San Antonio Market Update

Where San Antonio Home Prices Stand Today

The median home price in the greater San Antonio metro currently sits in the low-to-mid $300,000s, with communities closest to JBSA — Schertz, Cibolo, Universal City, and Converse — ranging from roughly $280,000 to $380,000 depending on size, age, and neighborhood.

That's a meaningful correction from the peak prices of 2022, when bidding wars pushed values well above list in many of these neighborhoods. The market has rebalanced. Sellers are more negotiable. Concessions — including seller-paid closing costs and rate buydowns — are back on the table in a way they weren't two years ago.

Days on market have stretched from the single digits of the peak market to a more typical 30 to 50 days in most JBSA-adjacent zip codes. That means buyers have time to think, inspect, and negotiate — a significant shift from the take-it-or-leave-it environment many military families faced in recent years.

BAH vs. Current Prices: Does the Math Work?

This is the question I get most often from incoming military buyers, and the honest answer is: it depends on your rank and family situation, but for many service members the numbers align better today than they did at the market peak.

For an E-6 with dependents, current BAH rates for the San Antonio area are in the range of $1,800 to $2,100 per month. On a $310,000 VA loan at current interest rates with no down payment and no PMI, a principal and interest payment lands in the $1,900 to $2,100 range depending on the exact rate. Add property taxes and homeowner's insurance and the total payment typically runs $2,400 to $2,700.

That gap — the difference between BAH and total housing cost — is real, but it's narrower than it was when prices were higher and rates were climbing simultaneously. And it's worth comparing that gap to what you'd pay out of pocket for a rental. Quality three-bedroom rentals near JBSA are currently running $1,800 to $2,200 per month, which means you'd be spending your entire BAH on rent with nothing left over and no equity to show for it.

For E-7s and above, and for officers, the BAH-to-mortgage alignment is often even more favorable. If you're in that range, the case for buying over renting near JBSA is particularly strong right now.

Inventory: More Choices, Less Competition

Active inventory in the San Antonio metro has increased significantly compared to the low-supply years of 2020 through 2022. There are more homes to choose from, and the competition for any given property is lower. Multiple-offer situations still happen on well-priced, move-in-ready homes in desirable neighborhoods, but they're the exception rather than the rule.

For VA loan buyers specifically, this matters. At the height of the seller's market, some sellers were reluctant to accept VA offers due to appraisal requirements and perceived complexity. In today's more balanced market, sellers are far more receptive. Your VA benefit is no longer a competitive disadvantage — and with an experienced VA-savvy agent, it can actually be a strength.

New construction is also worth considering. Several builders in Schertz, Cibolo, and the far northeast side near Randolph AFB are offering incentives — rate buydowns, closing cost contributions, and upgraded finishes — to move inventory. VA loans are fully accepted on new construction, and builder incentives can meaningfully reduce your effective monthly payment.

Should You Buy Before PCS Season?

PCS season — roughly March through July — is the busiest time in military real estate markets. Demand spikes as families with summer orders flood the market simultaneously. Inventory gets absorbed quickly, competition increases, and prices in military-adjacent neighborhoods tend to firm up or tick higher.

If you have orders to JBSA and flexibility on your report date, buying in the fall or winter — right now — has real advantages. You're shopping in a quieter market with more negotiating leverage, more seller concessions available, and less competition from other military buyers. The homes that are sitting on the market in October and November are often well-priced and motivated.

The counterargument is that rates could move in either direction, and no one can time the market perfectly. What I tell my clients is this: if the payment works with your BAH, you have a plan for the home at your next PCS, and you're buying in a neighborhood with solid fundamentals, waiting for a 'better' moment often costs more than it saves.

What This Means for VA Loan Buyers Specifically

Interest rates remain elevated compared to the historic lows of 2020 and 2021, but VA loan rates have historically run 0.25% to 0.5% below conventional rates — and that spread matters more in a higher-rate environment. The no-PMI advantage is also more valuable now: on a $310,000 loan, avoiding PMI saves you $150 to $250 per month compared to a conventional buyer putting less than 20% down.

There's also a refinance opportunity worth keeping in mind. If rates drop meaningfully in the next one to two years — which many economists expect — VA borrowers can use an Interest Rate Reduction Refinance Loan (IRRRL) with minimal paperwork and no appraisal required. Buying now at today's rates doesn't lock you in forever.

The bottom line: the San Antonio market in fall 2026 is one of the more favorable environments for VA loan buyers that I've seen in several years. More inventory, more negotiating room, motivated sellers, and a no-PMI payment structure that competes well against renting. If your tour length and financial situation support it, this is a market worth taking seriously.