The latest data from MORE, REALTORS® shows that the real estate market in Franklin County has seen a decrease in median sold price for the month of October 2024. Homes in the area sold for a median price of $253499, which is 7.82% lower than the median sold price in October 2023, which was $275000. Despite this decrease, last month’s median sold price of $253499 also represents a 3.26% increase from September 2024, when the median sold price was $245500.
The median list price in Franklin County also saw a decrease, dropping 5.28% from $265000 in October 2023 to $251000 in October 2024. However, there was an increase in home sales during this time period, with 102 homes sold in October 2024 compared to 91 in October 2023, representing a 12.09% increase.
The chart below, available exclusively from MORE, REALTORS®, illustrates these data points. It is clear that the real estate market in Franklin County is experiencing some fluctuations, but it is still a strong market with a high number of home sales. As always, for the most up-to-date and accurate information on the Franklin County real estate market, contact MORE, REALTORS®.
The National Association of REALTORS® (NAR) 2024 Profile of Home Buyers and Sellers provides a comprehensive look at trends shaping the real estate market this year. From changing demographics to buyer challenges, this report highlights critical shifts in homebuying and selling behaviors. The full report is available below for readers who wish to explore it in detail.
One of the most notable trends is the rising age of both first-time and repeat homebuyers:
First-time buyers now have a median age of 38, marking a significant shift from the late-20s median seen in the 1980s. This increase reflects the growing challenges of affordability and tighter lending standards.
Repeat buyers have also reached an all-time high median age of 61, suggesting that many established homeowners are now looking to downsize, relocate, or move closer to family.
The report further indicates a strong preference for using real estate professionals. A remarkable 88% of buyers purchased their homes with the assistance of a real estate agent. The majority valued support in:
Finding the right property (49%)
Negotiating terms (14%)
Managing paperwork (7%)
These services are particularly important as buyers continue to face a competitive market with low inventory levels and relatively high prices.
On the selling side, the report highlights the quick turnover in home sales. Sellers typically achieved 100% of their asking price and sold their properties within an average of three weeks. This reflects strong demand and a limited supply of homes for sale, allowing sellers to command competitive prices and rapid sales.
For anyone considering a move, the insights in NAR’s 2024 Profile of Home Buyers and Sellers can serve as a valuable guide. For personalized advice, the experienced agents at MORE, REALTORS® are here to assist you with every step of your real estate journey. Please refer to the full NAR report below to explore additional insights and trends.
National Association of REALTORS® 2024 Profile of Home Buyers and Sellers
Let’s get into why builders aren’t producing the smaller, affordable homes that so many first-time buyers are seeking. It boils down to a mix of profit margins, rising costs, regulatory roadblocks, challenges from local architectural review boards, and the need for more efficient construction methods.
First off, for builders, the bottom line is key, and smaller homes simply don’t bring in the same returns as larger projects. The costs of materials, labor, and especially land have been climbing steadily, making smaller homes harder to build profitably. Land in decent locations can be incredibly pricey, sometimes feeling as valuable as gold per square foot.
While it might seem logical that smaller homes should cost less, the reality is more complex. Larger-scale projects benefit from “economies of scale”—the bigger the project, the lower the cost per square foot. This means building larger homes is often more cost-effective for builders, making it difficult to focus on smaller homes, especially when profitability is on the line.
Strict zoning laws and building codes add another layer of complexity. These regulations often set minimum size requirements for homes or lots and sometimes require costly design details. On top of this, local architectural review boards (ARBs) bring their own challenges—and politics. These boards often enforce specific design standards for new builds—such as certain window types and trim, roof pitches, or exterior finishes—that builders must comply with to maintain a community’s aesthetic standards. While these intentions may be good, the rules can price out affordable options and make smaller, more economical builds difficult to realize. It’s almost like they don’t want affordable housing…
The competition between new and existing homes also comes into play. New homes are typically more expensive per square foot, which makes pre-owned homes a more attractive option for first-time buyers. Builders know this and often shift toward higher-end homes that promise larger profits, leaving a gap in the market for affordable starter homes.
Even with these hurdles, there’s a small but promising shift happening. Since around 2015, the average size of new homes has been gradually decreasing, as more builders recognize that not every buyer wants or can afford a large, luxury home. This reflects a shift in consumer interest toward more manageable, affordable spaces, with many people realizing they don’t need an oversized home with a rarely-used formal dining room.
But affordability remains a struggle. While home sizes are shrinking, costs per square foot continue to rise. Builders are also grappling with a shortage of skilled labor and limited buildable land, which pushes costs higher. To make headway, the industry will need to adopt more efficient, innovative construction methods and consider different materials. Modular construction, for example, could help reduce labor costs and construction time, while advances in prefab homes could bring down overall expenses without compromising quality. With better construction efficiencies combined with smart technology, builders could make smaller homes more financially feasible, and drive down overall ownership costs for first-time buyers.
So, what’s the way forward? Solving this issue requires a team effort. Local governments could re-evaluate zoning restrictions and work with architectural review boards to balance aesthetic goals with affordability. Policymakers might consider incentives to encourage affordable home construction, while builders could explore new building techniques to improve cost efficiency. The issue isn’t that builders are ignoring demand—they’re responding to a complex web of pressures. But with creative solutions and collaboration, we can make homeownership a more achievable reality for first-time buyers. Maybe a builder will step up and become the White Knight for this market segment. After all, everyone deserves a fair shot at a place to call home. And, if you’re interested in knowing MORE about this, contact the only Smart Home Certified CRS agent in the Greater St. Louis area, John Donati.
*Based upon actual knowledge the author has at the time of publication.
Tanya Monestier, a tenured law professor at the University at Buffalo School of Law and former professor at Roger Williams University School of Law, has stepped into the Sitzer v. NAR lawsuit with a compelling and meticulously researched objection to the proposed settlement. Monestier, whose academic work on contract law and consumer protection has been cited by courts across North America—including the United States Court of Appeals and the Supreme Court of Canada—brings a formidable legal background to her critique. Her objection portrays the settlement as a superficial, paper-only solution that leaves consumers vulnerable to the same anti-competitive practices it claimed to remedy. As Monestier puts it, “The settlement makes sense—but only on paper… In the real world, the implementation of the settlement has been a disaster.”
Monestier argues that the industry’s entrenched practices remain unchallenged by the settlement. Steering persists, commissions are still locked at 5-6%, and sellers continue to shoulder both agents’ fees, contrary to the supposed reforms. She warns, “What matters is how the settlement is being implemented in real life. And it is being implemented in a way that preserves the status quo of sellers paying both brokers.” Her objection underscores the reality that, rather than empowering buyers to negotiate their agents’ compensation, the industry has doubled down on its old ways, sidestepping reform.
Another alarming aspect of Monestier’s objection is her contention that the settlement introduces confusion instead of clarity, leaving both buyers and sellers struggling to navigate a complex, quasi-regulatory landscape. “As long as this is possible, the current system of seller-financed commissions will remain intact,” she argues, stressing that this agreement risks setting the industry back by reinforcing behaviors it purported to dismantle.
Monestier’s objection is a call to action for the court to reconsider the settlement’s adequacy and fairness, cautioning against accepting it at face value. She warns, “Unless someone speaks up, this Court is likely to be convinced that this settlement is ‘fair, reasonable, and adequate.’ It is not. It simply reinforces the existing system of seller-paid inflated compensation while pretending to eliminate it.” For those interested in the full details of her objection, the complete document is available for review below.
See the entire objection that Tanya Monestier filed with the court HERE
The on-time payment rate for single-family rentals dropped to 85.3% in August 2024, marking its lowest point since September 2021, according to the chart below from Chandan Economics. This decline reflects a potential shift in tenants’ financial situations, as the rate had generally been stable over the past two years. Landlords, especially independent operators, may now face increased challenges maintaining cash flow as timely rental payments become less consistent.
The chart below highlights the historical fluctuations in rental payment punctuality, showing that single-family rental payments were on a recovery trend from earlier dips in 2020 and 2021. However, the latest figures suggest renewed pressures on tenants, possibly due to inflation or rising household costs. Landlords will need to keep a close watch on this trend as it could signal deeper issues in the rental market.
Rental Payment Tracker – On-time Payment Rate by Property Type
(click on chart for live, interactive chart with up to date data)
If your home contains Zonolite attic insulation (ZAI), which is known to include vermiculite contaminated with asbestos, you may be eligible for reimbursement through the Zonolite Trust Fund. This fund, created as part of the bankruptcy proceedings of W.R. Grace & Co., helps homeowners offset the cost of removing hazardous insulation. Below, we outline how you can file a claim and access the resources needed to ensure a smooth reimbursement process.
How to File a Claim
To receive reimbursement, you’ll need to provide documentation proving that vermiculite-based ZAI was present and has been removed from your home. Accepted evidence includes contractor statements, receipts, photos of ZAI packaging or insulation samples, and certified lab tests confirming vermiculite in your attic. If you haven’t yet removed the insulation, it’s crucial to retain detailed records from your contractor to support your future claim.
What You Need to Know
Claims can be submitted through the Zonolite Trust website, where you’ll find all necessary forms and instructions. Homeowners are reimbursed for 55% of their removal costs, up to a capped amount. Claims are processed on a first-come, first-served basis, so early submission is recommended to avoid delays. The trust aims to resolve claims efficiently while ensuring that funds are distributed equitably.
Helpful Resources and Full Procedure Below
For more information on the eligibility requirements and to access the official claim forms, see the links to resources below. Additionally, the complete distribution procedure from the U.S. Bankruptcy Court—detailing how funds are allocated—is provided below for homeowners and legal professionals. This document outlines the rights and responsibilities of claimants under the reorganization plan for W.R. Grace & Co.
Don’t miss this opportunity to recover costs and protect your home—file your claim today and ensure your insulation concerns are addressed.
UNITED STATES ZONOLITE ATTIC INSULATION (“US ZAI”) PROPERTY DAMAGE SETTLEMENT TRUST DISTRIBUTION PROCEDURES
The real estate market in St Louis City has been on the rise, with home prices increasing steadily over the past year. According to the latest data from MORE, REALTORS®, the median sold price for homes in the St Louis City update during September 2024 was $222500, a 0.91% increase from the same time last year when the median sold price was $220500. However, there was a slight decrease of 2.20% compared to the previous month’s median sold price of $227500.
The median list price for homes in the St Louis City update also saw an increase of 2.38% from last year, with a median list price of $215000 in September 2024 compared to $210000 in September 2023. In addition, there were 243 home sales in the St Louis City update during September 2024, a significant 10.96% increase from 219 home sales in September 2023.
The chart below, available exclusively from MORE, REALTORS®, illustrates the data and shows the steady rise in home prices in the St Louis City update. As we head into the end of the year, it will be interesting to see how the market continues to perform.
For those looking to buy or sell a home in the St Louis City area, now may be a good time to take advantage of the rising home prices. With a strong market and increasing demand, working with a reputable and experienced real estate agency like MORE, REALTORS® can help you navigate the process and achieve your real estate goals. Stay tuned for more updates on the St Louis City real estate market.
As of September 2024, the St. Louis County real estate market continues to show strong performance. According to the latest data from MORE, REALTORS®, the median sold price for homes in the county was $285,000, representing a 3.07% increase from September 2023. However, this is a slight decrease of 1.59% from August 2024 when the median sold price was $289,616.
The median list price for homes in St. Louis County also saw an increase, reaching $283,450 in September 2024, a 5.02% jump from the same time last year. Despite these increases, there were 944 home sales in September 2024, a 9.49% decrease from September 2023.
The chart below, available exclusively from MORE, REALTORS®, illustrates the data mentioned above. These numbers indicate a stable and competitive market in St. Louis County, making it an attractive location for both buyers and sellers.
If you’re interested in buying or selling a home in St. Louis County, contact MORE, REALTORS® for expert guidance and personalized service. As the leading real estate agency in the area, our team has the knowledge and experience to help you navigate the market and achieve your real estate goals.
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.
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