage growth but gain from the reduced urgency reflected in the DOM metric, allowing for inspection contingencies and financing comparisons that weren't feasible in faster markets. Investors targeting appreciation over cash flow will find the price momentum supportive, though the extended marketing period requires accurate underwriting.

The PropIQ score of 70 signals neutral conditions with caution flags, suggesting the 13.4% appreciation rate may not sustain through 2026 without demand catalysts. The 50-day DOM represents a normalized market where price discovery functions properly, but further DOM expansion would indicate demand softening that could compress the above-list percentage. Monitoring weekly DOM trends and list-to-sale price ratios will provide early signals of whether appreciation moderates toward mid-single digits or accelerates if inventory tightens.