Home prices in San Antonio are expected to decline 2.1% by December 2024, according to Zillow. Credit: Shutterstock / Andy Dean Photography

Despite the economy’s quick post-pandemic growth, Texas isn’t immune to the pressure that higher interest rates have put on the housing market, according to a new study from real estate data company Agent Advice.

Using figures from online marketplace Zillow, the new report found that 61.3% of homes sold in Texas during recent months moved for less than their market value.

Researchers looked at the 950 most recent properties to sell in housing markets nationwide to determine which had the highest percentage of homes sold below the listed price. Texas ranked as the state with the seventh-highest number of home sales below market value. Florida took the top spot, with nearly 70% of homes selling for less than they’re worth, according to the study.

The study may not surprise folks who procrastinate at work by scrolling through Zillow. Lately, the site seems to be littered with homes boasting price cuts and reductions.

Indeed, the median price of single-family homes in the Alamo City dropped 2% between April 2023 and April of this year, hitting $310,000, according to the most recent market report from the San Antonio Board of Realtors.

One home on San Antonio’s North Side is even under contract for $100,000 less than its original listing price, according to Zillow.

Those bleak conditions seem to contradict the optimistic view of local realtor Megan Pelley, who earlier this month told the Express-News that she foresees a “really good” year ahead for real estate.

However, with the Federal Reserve still hesitant to lower interest rates, sluggish home sales and price reductions don’t appear to be going away anytime soon.

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This article appears in May 1-14, 2024.

Michael Karlis is a multimedia journalist at the San Antonio Current, whose coverage in print and on social media focuses on local and state politics. He is a graduate of American University in Washington,...