On October 15, 2024, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) announced a settlement with Fairway Independent Mortgage Corporation following allegations of discriminatory lending practices, or redlining, in predominantly Black neighborhoods in Birmingham, Alabama. As part of the resolution, Fairway agreed to pay $8 million in relief and a $1.9 million civil penalty to address claims that it avoided providing credit services in these communities due to residents’ race and national origin.
The settlement contributes to the DOJ’s broader efforts through the Combating Redlining Initiative, which has secured over $150 million in relief since its inception. According to the DOJ’s findings, Fairway concentrated its retail loan offices in majority-white areas and allocated less than 3% of its direct mail advertising to Black neighborhoods. Fairway’s lending rates in these areas were significantly lower than peer lenders, prompting the DOJ and CFPB to act.
In addition to financial penalties, the settlement requires Fairway to establish a $7 million loan subsidy program aimed at providing affordable loans for home purchases, refinances, and improvements in Black communities. Fairway will also invest $1 million in programs to support consumer education, outreach, and partnerships with local organizations. The enforcement action underscores the government’s commitment to rooting out lending discrimination nationwide.
The initial complaint filed by the CFPB against Fairway Mortgage, is below.
Are you in the market for a new home in the St. Louis metropolitan area? Look no further than the fastest selling zip codes in the region. According to recent data, the top three zip codes with the shortest average days on market are 63043, 63044, and 63117. With homes selling in just 8, 25, and 26 days respectively, these zip codes are in high demand for potential home buyers.
In 63043, the average list price for active listings is $249,311, making it an attractive option for families looking for affordable yet fast-selling homes. The second fastest selling district, 63044, offers a similar appeal with an average of 8 listings and a slightly longer 25 days on the market. And for those looking for a more urban setting, 63117 in St. Louis City boasts 13 listings with an average of 26 days on the market. Curious about the rest of the top 10 fastest selling zip codes in the St. Louis area? Check out the complete list at the end of this article, brought to you by MORE, REALTORS®. Don’t miss out on the opportunity to snag a home in one of these hot zip codes before they’re gone!
The latest report from the Federal Reserve Bank of New York highlights some key shifts in consumer expectations that could impact the St. Louis real estate market. While inflation expectations remain stable at 3.0% for the next year, medium- and long-term expectations have ticked up slightly. This suggests that buyers and sellers in St. Louis may face rising costs in the coming years, particularly as home price growth expectations hover around 3.0%, showing little movement. The labor market offers some reassurance, with more people feeling confident about finding a job if they lose one, but the rising likelihood of missed debt payments—now at its highest level since April 2020—could be a warning sign for those on the edge of financial strain.
For homebuyers and sellers alike, this data underscores the importance of planning carefully in an uncertain environment. Buyers may need to navigate tighter credit markets, even though perceptions of credit access have improved slightly. Sellers, on the other hand, should remain vigilant about market shifts as inflation and debt issues weigh on consumer behavior. As noted in the survey, the average perceived probability of missing a debt payment in the next three months increased to 14.2%, which is especially concerning for mid-to-higher income households. This kind of financial pressure could lead to changes in demand and affordability in St. Louis.
At MORE, REALTORS®, our team is dedicated to helping you make informed decisions in any market condition. Whether you’re a buyer or seller, our expertise in the St. Louis real estate market ensures that you’ll have the guidance you need to navigate these uncertain times. Let us help you find the right path forward.
The real estate market in Jefferson County has continued to show strength and growth, according to the latest data available from MORE, REALTORS®. In September 2024, the median sold price for homes in the Jefferson County area was $274,900, a 7.80% increase from the same time last year when the median sold price was $255,000. This also marks a 1.81% increase from August 2024, when the median sold price was $270,000.
The median list price for homes in Jefferson County also saw an increase, rising to $269,900 in September 2024, an 8.00% jump from $249,900 in September 2023. However, there was a decrease in the number of home sales, with only 203 homes sold in September 2024 compared to 242 in September 2023.
As seen in the chart below, exclusively available from MORE, REALTORS®, the Jefferson County real estate market has been steadily increasing in both median sold and list prices over the past year. This is great news for homeowners and sellers in the area, as it shows a strong demand for homes in Jefferson County.
If you are looking to buy or sell a home in Jefferson County, now may be the perfect time to make a move. With rising prices and a competitive market, working with an experienced and knowledgeable real estate agent from MORE, REALTORS® can help you navigate the process and get the best deal possible. Contact us today to learn more about the current market trends and how we can help you achieve your real estate goals.
Are you in the market for a new home in the St. Louis metropolitan area? Look no further than these top three fastest selling school districts! According to recent data, MULBERRY GROVE DIST 1 in Illinois takes the top spot with an average of only 1 day on the market for its 2 active listings, with an average list price of $197,500. Coming in at a close second is Shiloh Village DIST 85, also in Illinois, with 6 listings and an average of 11 days on the market. And in third place is Sunrise R-IX in Unincorporated, Missouri, with 4 listings and an average of 14 days on the market.
These impressive numbers highlight the desirability of these school districts and the demand for homes in their areas. Families looking to settle down in a highly sought-after location should take note of these districts. And for those looking to sell their homes, these districts may offer a quick turnaround on the market. Want to see the complete list of the fastest selling school districts in the St. Louis metro area? Look no further than MORE, REALTORS®, your go-to source for all things real estate in the region. Don’t miss out on the opportunity to live in one of these hot school districts.
For the past few years, the National Association of Realtors’ (NAR) Clear Cooperation Policy has been a focal point of contention, sparking debate across the real estate industry. The rule, which mandates that any property being marketed to the public must be listed on the MLS within one business day, was introduced with the intention of promoting transparency and ensuring equal access to listings for agents and buyers alike. However, the policy has faced consistent opposition from various quarters, with critics arguing that it hampers the ability of agents to serve their clients’ best interests and limits consumer choice.
As I have highlighted in previous articles, the real problem with this rule is that it imposes a one-size-fits-all solution on a very diverse set of circumstances. Agents with every intention of putting a listing in the MLS may find themselves constrained by the policy’s rigid timeline and prohibitions, limiting their ability to execute marketing strategies tailored to the needs of their clients.
A Misrepresentation of Intent
One of the most frustrating aspects of the debate around the Clear Cooperation Policy is the disingenuous portrayal of the issue by some proponents of the rule. They often frame the opposition as a desire to keep listings out of the MLS entirely, suggesting that agents pushing back against the rule are simply looking for ways to avoid sharing information. In reality, many agents, including myself, are primarily concerned with the restrictions the rule places on how and when we can promote a property before it hits the MLS.
For example, an agent might want to place a “coming soon” sign in a seller’s yard as soon as the listing agreement is signed, even if the seller isn’t ready to show the property for a few weeks. Or a seller may want to share on social media that their home will be available once a few repairs are completed. The Clear Cooperation Policy effectively bans such practices, even if the intent is to eventually list the property on the MLS. These restrictions can prevent agents from building pre-market buzz, which often results in better outcomes for sellers.
Where the Industry Stands
Currently, the industry is deeply divided over the Clear Cooperation Policy. Some argue that the rule ensures fairness and transparency, preventing large brokerages from “hoarding” listings and selectively sharing them only within their own networks. However, opponents see it as a top-down mandate that ignores the nuanced needs of clients and agents on the ground. This tension is playing out in various forums, with major industry players like Compass and Redfin publicly taking opposing stances.
Additionally, the policy has caught the attention of the Department of Justice (DOJ) and other regulatory bodies, adding a legal layer to what is already a complex situation. The DOJ has reopened its investigation into NAR’s policies, and many are watching closely to see whether the Clear Cooperation Policy might be revised or struck down as part of the broader antitrust concerns surrounding the real estate industry.
What’s Next for the Rule?
In my view, NAR is facing mounting pressure to adapt. While I don’t believe the Clear Cooperation Policy will survive in its current form, NAR has shown a stubborn resistance to change before. However, if they are smart, they will eventually recognize that the rule’s rigidness does more harm than good and will cave to the increasing calls for its removal. The reality is that as the market continues to evolve, the industry needs to be flexible enough to serve the interests of consumers and agents alike — and this policy is increasingly looking like an obstacle rather than a solution.
One potential outcome is that NAR will amend the rule to allow for more flexibility in pre-MLS marketing, which would still ensure the policy’s goals of transparency while respecting agents’ ability to promote listings in a way that benefits their clients. But whether this kind of change will be enough to quell the growing discontent remains to be seen.
The Bottom Line
The real estate industry thrives on cooperation, but cooperation shouldn’t come at the expense of consumer choice or the ability of agents to act in their clients’ best interests. Rather than a rigid mandate, we need a policy that adapts to the realities of the modern market. Until then, I’ll continue to advocate for changes that prioritize clients’ needs over bureaucratic rules.
During the 12-month period ending August 31, 2024, a total of 3,865 building permits were issued for new single-family homes in the St. Louis area. This marks a 3.38% decrease from the previous 12 months, which recorded 4,000 permits. According to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA), four of the seven counties covered in the report experienced a decline in permits. Lincoln County continues to show great growth in new construction with an increase of a whopping 109%. Conversely, the City of St Louis continues to show the largest decline in new construction with a decline of 29.24%.
St Louis New Home Building Permits – July 2024
(click on table below for live interactive charts and more data)
The real estate market in the metro east area of St. Louis, MO continues to show strong growth, according to data from MORE, REALTORS®. In September 2024, the median sold price for homes in the metro east update was $202,500, representing a 9.46% increase from the same time last year when the median sold price was $185,000. This also marks a 1.30% increase from August 2024, when the median sold price was $199,900.
The median list price in September 2024 was $204,450, a 12.03% increase from September 2023 when it was $182,500. Despite a slight decrease in the number of home sales, with 610 in September 2024 compared to 657 in September 2023, the market in the metro east update remains strong.
This data is illustrated in the chart below, available exclusively from MORE, REALTORS®. With the continued growth in the metro east real estate market, now is a great time to buy or sell a home in this area. Contact MORE, REALTORS® for all your real estate needs.
The real estate market in St Charles County saw a slight increase in median sold price during September 2024. According to the latest data from MORE, REALTORS®, homes in the st charles county update sold for a median price of $365000, which is 1.53% higher compared to September 2023 when the median sold price was $359500.
This also marks a 0.00% increase from August 2024, when the median sold price was $365000. The median list price in September 2024 was $365000, showing a 2.47% increase from $356200 in September 2023. These numbers indicate a steady and strong market in St Charles County.
In terms of home sales, there were 391 homes sold in September 2024, a 7.42% increase from 364 in September 2023. This data shows a positive trend in the real estate market in St Charles County, with both median sold and list prices on the rise.
For a visual representation of the data, refer to the chart below, available exclusively from MORE, REALTORS®. As we move further into the fall season, it will be interesting to see how the market continues to perform in St Charles County. Stay tuned for more updates on the real estate market in St Charles County from MORE, REALTORS®.
The real estate market in the stl msa update continues to show strong growth as we head into the fall season. According to the latest data from MORE, REALTORS®, the median sold price for homes in the stl msa update was $270,000 in September 2024, a 4.85% increase from the same time last year when the median sold price was $257,500.
While there was a slight decrease of 1.82% in median sold price from August 2024, when it was $275,000, this is still a positive sign for the market. The median list price also saw an increase of 7.60% from September 2023, jumping from $250,000 to $269,000.
In terms of sales, there were 2629 home sales in the stl msa update in September 2024, a 5.70% decrease from the previous year. However, this is not uncommon as the market typically slows down in the fall season.
The chart below, available exclusively from MORE, REALTORS®, illustrates the data mentioned above. As always, our team of experienced and knowledgeable real estate agents are here to help you navigate the stl msa update market and find your dream home. Contact us today for all your real estate needs.
The real estate market in Franklin County, as of September 2024, continues to show steady growth. According to the latest data from MORE, REALTORS®, the median sold price for homes in the county was $248000, a slight increase of 0.22% from September 2023 when the median sold price was $247450. This also marks a 1.22% increase from the previous month of August 2024, when the median sold price was $245000.
The median list price for homes in Franklin County was $247450, a decrease of 0.98% from September 2023. However, despite this decrease, there were still 78 home sales in the county during September 2024. This is a decrease of 26.42% from the 106 home sales in September 2023.
The chart below, available exclusively from MORE, REALTORS®, illustrates the data mentioned above. It is clear that the real estate market in Franklin County is holding strong, with consistent increases in median sold prices and a steady number of home sales. As always, if you are looking to buy or sell a home in Franklin County, contact MORE, REALTORS® for expert guidance and support.
St. Louis voters will have the opportunity to vote on Proposition V this November, a charter update designed to give the city stronger tools to hold negligent property owners accountable. Currently, fines for ordinance violations related to vacant and non-owner-occupied deteriorated properties are capped at $500—a limit that has remained unchanged since the 1970s. Proposition V, introduced by Alderwoman Daniela Velazquez, aims to remove this outdated cap and empower the city to set fines that can be adjusted based on the severity of the violations.
The proposed bill, Board Bill Number 72, states that the cap has become ineffective over time, allowing large-scale absentee property owners to simply absorb the low penalty as a cost of doing business. If approved, Proposition V would allow the city to impose fines that scale with the severity of the violations, addressing longstanding issues of property neglect and disinvestment. The complete text of the bill is included below for readers to review in its entirety.
Alderwoman Velazquez highlighted the urgent need for change in a recent opinion editorial published in the St. Louis Business Journal. She pointed out that when first established, the $500 fine was a meaningful deterrent, equivalent to roughly $4,000 today. “Over time, though, the penalty has become negligible, and absentee property owners and landlords often find it easier to pay the fine than maintain their properties,” Velazquez wrote. The alderwoman argues that the inability to impose higher fines has left the city with few options to compel owners to maintain their properties, resulting in safety hazards, reduced property values, and diminished investment in many St. Louis neighborhoods.
While Velazquez asserts, “This isn’t just about penalizing landlords — it’s about securing the future of St. Louis,” the proposal has also raised concerns among property owners and real estate investors. Critics argue that removing the $500 cap could lead to overly punitive measures that deter investment in St. Louis. For small property owners or new investors, the fear is that unlimited fines could become unpredictable and potentially crippling, making it riskier to operate in the city. Investors worry that it might lead to an environment where even minor code violations could result in disproportionately high penalties, pushing responsible landlords out of the market and discouraging new investment at a time when St. Louis needs it most.
Proposition V is part of a broader effort to revitalize St. Louis and protect its neighborhoods. However, its impact on the investment climate in the city will largely depend on how these new fines are implemented and enforced. As Velazquez emphasized, the measure is meant to “stimulate growth, attract responsible investment, and ensure that all property owners contribute positively to the community.” For residents concerned about vacant and neglected properties, Proposition V could mark a significant step forward in making St. Louis a safer and more vibrant place to live, but the long-term effects on the real estate market remain to be seen.
The National Association of Realtors’ (NAR) Clear Cooperation Policy has been a contentious topic since its inception in 2019. The rule, which mandates that listings must be added to the MLS within one day of being publicly marketed, aims to provide transparency and equal access to all agents and homebuyers. However, as highlighted in anInman News article today, the policy is now facing strong opposition from major real estate firms like Compass and Anywhere Real Estate, both of which are calling for changes that would provide more flexibility to sellers.
This isn’t the first time the Clear Cooperation Policy has been challenged. I have previously discussed this issue in several articles, noting both the potential legal implications under the Sherman Antitrust Act and the practical impacts on homeowners trying to sell their properties effectively. While the policy aims to prevent “pocket listings” and promote fairness, some argue that it actually limits consumer choice by dictating how listings must be shared and marketed. As I mentioned in article I wrote in 2020 about the new rule, New Rule Will Require REALTORS Put All Listings In The MLS Or Not Market Them, while transparency is essential, homeowners should have the flexibility to choose a marketing strategy that best suits their needs.
At MORE, REALTORS®, we adapt to these regulations by leveraging our advanced digital marketing expertise to ensure sellers still get top exposure and results within the constraints of current rules. So, while changes to NAR’s policy may be coming, you can count on us to navigate these shifts and maximize your home’s potential.
There was an opinion piece published today on Inman News by Eric Bramlett that suggests that fears of a widespread shift in commission payments from sellers to buyers are overblown. Bramlett argues, “Sellers are primarily concerned with the net proceeds they’ll receive and the overall terms of the contract.” While I agree that many sellers will still “pay” the buyer’s agent commission, I don’t believe the traditional commission structure will endure. In fact, the St. Louis Association of REALTORS® is in the process of updating the forms that most of the St Louis area REALTORS®, including listing agreement. In this updated version, the seller will only be charged commission for the listing agent, with no provision for offering commission to a buyer’s agent. However, I expect that in many cases, buyers will negotiate for the seller to cover their agent’s commission as part of the overall deal—bringing more transparency to the process and putting the negotiation front and center.
As I’ve emphasized in prior articles about the NAR/Sitzer settlement, the real impact of these changes will be in how commissions are discussed and handled, not whether they are eliminated. This is a pivotal time for agents to educate their clients on the evolving commission landscape, ensuring buyers and sellers both understand who is paying for what and why. At MORE, REALTORS®, we’ve been preparing for this shift, and we’re committed to guiding our clients through these changes with clear communication and expert advice.
St. Louis’ connection to the Manhattan Project might be a footnote in history books, but for residents of North County, its legacy is still felt today. Decades after uranium processing for the first atomic bombs took place at Mallinckrodt Chemical Works in downtown St. Louis, the environmental and health effects continue to affect North County communities.
The Manhattan Project’s Reach in St. Louis County
During World War II, Mallinckrodt processed uranium for the development of atomic bombs, storing the radioactive waste near the St. Louis Airport and along Latty Avenue. Unfortunately, the waste wasn’t properly contained, which led to contamination of Coldwater Creek—a waterway that runs through Hazelwood, Florissant, and several other North County communities.
In 1973, some of the radioactive waste was illegally dumped at the West Lake Landfill in Bridgeton. Over the years, concerns have mounted regarding the contamination’s role in increased rates of rare cancers, birth defects, and autoimmune disorders among residents living near Coldwater Creek.
Superfund Sites and Ongoing Cleanup Efforts
Coldwater Creek and the West Lake Landfill have both been designated Superfund sites by the Environmental Protection Agency (EPA), indicating the need for extensive, long-term cleanup. The U.S. Army Corps of Engineers has been working on removing contaminated soil, having cleared over 1 million cubic yards so far. However, concerns about lingering contamination remain, especially after recent tests found radioactive materials at a North County elementary school.
Local groups like “Just Moms STL” continue to push for more recognition of the health impacts and further efforts to clean up the area. The full extent of contamination is still being investigated, with estimates suggesting that up to 80,000 people may have been affected by exposure to radioactive materials.
Warning Signs and Real Estate Impact
In response to ongoing health and safety concerns, the U.S. Army Corps of Engineers has recently installed warning signs along Coldwater Creek to alert the public to the risks. While these signs are crucial for safety, they bring a new wave of attention to the environmental hazards in North County—something that’s likely to influence the real estate market.
Health concerns: The increased awareness of contamination and its potential health impacts could lead to further hesitation among homebuyers, particularly families.
Property value declines: Homes in affected areas may see their values drop as the stigma around contamination grows, and real estate transactions may slow as buyers tread carefully.
Uncertainty for the future: While cleanup efforts are ongoing, it’s uncertain how long it will take to fully remediate the area—or whether full remediation is even possible.
What Homeowners and Buyers Should Consider
For those considering buying or selling property in North County, it’s critical to be aware of the legacy of contamination from the Manhattan Project. Real estate transactions in these areas will likely be impacted by the environmental concerns, and both buyers and sellers should work closely with agents who understand the unique challenges of the market in this part of St. Louis County.
At MORE, REALTORS®, we’re dedicated to providing you with the latest information and helping you make informed decisions about your real estate investments. Reach out to us if you have questions about buying or selling in North County or if you’re curious about how the cleanup efforts might impact your property.
The Federal Reserve made an important announcement today that could have a ripple effect on the real estate market in St. Louis and beyond. In their latest meeting, the Federal Open Market Committee (FOMC) decided to lower the federal funds rate by half a percentage point, bringing the target range down to 4.75% to 5%. This move comes as the Fed notes continued solid economic activity but acknowledges that job gains have slowed, and inflation, while improving, still remains above their 2% target.
For homebuyers and real estate investors, this rate cut could lead to a slight reduction in borrowing costs, making mortgages a bit more affordable. However, the broader economic outlook remains uncertain, as the Fed continues to carefully monitor inflation and employment levels. As always, real estate professionals and buyers alike should keep a close eye on these developments, as any future shifts in rates could further impact the housing market.
During times of economic uncertainty, working with a trusted local real estate professional is more important than ever. At MORE, REALTORS®, we pride ourselves on staying ahead of market trends and providing expert guidance to our clients. Whether you’re a first-time buyer or a seasoned investor, our team is here to help you navigate these shifting conditions and make smart, informed decisions.
Stay tuned for more updates, as this decision could have further implications for our local St. Louis market in the coming months.
As of August 2024, year-to-date (YTD) home sales in St. Louis have reached 20,885, marking the lowest YTD level since August 2012, when sales were at 19,181. This represents a significant decline compared to more recent years, reflecting a slowdown in the real estate market. Various factors, including rising interest rates and affordability challenges, have contributed to this dip, and it’s clear that buyers are feeling the pressure.
This decline is even more striking when compared to the peak years, such as 2021, where YTD sales in August reached over 27,900. This downward trend indicates that we may be entering a new phase in the market where inventory challenges and buyer hesitancy could continue to play a significant role. Stay tuned here on St Louis Real Estate News to keep an eye on these trends, as they signal further shifts in the months ahead.
At MORE, REALTORS®, we give our agents an edge with proprietary software and access to over two decades of St. Louis housing data. This combination allows our team to truly know the market better than others and apply that knowledge to benefit buyers, sellers, and investors. Whether you’re looking for your next home or your next great investment, were here to guide you every step of the way.
St Louis MSA YTD Home Sales – Past 15 Years (Chart)
Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the fastest selling zip codes in the region. According to recent data, the top three zip codes for quick home sales are 63043, 63126, and 63040. These areas are seeing homes fly off the market in an average of just 21-24 days, making them hot spots for both buyers and sellers.
In 63043, the fastest selling zip code, there are currently 9 active listings with an average list price of $268,656. The second and third fastest selling districts, 63126 and 63040, have 17 and 7 listings respectively, with an average of 23 and 24 days on the market. These numbers are a clear indication of the high demand for homes in these areas. For a complete list of the fastest selling zip codes in St. Louis, be sure to check out MORE, REALTORS®. Don’t miss out on your chance to buy or sell in these sought-after zip codes!
Attention all home buyers and sellers in the St. Louis metropolitan area! Are you looking to make a move and want to know which school districts are the hottest on the market? Look no further, because we have the data for you.
According to recent statistics, the top three fastest selling school districts in the St. Louis metro area are Franklin Co. R-II in None, MO, Lonedell R-XIV in None, MO, and East Alton-Wood River DIST 14 in , IL. These districts have an average of only 13 days on the market, making them highly desirable for families looking to settle down. With an average list price of $402,500, Franklin Co. R-II is leading the pack with an impressive 9 days on the market for its 2 active listings. Lonedell R-XIV closely follows with 2 listings and an average of 15 days on the market, while East Alton-Wood River DIST 14 boasts 6 listings with an average of 16 days on the market. To see the complete list of the fastest selling school districts in the St. Louis metro area, visit .
With such high demand for homes in these school districts, it’s clear that they offer top-notch education and a desirable community for families. So whether you’re buying or selling, consider these hot school districts in the St. Louis metro area. And for more information on the fastest selling school districts, contact today.
The interest rate on a 30-year fixed-rate conventional mortgage fell to 6.22% yesterday, according to the MND rate index as shown in the chart below. This marks the lowest rate in nearly a year and a half! The last time rates were this low was back on April 6, 2023 when they dropped to 6.18% for the day. This drop in rates comes in advance of the anticipated rate reduction when the Federal Open Market Committee (FOMC) meetings next week.
Mortgage Interest Rates – 30-Year Fixed Rate Loan
(click below for live, interactive chart with tons more data!)
During the 12-month period ending July 31, 2024, a total of 3,877 building permits were issued for new single-family homes in the St. Louis area. This marks a 2.93% decrease from the previous 12 months, which recorded 3,994 permits. According to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA), four of the seven counties covered in the report experienced a decline in permits. Lincoln County continues to show great growth in new construction with an increase of a whopping 103.39%. Conversely, the City continues to show the largest decline in new construction with a decline of 31.43%.
St Louis New Home Building Permits – July 2024
(click on table below for live interactive charts and more data)
The latest real estate market data for the Metro East area has just been released, and it shows promising trends for homeowners and potential buyers alike. According to the chart below, exclusively available from MORE, REALTORS®, the median sold price for homes in the metro east update during August 2024 was $200000, marking an impressive 8.11% increase from the same time last year when the median sold price was $185000.
However, compared to July 2024, there was a slight decrease of 2.44% in the median sold price, dropping from $205000 to $200000. Despite this decrease, the overall trend of increasing home prices in the metro east area remains strong.
In addition, the median list price for homes in the metro east update saw a significant increase of 10.81% from August 2023, rising from $180000 to $199450. This indicates a growing demand for homes in the area and a competitive market for sellers.
While the number of home sales in the metro east update decreased by 14.86% in August 2024 compared to the same time last year, with 636 homes sold, the overall market remains stable and favorable for both buyers and sellers.
If you’re looking to buy or sell a home in the metro east area, now is a great time to take advantage of the current market trends. Contact MORE, REALTORS® for expert guidance and assistance in navigating the real estate market.
As of August 2024, the St Charles County real estate market saw a slight decrease in median sold price compared to the same time last year. According to data exclusively available from MORE, REALTORS®, homes in the St Charles County update sold for a median price of $363,500, a 0.41% decrease from August 2023. This also represents a 2.94% decrease from July 2024, when the median sold price was $374,500.
However, the median list price for homes in St Charles County showed an increase of 1.36% from $360,000 in August 2023 to $364,900 in August 2024. This indicates that sellers are still able to command higher prices for their homes in this market.
In terms of home sales, there were 419 transactions in August 2024, a 12.16% decrease from the 477 sales in August 2023. This could be attributed to a decrease in inventory or a decrease in buyer demand.
Overall, the St Charles County real estate market remains stable with a mix of both positive and negative indicators. As always, for the most up-to-date and accurate information on the St Charles County market, contact MORE, REALTORS® for expert guidance and assistance.
The St. Louis real estate market saw a slight increase in median home prices during August 2024, with homes selling for a median price of $275,000. This is a 3.77% increase from August 2023, when the median sold price was $265,000. However, compared to July 2024, there was a decrease of 3.51% in median sold price, when it was $285,000.
According to the chart below, provided exclusively by MORE, REALTORS®, the median list price for homes in the St. Louis MSA also saw an increase of 7.84% from August 2023, with a current median list price of $275,000. However, there were 2973 home sales in August 2024, a 10.72% decrease from August 2023.
This data suggests that the St. Louis real estate market is still experiencing steady growth, but at a slower pace compared to previous years. As we head into the fall season, it will be interesting to see how the market continues to evolve.
If you’re looking to buy or sell a home in the St. Louis area, contact MORE, REALTORS® for expert guidance and assistance. Our team of experienced agents are dedicated to helping you achieve your real estate goals.
In a groundbreaking analysis from the National Bureau of Economic Research, a recent report has challenged some prevailing assumptions about the impact of lowering real estate agent fees on home prices. According to the findings, a reduction in agent fees, contrary to what some might expect, could lead to higher house prices. This is because lower future transaction costs enhance the overall value of housing as a durable asset, increasing consumer welfare, primarily benefiting current homeowners over prospective buyers.
For homeowners in St. Louis, this suggests a more complex real estate landscape where the benefits of lowered agent fees might not translate directly into lower home purchasing costs. Instead, the increased house values could affect both the affordability and investment perspectives on residential properties. This nuanced understanding of market dynamics underscores the need for professional guidance in navigating the real estate market, something MORE, REALTORS® is expertly equipped to provide.
For a deeper dive into these findings and their implications on the housing market, the full report is available for review. This detailed analysis can equip homeowners with the knowledge to make informed decisions in a shifting real estate environment. St. Louis residents looking to buy or sell homes can rely on the expert services of MORE, REALTORS®, where our deep local knowledge and commitment to client welfare drive every transaction. Read the full report here.
As of August 2024, the real estate market in Franklin County has shown some interesting trends. According to data exclusively from MORE, REALTORS®, the median sold price for homes in the county remained steady at $250,000, the same as August 2023. However, this represents a 9.26% decrease from July 2024 when the median sold price was $275,500.
On the other hand, the median list price for homes in Franklin County saw a slight increase of 1.00% from $250,000 in August 2023 to $252,500 in August 2024. This could indicate that sellers are still confident in the market and are willing to list their homes at a higher price.
Additionally, there were 106 home sales in Franklin County in August 2024, a 7.07% increase from 99 in August 2023. This could suggest that the market is still active and buyers are taking advantage of the stable prices.
Overall, while the median sold price remained unchanged, the slight increase in median list price and number of home sales in Franklin County show positive signs for the real estate market in the area. Stay tuned for more updates on the Franklin County real estate market from MORE, REALTORS®.
A significant change in property tax law took effect in Missouri on August 28, 2024, offering financial relief to many of our senior residents. The newly implemented Homestead Property Tax Credit is designed to help senior citizens manage their property tax liabilities more effectively. Here are the key points of the new law:
Eligibility: Missouri residents who are 62 years or older, own their home, and are liable for real property taxes.
Credit Amount: The credit equals the difference between the current tax liability and the tax liability during the taxpayer’s initial credit year.
Local Adoption: Counties can adopt the credit through an ordinance or a voter-approved referendum. The Homestead Property Tax Credit operates under a simple premise: protect senior homeowners from rising property tax liabilities. For eligible seniors, the credit stabilizes the tax amount payable to the figure from their initial credit year, shielding them from subsequent increases. This means if the property tax rises after a senior’s initial credit year, the tax burden will not.
For implementation, each county has the option to either pass a local ordinance or bring the matter before voters with a referendum. If approved via referendum, the ballot will pose a straightforward question about exempting seniors from increases in property tax liabilities due on their primary residences.
How Does the Homestead Act Work?
The Homestead Act plays a crucial role by defining the ‘homestead’ as the primary residence of the taxpayer, where the tax credit is applied. Here’s how it works:
Tax Stabilization: Once a homeowner qualifies, any increase in property tax assessments will not affect their payable amount, unless there’s new construction or improvements on the property.
Adjustments for New Improvements: If an eligible taxpayer makes improvements to their home, the tax liability will adjust accordingly for that year but will stabilize again for subsequent years.
Impact of Annexation: If a home is annexed into a new taxing jurisdiction where previously no real property tax was owed, the initial credit year’s tax liability will adjust to reflect the new obligations.
Helpful links to counties that have implemented the program already:
City of St Louis (program applications are closed until March 2025)
St Louis County (program is waiting on staffing and setup but you can sign up for email status notifications)
St Charles County (program applications are closed for 2024 tax bills)
This initiative not only offers financial relief but also promotes stability and predictability for seniors in managing their most significant investment—their home. As counties begin implementing these changes, it’s essential for residents to stay informed about how these adjustments could benefit them personally. For additional insights on navigating property tax changes or purchasing a new home, consider reaching out to our experts at MORE, REALTORS®. Our seasoned team is committed to providing tailored advice that protects and enhances your real estate investments.
In a newly released report by the Center for Demographics and Policy at Chapman University, St. Louis has been ranked the third most affordable housing market in the world for 2024. The Demographia International Housing Affordability report highlights that St. Louis continues to offer buyers some of the best value when it comes to housing, beating out major cities across the U.S. and globally.
For homebuyers in St. Louis, this is exciting news. While inflation and rising costs are still on the minds of many, the fact that the metro area remains such an affordable place to own a home offers a significant advantage. Sellers can also benefit from this, as affordability attracts a steady stream of buyers, even as national economic trends push homeownership further out of reach in many other markets.
St. Louis ranked third globally with a median multiple of 3.4, making it more affordable than cities like Cleveland, Rochester, and even some international hubs. This affordability keeps the local market accessible for a wide range of buyers, from first-time homeowners to seasoned investors.
The report serves as a reminder that, despite the financial challenges many are facing, St. Louis continues to offer some of the best housing deals in the world.
35 Most Affordable Housing Markets In The World
(click on table below for complete report)
Source: Center for Demographics and Policy, Chapman University.
As housing costs rise in St. Louis, many are worried about the price of owning or renting a home. However, a recent Gallup poll reveals that 41% of Americans now rank inflation and the high cost of living as their top financial concern, far outpacing housing costs, which are the main issue for 14%. A Gallup spokesperson noted, “For the third year in a row, the percentage of Americans naming inflation or the high cost of living as the most important financial problem facing their family has reached a new high.”
Despite these concerns, the St. Louis metro area remains one of the most affordable housing markets compared to other major cities. A report from Demographia International for the third quarter of 2023 rankedSt. Louis third in the world for housing affordability.
Whether you’re buying or selling, the experienced team at MORE Realtors INLINE TEXT Link – goes to agent website MORE, REALTORS® can help you navigate the market and make informed decisions in this affordable yet challenging environment.
Buying a condominium in the St. Louis metro area offers a unique lifestyle, but it’s important to understand that the process, and ownership structure, is different from purchasing a single-family home. Condominiums come with their own set of challenges and risks, especially in today’s market. If you’re considering buying a condo, here’s what you need to know to protect yourself and make a sound investment.
Understanding the Challenges
Buying a home comes with its own set of challenges and risks, which is why most people choose to work with a buyer’s agent. It’s crucial to use an agent with the knowledge and experience necessary to guide you through the process, addressing challenges and minimizing risks along the way. While condominiums may seem to be getting a “bad rap” today, they aren’t inherently bad; it’s just that condominium ownership is quite different from home ownership. As a result, not only do condos pose similar challenges and risks as home buying, but they also come with additional complexities unique to their purchase and ownership. I’ll cover the most common and significant issues here.
Financial Health of the Association: A Key Consideration
The financial health of the condominium association is a cornerstone of a sound investment. If you are obtaining a loan to purchase the condo, the lender will carefully examine this aspect to protect their interest through their loan to you. Insurance companies will also pay close attention to the financial health of the condo association, as this will affect the cost of insurance for the association’s buildings and common areas, or even determine whether insurance is available at all.
The Missouri Condominium Statute mandates that sellers provide a resale certificate containing crucial financial details before the sale of a condo unit, making it a good place to start your due diligence. If the resale certificate is not fully completed, do not accept it; instead, require that all information be provided in detail. It’s also important to note that not all condominiums sold in Missouri are required to have a resale certificate—such as in cases where the unit is sold pursuant to a court order, by foreclosure, by a government agency, or to a real estate professional who intends to resell or rent the units. However, even in these situations, I recommend that you condition your purchase on the receipt and review of a condo resale certificate, or at a minimum, the information typically provided with such a certificate.
While it is essential to pay attention to everything on the certificate, there are a few key questions on the form that you should particularly note and not overlook:
Operating Budget: The current operating budget of the association provides insight into the expected income and expenses for the year. Reviewing this budget allows you to assess how well the association is managing its finances. It can also reveal potential red flags, such as shortfalls, insufficient reserves for maintenance and repairs, and other issues that could indicate future condo fee increases or special assessments.
Reserve Funds: The amount of reserves available for capital expenditures and any specific projects planned. A well-funded reserve is crucial for covering major repairs without requiring additional contributions from unit owners. If the reserves are inadequate, you may face unexpected special assessments.
Upcoming Capital Expenditures: Any capital expenditures anticipated by the association for the current and two succeeding fiscal years. This helps you gauge whether the association is planning for the future and maintaining the property properly.
Special Assessments: Information about any unpaid common expenses or special assessments currently due from the selling unit owner. High or unexpected special assessments could indicate underlying financial problems or deferred maintenance issues that haven’t been addressed.
Insurance Coverage: Make sure the condominium association has adequate insurance coverage. Lapses in coverage, like those seen in some recent cases in Missouri, can leave you exposed to significant financial risks if a disaster occurs.
Pending or past litigation: If the association is currently involved in a lawsuit, the nature and severity of the case could pose an issue for your lender and may lead to increased insurance premiums for the condo association in the near future. This information should be disclosed on the resale certificate. Additionally, although it might not be noted on the resale certificate, it’s worth investigating any past litigation the association has been involved in. This can provide insight into problems or issues the condominium development has faced, which you can then investigate to ensure they have been resolved. If there are many lawsuits against unit owners for non-payment of condo fees, this should be a red flag, indicating a potential disconnect among owners that could affect the financial health of the condo in the future.
Essential Aspects to Review Before Purchase:
Availability of Financing: The average home in St. Louis can typically be financed through various loan types, including FHA, VA, and Conventional loans. However, condominiums are different. By default, they cannot be financed with FHA, VA, or conventional loans unless the development has been approved and maintains that approval, meeting specific conditions that vary depending on the type of financing. In addition to the factors already discussed, lenders will consider the percentage of condo owners who are delinquent on their fees, the amount of commercial space in the development, insurance coverage, and similar issues.
Percentage of investor owned units: It’s important to understand the composition of condo owners in terms of “owner-occupants” versus investors. This will not only affect your financing options but could also impact the financing available to a future buyer when you decide to resell, especially with common financing types like FHA, VA, and Fannie Mae Conventional loans. Additionally, a higher percentage of non-owner-occupied units often leads to a higher turnover rate and fewer residents with a long-term commitment to the condominium community.
Building Inspection: While it will incur additional costs, it’s a good idea to have your private building inspector not only inspect your unit during the building inspection contingency but also inspect pertinent common areas to the extent possible. Areas such as the roof, structural components, basement, and parking garages should be examined. Although maintaining these areas may not be your direct responsibility, if they are in poor condition or have serious issues, it could lead to unexpected special assessments in the future and may indicate neglect or poor management by the condominium association.
The Importance of a Knowledgeable Buyer’s Agent
Given the complexities involved in purchasing a condominium, having a knowledgeable buyer’s agent who understands these nuances is essential. The process of buying a condo is distinctly different from purchasing a single-family home, requiring a deeper understanding of the financial and legal intricacies specific to condo ownership. An agent experienced in St. Louis condo transactions can guide you through the process, helping you avoid common pitfalls and ensuring that your investment is sound.
In-Depth Due Diligence: A skilled agent will thoroughly review all necessary documents, including the resale certificate, and help you interpret critical information regarding the association’s financial health, pending or past litigation, and any history of special assessments. They will also ensure that you understand the implications of these factors for your future costs and the potential for unexpected expenses.
Local Market Expertise: An experienced agent who knows the St. Louis condo market will be familiar with specific developments that may have had issues in the past, such as structural problems, financial instability, or a high percentage of investor-owned units. This local knowledge is invaluable in helping you avoid developments with a history of problems and in making a more informed purchase decision.
Guidance on Financing and Inspections: A knowledgeable agent will guide you through the complexities of condo financing, ensuring you understand the unique requirements for FHA, VA, and Conventional loans in condo developments. They will also advise on the importance of conducting thorough inspections, not just of your unit but of common areas as well, to identify any potential issues that could lead to costly repairs or special assessments.
Why MORE, REALTORS is Your Best Choice
At MORE, REALTORS®, we offer unparalleled expertise in the St. Louis condo market. As one of the owners and brokers, I bring years of experience not just as a real estate professional, but also as a former developer who built condominium projects in the St. Louis area. Our team includes agents who have extensive knowledge of the intricacies of condo transactions and are well-versed in navigating the unique challenges they present.
Whether you’re a first-time condo buyer or looking to invest in another unit, our team at MORE, REALTORS can provide the guidance and expertise you need to make a confident and informed purchase.
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