37% of St. Louis Homes Sold Over Asking: What That Means for Buyers and Sellers

In the past year, 37.0% of homes sold in the St. Louis metropolitan area closed for more than their asking price, according to data from MORE, REALTORS®. That means more than one in three sellers received offers above list, and buyers faced stiff competition on a significant share of listings.

What Selling Over Asking Means for Buyers

For buyers, the fact that 37.0% of homes sold above the asking price signals that bidding wars remain a common feature of the St. Louis market. Buyers should be prepared for the possibility that the list price is not the ceiling, especially in popular areas or for homes that are well-priced and move-in ready. On average, homes that sold above asking went for $18,805 over the list price. This can impact not only how much buyers need to budget, but also how quickly they need to act and how strong their initial offer must be to compete.

However, with 21.0% of homes selling exactly at the asking price, and the average sale price across all sales at 99.5% of the list price, buyers can also find opportunities to purchase at or near list. The market is competitive, but not every home will attract multiple offers. Knowing the local market dynamics and working with a knowledgeable agent can help buyers assess which homes are likely to go over asking and which may offer room for negotiation.

Setting the Right Price: What Sellers Should Know

For sellers, the data underscores the importance of strategic pricing. While more than a third of homes sold above asking, a majority either sold at or below the list price. Setting a competitive price can help attract multiple offers and potentially drive the sale price higher. Overpricing, on the other hand, may result in the home sitting on the market and ultimately selling for less than expected.

Looking at recent trends, the share of homes selling over asking has gradually declined from 50.3% in 2022 to 37.0% in the most recent year, while the average sale price as a percentage of asking has also edged down from 101.6% to 99.5%. This suggests that while bidding wars are still common, the market has become somewhat less overheated, and sellers should be realistic about buyer demand and pricing strategy.

Where Over-Asking Sales Are Most Common

The likelihood of selling over asking varies by county. Here is a breakdown of the share of homes that sold above list price in major St. Louis area counties:

• Jefferson County, Missouri: 42.3%
• St Louis County, Missouri: 40.9%
• St Charles County, Missouri: 38.3%
• Lincoln County, Missouri: 34.2%
• Madison County, Illinois: 33.4%
• Franklin County, Missouri: 33.0%
• the City of St. Louis: 33.1%
• St Clair County, Illinois: 31.6%

Jefferson County led the region, with 42.3% of homes selling above asking, while St Clair County had the lowest share at 31.6%. These differences highlight the importance of understanding local market conditions when making or evaluating an offer.

For both buyers and sellers, the St. Louis market continues to show strong demand, even as the intensity of bidding wars has moderated from the peaks of recent years. Whether you are writing an offer or setting a price, knowing where your home or your search fits into these trends can help you make more informed decisions.