Which cities within the St Louis area have seen the largest increases in the median price of homes sold during the past year? Well, the cities on the top 10 list are pretty diverse both in price range and location and some may surprise you. As the list below shows, the city of Pacific, in Franklin County, is at the top of the list with the median price of homes sold for the 12 month period ended October 31, 2016 coming in at $175,000, a 42.86 percent increase from the prior 12 month period. Other cities on the top 10 list include St John and Overland, both mid-St Louis County communities with entry-level homes, as well as the affluent city of Ladue.
Now, before you get too excited, you should note that the list only represents the change the median price of homes sold, but does not necessarily indicate that each home in that community has increased by the percentage shown. The change in median price could be largely the result of a big change in distressed sales, an influx of them at one period of time and diminishing quantity at another time or a new subdivision in a different price point hitting the market during a period of time. This is why you don’t ever want to base decisions about the market, or on the value of your home, or one you are looking to buy, on simply one data point, or source of data.
With this in mind, I have included a second table, one that I believe more accurately reflects changes in home prices, below the first. The second table looks at the median price per foot of homes in each city, therefore more of an “apples to apples” comparison. As you will see, there are several cities that made both top ten lists which I think would be a very good indicator home prices are definitely rising in those markets no matter how you look at it. You can click on either list to get the complete, live list as well.
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Top Ten St Louis Cities For Median Home Price Increase In Past 12 Months
Click on list to see complete, live list
Copyright 2016 – MORE, REALTORS – All Rights Reserved.
Top Ten St Louis Cities For Median Price Per Square Foot Increase In Past 12 Months
Click on list to see complete, live list.
Copyright 2016 – MORE, REALTORS – All Rights Reserved