The St. Louis housing market is undergoing some noteworthy changes, according to the latest data from MORE, REALTORS®. As of today, the supply of homes for sale in St. Louis stands at 1.43 months, a slight uptick from the 1.38-month supply reported at the end of September and the highest level in over 3 years. Additionally, the median price has settled at $260,000, and nearly half (48%) of the active listings have reduced their asking price from their original figures.
A Closer Look at Pricing Trends
Two additional reports from MORE, REALTORS® offer a nuanced view of the market’s pricing dynamics:
- October 2, 2023 Report: Homes sold during the 30-day period ending on October 2nd had a median price of $285,000 or $191 per square foot.
- October 27, 2023 Report: Homes sold from October 3rd through October 27th had a median price of $270,000 or $185 per square foot.
These reports indicate a slight softening in home prices, which could be attributed to various factors, including seasonality.
Seasonal Impact on the Market
As we transition from fall into winter, it’s essential to acknowledge the seasonal effects on home sales and prices. Historically, the colder months tend to see a slowdown in market activity, which could explain the recent changes in pricing and supply.
What Does This Mean for Buyers and Sellers?
- Buyers: The increase in supply and the slight reduction in median prices may offer more options and negotiating power.
- Sellers: With 48% of active listings reducing their asking price, it may be time to reevaluate your pricing strategy to stay competitive.
While the St. Louis housing market is still far from the historical norm of a 4 to 6-month supply, the current trends suggest a gradual shift towards a more balanced market. Both buyers and sellers would do well to adapt their strategies to these changing conditions.
St Louis Real Estate Market Active Listings Report
(click on table for current report)
October 2, 2023 St Louis Real Estate Market Report
October 27, 2023 St Louis Real Estate Market Report
