26.8% of San Antonio Listings Just Had a Price Cut: The Honest Buyer's Market Map

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Where the number comes from

Redfin's monthly price-cut data, covering the four weeks ending September 20, 2026 and published in late September and early October, put the share of San Antonio listings with a price drop at 26.8%. That was the third-highest rate among the 50 largest metros, behind Denver at 30.9% and Indianapolis at 29.9%, and the highest in Texas, ahead of Dallas at 26.6% and Austin at 26.1%. It was up 0.7 percentage points from a year earlier, and Redfin reported the national rate, 21.1%, as the highest September reading on record. This is not a blip; it is a coordinated market signal.

What it means in dollars

The most recent Texas-wide figure for the median seller price cut is about $12,000, roughly 3.3% of the original asking price, and San Antonio's typical sale-to-list ratio has been running near 96.7%, which is the same discount expressed another way. On a home listed at $300,000, a 3.3% cut is about $9,900 off. Stack that on top of days on market that this site has tracked near 82 and buyers closing around 93% of list, and the market is telling you the same story from three directions: pricing power has shifted, and it has shifted hard.

Why this is happening

The mechanics are straightforward. Inventory has climbed to more than five months of supply, mortgage rates have held above 7% since October, and the pool of qualified buyers shrank with them. Sellers who priced during the summer surge met a fall with fewer buyers, and the listing that sits is the listing that gets reduced. None of this means prices are collapsing; Zillow's own 12-month forecast for the metro is a modest decline of about 3.1%. It means the asking price is no longer the market price, and buyers who wait for the next cut are sometimes waiting on a home that just got one.

The buyer's playbook

A price cut is information, not a discount offer. Here is how to read it instead of just benefiting from it.

• Look for homes with both a price cut and real days on market, the combination usually means a motivated seller, not a tired agent.
• Ask what has already been reduced and why, and pull the price history so you know the full arc, not just the current number.
• Treat the cut as the starting point. In a market at 26.8% price-cut share, the new list price is usually still higher than the eventual sale price.
• Bring a lender letter and a clean offer; the strongest buyers in a buyer's market get the most concessions.
• Have your inspection read the home for the real issues, and negotiate fixes or credits with the report in hand, not with feelings.

That last point is my favorite part of a buyer's market: the leverage is polite, specific, and backed by documents, and it does not require anyone to lose.

The seller's reality check

For sellers, a market where more than one in four competing listings has been reduced is a pricing instruction. Price from today's closed comps, not from the peak or from what the neighbor paid in 2022. The well-priced, well-presented home still sells in weeks in San Antonio, and the overpriced one collects days on market until it becomes exactly the 26.8% statistic this article is about. If you are selling in the next six months, the honest conversation to have now is about the number, not the spring.