78232
San Antonio, Texas

The 78232 market shows sustained appreciation with a median sale price of $390,000, up 8.0% year-over-year, outpacing both inflation and typical San Antonio metro gains. Properties are moving at a moderate clip with 64 days on market, while only 7% of homes sold above list price in February 2026. This pricing dynamic indicates seller pricing power has contracted from prior peak conditions, though demand remains sufficient to support price growth without creating inventory backlog.

Buyers gain negotiating leverage in this environment, as the 7% above-list metric suggests 93% of transactions closed at or below asking price. The 64-day market time provides adequate due diligence runway without forcing rushed decisions that characterized tighter inventory periods. Sellers with properly priced homes still benefit from the 8.0% annual appreciation, but those testing ceiling prices face extended market exposure. Investors seeking cash flow should model conservative rent growth given the PropIQ score of 65.

The PropIQ Caution rating at 65/100 signals vulnerability to rate sensitivity or economic headwinds that could stall the current appreciation trajectory. Monitor absorption rates and days-on-market trends through Q2 2026, as any extension beyond 70 days would indicate softening demand at current price levels. The 8.0% growth rate appears unsustainable without corresponding wage growth or inventory constraints, suggesting a normalization toward 3-5% annual appreciation is probable by year-end.