Published October 25, 2026 in Market Update

Not every part of this market is moving the same way

By Scott Peck

Real estate, Tier 4 - Central Prestige / I-35 NE Farm High Volume One offs, fill in volume , work opportunity

Realtor.com reported that 20.8% of listings nationwide had a price cut in September, the highest September reading since 2018. That is a real signal. But it is a national headline, and national headlines can hide what is actually happening on your street.

In the three months ending August 31, 2026, the Real Estate Data Aggregator counted 724 homes sold across the five ZIP codes in this market. That is up 1.5% from the same period a year ago. The broad picture looks steady. Look closer and the story splits in two.

The Alamo Heights area (78209) and central San Antonio (78212) are not the same market

The Real Estate Data Aggregator shows the median sale price in ZIP 78209, the Alamo Heights area, reached $562,500 in the three months ending August 31, 2026. That is up 14.8% from the same period in 2025. Sales volume rose too, with 147 homes sold, up 4.3% year over year.

ZIP 78212, a few miles south in central San Antonio, tells a different story. The Real Estate Data Aggregator put the median sale price there at $343,000, down 13.2% from a year ago. Homes sold fell 12.9% to 61 closings. Fewer sellers listed too, with new listings down 10%.

One thing both ZIP codes share: homes are selling faster than a year ago. The Real Estate Data Aggregator shows 78209 came in at 57 days on market, five days shorter than last year. ZIP 78212 dropped 23 days to 65. That is a meaningful improvement for sellers in central San Antonio, even if the price trend has been tough.

Schertz and Cibolo: high volume, steady footing

ZIP 78154 in Schertz and ZIP 78108 in Cibolo are the volume engines of this market. Together they accounted for a large share of the 724 total sales. The Real Estate Data Aggregator counted 194 homes sold in Schertz and 241 in Cibolo in the three months ending August 31, 2026.

Schertz is interesting. The median price dipped 4% to $352,490, but more homes sold and months of supply tightened. Buyers are active. Sellers who price right are finding them.

Cibolo has one number that stands out: 90 days on market, up 22 days from last year. Prices nudged up 3% and supply tightened, so this is not a market in trouble. But homes are sitting longer before they close. Pricing and presentation matter more than they did a year ago.

ZIP 78230: northwest San Antonio, a split signal

The Real Estate Data Aggregator shows 78230 in northwest San Antonio had a median sale price of $374,000, down 8.3% from a year ago. Homes sold fell 18.2% to 81. Days on market climbed 22 days to 61.

But here is the other side: 31.7% of homes went under contract within two weeks of listing. That is the highest quick-contract rate of any ZIP code in this market. The homes that are priced well are moving fast. The ones that are not are sitting and pulling the median down.

What the mortgage rate picture means for all of this

Rates are not helping. CNBC reported the average 30-year fixed rate at 7.50% as of October 14, 2026. It eased slightly to 7.41% by October 21, also per CNBC. But Realtor.com noted rates climbed above 7% for the first time since January 2025.

CNBC also reported that mortgage purchase applications fell 7% for the week ending October 17. That kind of rate environment slows buyers down. It does not stop them, but it changes how they think about price.

One sign buyers are adapting: CNBC reported the adjustable-rate mortgage share of demand hit 10.5%, the highest level since October 2025. Some buyers are finding ways to make the math work.

The whole market in one view

One more thing worth saying: even within a single ZIP code, one street can read very differently from the numbers above. A block with a lot of new listings, a recent sale at a surprising price, or a neighborhood association that draws a specific kind of buyer can all shift what your home is worth. The ZIP code tells you the direction. Your address tells you the number.