Luxury Living: The St. Louis Zip Codes Are Among America’s Wealthiest

A recent article in the St. Louis Business Journal highlights the prominence of St. Louis in the newly released Business Journals Wealthy 1000 ranking. Among the nation’s wealthiest ZIP codes, nine from the St. Louis area have made the list, underscoring the region’s economic significance. Leading the charge is Ladue’s 63124 ZIP code, recognized not only as the wealthiest in St. Louis but also a major player on the national stage.

This new ranking takes into account various wealth metrics such as income, home equity, and estimated savings, painting a comprehensive picture of affluence in the area. While Ladue tops the local list with an impressive average home price of $2,239,362, other affluent St. Louis County ZIP codes, including Clayton’s 63105 with an average home price of $1,727,632 and Town and Country’s 63131 with an average home price of $1,600,141, also feature prominently. The diversity of these areas, from the suburban charm of Chesterfield to the upscale vibe of Clayton, showcases the broad spectrum of luxury living within St. Louis County.

In conjunction with this prestigious national recognition, we at MORE, REALTORS® have our exclusive list of the average home prices in the top St. Louis ZIP codes below. This list provides a snapshot of the real estate landscape, highlighting the premium property values that align with the wealth rankings. Whether you’re looking to buy or sell in these coveted areas, our data offers valuable insights into the current market dynamics.

Federal Reserve Projections: What St. Louis Homebuyers and Sellers Need to Know

The latest Federal Reserve Economic Projections, released on June 12, 2024, provide valuable insights into the future economic landscape that will impact homebuyers and sellers in St. Louis. The Federal Open Market Committee (FOMC) anticipates steady real GDP growth of around 2.0% from 2024 to 2026, which indicates a stable economic environment for making real estate investments. This projection is reassuring for those considering buying or selling homes, as economic stability often correlates with a steady housing market.

Interestingly, the unemployment rate is projected to hover around 4.1% during the same period, reflecting a healthy job market. For potential homebuyers, this suggests a favorable environment for securing employment and stable incomes, which are critical for obtaining mortgage approvals. On the other hand, sellers can expect a steady demand for housing driven by a robust job market.

Inflation rates are projected to ease, with core PCE inflation expected to decrease from 2.8% in 2024 to 2.0% by 2026. This trend is crucial for maintaining purchasing power and affordability in the housing market. Lower inflation rates can help keep mortgage rates in check, making homeownership more accessible for many families in St. Louis.

For a detailed breakdown of these projections and their implications for the St. Louis real estate market, please refer to the full report below.



 

Discover the Fastest Selling School Districts in St. Louis Metropolitan Area

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 school districts in the region. According to recent data, the top three districts with the shortest time on the market are Wolf Branch DIST 113 in Unincorporated, IL, Winfield R-IV in Unincorporated, MO, and Windsor C-1 in Unincorporated, MO.

Wolf Branch DIST 113 takes the top spot with an average of only 11 days on the market for its two active listings. The district also boasts an average list price of $399,750, making it an attractive option for families looking to settle down. Coming in at a close second is Winfield R-IV, with an average of 14 days on the market for its three listings. And last but not least, Windsor C-1 rounds out the top three with an average of 19 days on the market for its eight listings. For a complete list of the fastest selling school districts in the St. Louis metropolitan area, be sure to check out MORE, REALTORS®. With this valuable information in hand, you can make an informed decision when it comes to buying or selling a home in this vibrant and bustling region.

How to Successfully Negotiate Below Asking Price in St. Louis’ Competitive Market

Navigating the competitive St. Louis real estate market, where inventory remains relatively low, requires strategic thinking and a well-crafted offer. While it’s possible to make an offer below the asking price, success hinges on several factors where the expertise of a seasoned professional agent, like those at MORE, REALTORS®, can be invaluable.

First, the amount of time a listing has been on the market is crucial. Properties that have lingered longer are often ripe for negotiation. A well-priced home will see significant activity, so an experienced agent can help you gauge the market response and determine a reasonable offer. Additionally, a property that has recently had its price reduced or has come back on the market after a failed contract may present prime opportunities for negotiation. Sellers in these situations may be more inclined to consider lower offers, especially when presented by a serious and well-prepared buyer.

Moreover, structuring your offer meticulously can make a significant difference. A strong offer isn’t just about the price; it includes having a solid, fully underwritten loan pre-approval, proof of funds, and carefully considered terms. Eliminating contingencies where possible, such as opting for an information-only inspection or perhaps no inspection at all (but not doing so blindly—a great agent can show you how to have the benefit of an inspection without the contingency), can also strengthen your position. Non-refundable deposits and other buyer commitments demonstrate seriousness and can sway sellers.

Where can you easily find listings where offers may be considered?

Trudging through thousands of listings looking for the “needle in the haystack” is time-consuming and frustrating for most buyers. However, there is a site, WillingToNegotiate.com, that simplifies finding these opportunities by showing only listings from the MLS that have had recent price reductions or have had a sale fail and are back on the market. These can be easily searched by the municipality or ZIP code they are in and then filtered even further. Utilizing these tools and working with skilled agents at MORE, REALTORS® can significantly increase your chances of securing a great deal in the St. Louis metro area.

Find Offer-Ready St Louis Listings Now!

Find Offer-Ready St Louis Listings Now! 

 

VA Introduces Temporary Variance Allowing Veterans to Pay Buyer-Broker Charges Amid NAR Settlement Changes

The Department of Veterans Affairs (VA) has introduced a temporary variance allowing veterans to pay certain buyer-broker charges when using their VA-guaranteed home loan benefits. This change comes in response to the recent National Association of Realtors (NAR) settlement, which now prohibits the publication of buyer-agent compensation in Multiple Listing Services (MLS). The concern is that many sellers may no longer offer a commission to buyer agents, potentially making it challenging for veterans to secure representation. By allowing veterans to pay these charges directly, the VA aims to ensure they remain competitive in the current real estate market.

At MORE, REALTORS®, we are committed to staying ahead of industry changes to provide our clients with the best possible guidance. This new variance is a significant development for veterans, and we are here to help you navigate these changes effectively. Whether you are a veteran or a civilian, our team at MORE is ready to assist you with all your real estate needs. Contact us today to learn how we can support you in achieving your real estate goals.


 

St. Louis Sees 4.87% Rise in Single-Family Home Permits Over the Past Year

During the 12-month period ending April 30, 2024, a total of 4,071 building permits were issued for new single-family homes in the St. Louis area. This marks a 4.87% increase from the previous 12 months, which recorded 3,882 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 an increase in permits, three of which were in the double digits. Lincoln County saw the largest percentage increase at 37.66%. Conversely, the City of St. Louis experienced the largest decrease, with an 18.36% decline.

  

St Louis New Home Building Permits – April 2024

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - April 2024

 

Metro East Update: Real Estate Market Continues to Thrive in May 2024

The latest data from MORE, REALTORS® shows that the metro east real estate market is still going strong as of May 2024. According to the chart below, the median sold price for homes in the metro east area was $191588, representing an 8.55% increase from May 2023 when the median sold price was $176500. This also marks a 4.69% increase from April 2024, when the median sold price was $183000.

The median list price for homes in the metro east update also saw a significant increase, rising 8.51% from $175000 in May 2023 to $189900 in May 2024. Additionally, there were 671 home sales in the metro east area during May 2024, a 6.00% increase from the 633 sales in May 2023.

These numbers demonstrate the continued strength and growth of the metro east real estate market. With increasing median sold and list prices, as well as a rise in home sales, it is clear that the demand for homes in this area remains high. Stay tuned for more updates on the metro east real estate market, exclusively from MORE, REALTORS®.

St Charles County Real Estate Market Update as of June 2024

The real estate market in St Charles County continues to show strength and growth, with the median sold price for homes increasing by 5.71% in May 2024 compared to the same time last year. According to the chart below, available exclusively from MORE, REALTORS®, the median sold price for homes in the St Charles County update was $370,000, up from $350,000 in May 2023. This also marks a 2.78% increase from April 2024, when the median sold price was $360,000.

The median list price for homes in St Charles County also saw an increase of 5.82% from May 2023, reaching $364,989. Additionally, there were 433 home sales in May 2024, a significant 11.31% increase from 389 in May 2023.

These numbers indicate a strong seller’s market in St Charles County, with high demand and rising prices. As a leading real estate agency in the area, MORE, REALTORS® can provide expert guidance and assistance for those looking to buy or sell in St Charles County. Stay tuned for more updates and insights on the St Louis, MO real estate market.

Median Home Prices Continue to Rise Throughout the St Louis Metro Area in May

The latest data from MORE, REALTORS® reveals that the St. Louis Metropolitan Statistical Area (stl msa) real estate market is showing no signs of slowing down. In May 2024, the median sold price for homes in the stl msa reached $275,000, a 7.84% increase from the same month in 2023 when the median sold price was $255,000.

Compared to the previous month, May 2024’s median sold price of $275,000 also saw a 5.81% increase from April 2024’s median sold price of $259,900. This steady growth in home prices is a positive sign for sellers in the stl msa.

Additionally, the median list price for homes in the stl msa was $269,900 in May 2024, an 8.18% increase from the median list price of $249,500 in May 2023. This indicates that sellers are able to list their homes for higher prices, and buyers are willing to pay.

The stl msa also saw an increase in home sales, with 3049 homes sold in May 2024, a 4.35% increase from May 2023’s 2922 home sales. This further demonstrates the strong demand for homes in the stl msa.

As the chart below, available exclusively from MORE, REALTORS®, shows, the stl msa real estate market continues to be a hot market for both buyers and sellers. With rising home prices and steady sales, now is a great time to buy or sell a home in the stl msa. Contact a MORE, REALTORS® agent today for expert guidance and assistance in navigating the stl msa real estate market.

The Challenges and Market Impact on Brentwood Forest Condos

Brentwood Forest Condominiums, one of St. Louis’ largest condo communities, is currently grappling with significant structural repair issues that have cast a shadow over the market’s viability. Following the revelation of maintenance problems, the Federal Housing Administration (FHA) temporarily withdrew its loan approval for the development. This decision has significantly impacted both the homeowners and prospective buyers. In a recent article in the St. Louis Business Journal, it was stated that in response to this, the Brentwood Forest Condominium Association (BFCA) was “working diligently to address reported mortgage lending issues.”

The structural issues and subsequent lending restrictions have had a notable impact on property values and sales within Brentwood Forest. According to the STL Market Charts below, available exclusively from MORE, REALTORS®, the median price of condominiums sold in Brentwood Forest increased from $160,000 in 2019 to $220,000 in 2023. However, in light of the recent developments, Brentwood Forest condo prices  have declined nearly 13% to $192,000 thus far in 2024. The 12-month sales trend, as the chart below illustrates, shows that during the past 5 years, condo sales peaked at 123 units sold in the 12-month period ending January 31, 2022, and have since steadily declined 50% to just 62 units sold during the 12-month period ending May 31, 2024. This decline is largely attributed to the hesitancy of lenders to approve mortgages for properties within the community, making it difficult for sellers to find buyers who are not cash purchasers or those utilizing portfolio loans.

The situation at Brentwood Forest reflects a broader trend affecting condominium communities across the nation. The increased scrutiny on long-term maintenance and structural integrity of condo buildings, spurred by incidents such as the 2021 Surfside, Florida collapse, has led to stricter lending criteria. Condominiums deemed “non-warrantable” by entities like Fannie Mae and Freddie Mac face similar challenges, with sales slowing and prices becoming volatile as a result. The case of Brentwood Forest underscores the importance of proactive maintenance and transparent governance in condo associations to maintain market confidence and ensure the financial stability of their communities.

This is why it’s important, when considering purchasing a condominium, that you be represented by a buyer’s agent with extensive knowledge and experience in condominium sales and challenges, as well as a good understanding of the current situations at area complexes so you are aware of issues like those at Brentwood Forest. You can find agents like this at MORE, REALTORS®.


Brentwood Forest Condominiums Sold Prices and List Prices – Past 5 Years

(click on chart for live, interactive chart)

Brentwood Forest Condominiums Sold Prices and List Prices - Past 5 Years

Brentwood Forest Condominiums 12-Month Sales Trend – Past 5 Years

(click on chart for live, interactive chart)

Brentwood Forest Condominiums 12-Month Sales Trend - Past 5 Years

St. Louis New Home Buyers: Why Partnering with a Real Estate Agent Matters

When considering the purchase of a new construction home in the St. Louis Metro area, it’s crucial to have a professional real estate agent on your side from the very beginning. Here’s why you shouldn’t work directly with the builder and the benefits of engaging an agent with extensive knowledge and experience in new home construction.

Why Not Work Directly with the Builder?

Builders often have sales agents on-site who are well-versed in their product, but these representatives work for the builder. Their primary goal is to protect the best interests of the builder, not to advocate for the best interests of the buyer. This means that they are focused on achieving the highest possible profit margins for the builder, which might not align with what is best for you as the buyer.

Without your own agent, you lack proper representation in negotiations and throughout the home-buying process. An experienced real estate agent can help you navigate the complexities of builder contracts, which often include terms that heavily favor the builder. Moreover, a buyer’s agent can negotiate upgrades, prices, and other terms more effectively, ensuring that you get the best possible deal and that your interests are protected from start to finish.

Engage an Agent Early

It’s vital to engage a real estate agent before you even visit the first builder display. Many builders have policies that may exclude paying a buyer’s agent if they were not present on your first visit, which could cost you money. By involving your agent from the outset, you ensure that you are fully represented in all interactions with the builder and their representatives. This can also prevent any potential misunderstandings and maximize the value you get from your investment. Additionally, having your agent involved early means they can help you evaluate different builders and communities, identify potential red flags, and provide valuable insights on the best options available, ensuring you make an informed decision from the very beginning.

Expertise in New Home Construction

Choosing an agent with in-depth knowledge and experience in new home construction can make a significant difference. Such agents are familiar with the construction quality, builder reputations, and the intricacies of new home warranties. They can provide valuable insights into the various options and upgrades available, helping you make informed decisions that add long-term value to your home. Additionally, they can offer an “apples-to-apples” comparison between builders and ensure you are aware of any future developments that might affect your new neighborhood. This expertise allows the agent to foresee potential issues and advocate for your best interests effectively, making the entire process smoother and more secure for you as a buyer.

Why Choose MORE, REALTORS?

At MORE, REALTORS, we have a team of agents with extensive experience and knowledge in selling new homes and building custom homes. Our experts are equipped to guide you through every step of the process, ensuring a smooth and beneficial home-buying experience. With a deep understanding of the local market and strong relationships with builders, we are committed to helping you make informed decisions and secure the best possible outcome for your new home purchase.


  

 

 

 

Timeshare Owners Alert: Fraud Scheme Exposed by FBI

A Springfield, Missouri business owner, Brian Scroggs, has been indicted by a federal grand jury for orchestrating a fraudulent timeshare exit scheme, according to an announcement from the FBI. Scroggs, who owned Vacation Consulting Services, LLC, and The Transfer Group, LLC, promised clients he could help them exit their timeshare contracts for a fee. Despite knowing that timeshare companies had stopped working with exit firms, Scroggs continued to solicit new clients under false pretenses.

The indictment reveals that Scroggs defrauded clients of over $32,000 by falsely claiming his companies could release them from their timeshare agreements. His scheme involved hosting seminars across the country where he assured timeshare owners they could either get out of their contracts or receive a refund. However, none of these promises were fulfilled, leaving clients trapped in their timeshare agreements without the refunds they were promised.

This case, prosecuted by Assistant U.S. Attorney Patrick Carney and investigated by the IRS-Criminal Investigation and the FBI, serves as a stark reminder for timeshare owners to exercise caution and thoroughly vet any exit companies they consider using. Always seek advice from trusted real estate professionals, such as those at MORE Realtors INLINE TEXT Link – goes to agent website
MORE, REALTORS®,  to avoid falling victim to similar scams.


Mortgage Loan Fees Increased Thirty-Six Percent in two years: CFPB Launches Inquiry

The Consumer Financial Protection Bureau (CFPB) has issued a Request for Information (RFI) regarding fees imposed in residential mortgage transactions. This initiative aims to gather insights and comments from the public about the escalating costs associated with obtaining a mortgage. As homeowners and prospective buyers, this is an opportunity for you to voice your experiences and concerns regarding these fees.

From 2021 to 2023, the median total loan costs for home purchase loans surged by over 36%, with the median dollar amount paid by borrowers in 2022 nearing $6,000. These rising costs, coupled with increased home prices and interest rates, have significantly strained household budgets. The CFPB’s focus is on understanding the impact of these fees on home affordability and access to credit, particularly for first-time and lower-income buyers who are disproportionately affected.

The CFPB has launched a public inquiry into what they term “junk fees” in mortgage closing costs. According to CFPB Director Rohit Chopra, these excessive fees can drain down payments and push up monthly mortgage costs, making homeownership less accessible. The Bureau is seeking to uncover why these costs are rising, who benefits from them, and how they might be reduced to alleviate the financial burden on both borrowers and lenders.

Mortgage lenders are also affected by these rising costs. Increased expenses for services like credit reports and title insurance can limit lenders’ ability to offer competitive mortgages, as they either pass these costs onto borrowers or absorb them, affecting their bottom line. The CFPB is particularly interested in understanding the competitive pressures and market barriers affecting these fees, as well as gathering data on the broader impacts on housing affordability and home equity.

The CFPB is calling on homeowners, homebuyers, and industry participants to share their stories, data, and insights on mortgage closing costs. Comments can be submitted electronically via the Federal eRulemaking Portal or by email. Your feedback will help shape future regulations and policies aimed at ensuring fair and transparent mortgage practices. For more details, including submission instructions, refer to the full notice from the CFPB below.



Affordable Homeownership: How House Hacking Helps First-Time Buyers in St. Louis

House hacking is becoming an increasingly popular strategy among younger and first-time homebuyers in many parts of the country, including the St. Louis Metro Area. What is house hacking? Essentially, it involves purchasing a multi-unit property or a single-family home with rentable spaces, offering the new homeowner the opportunity to offset their mortgage payments with rental income. This approach not only reduces living expenses but also helps build equity faster and generate additional income streams.

House hacking offers numerous benefits, particularly in a market like St. Louis where property values are competitive and rental demand is strong. For first-time homebuyers, it provides an opportunity to enter the real estate market with lower financial risks. Investors can also leverage this strategy to diversify their portfolios and maximize returns. By renting out portions of their property, homeowners can enjoy the dual advantage of having a place to live while their tenants help pay down their mortgage.

If you’re considering house hacking or need expert advice on navigating the St. Louis real estate market, the experienced agents at MORE, REALTORS® are here to help. With a deep understanding of the local market trends and a commitment to client success, they can guide you through every step of the home buying process.


Memorial Day Events: Honoring History and Community in St. Louis

As we commemorate Memorial Day, it’s a time for reflection on our history and community. In St. Louis, Memorial Day holds particular significance, intertwining with our city’s rich historical tapestry.

The Historical Roots of Memorial Day in St. Louis

Memorial Day, originally known as Decoration Day, was established after the Civil War to honor fallen soldiers. St. Louis, with its strategic location and historical military significance, has always played a pivotal role in these commemorations. Jefferson Barracks National Cemetery, one of the oldest military cemeteries in the United States, serves as the final resting place for over 188,000 soldiers, spanning conflicts from the Revolutionary War to the present day. Each year, the cemetery becomes a focal point for Memorial Day activities, reminding us of the sacrifices made by countless individuals to protect our freedoms.

Community and Neighborhood Celebrations

Memorial Day serves as a reminder of the importance of community and remembrance. Neighborhoods throughout St. Louis host events and parades, fostering a sense of unity and pride. Here are some notable celebrations:

Jefferson Barracks National Cemetery: Annual Memorial Day Ceremony

  • Event: Memorial Day Wreath-Laying Ceremony
  • Time: 10:00 AM
  • Details: Military honors, commemorative speeches, playing of Taps, and a rifle volley.
  • Location: Jefferson Barracks National Cemetery, 2900 Sheridan Road, St. Louis, MO

Soldiers Memorial Military Museum: Memorial Day Ceremony

  • Event: Memorial Day Ceremony
  • Time: 10:00 AM – 12:00 PM
  • Details: Adding names of 254 St. Louisans who died in the Vietnam War to the Court of Honor, performances by the Red and Black Brass band, and a procession to the Court of Honor.
  • Location: 1315 Chestnut St., downtown St. Louis, MO

Lafayette Square: Memorial Day Picnic

  • Event: Memorial Day Picnic
  • Time: 11:00 AM – 2:00 PM
  • Details: The neighborhood association organizes a picnic in Lafayette Park, featuring historic home tours, live music, and activities for children, celebrating the community’s heritage and honoring those who served.
  • Location: Lafayette Park, Lafayette Square, St. Louis, MO

Belleville Memorial Day Parade

  • Event: Annual Memorial Day Parade
  • Time: Parade starts at 10:00 AM, Memorial Day Program starts at 11:00 AM
  • Details: Parade route ends at Walnut Hill Cemetery, followed by a Memorial Day Program.
  • Location: Downtown Belleville, IL

Central West End: Memorial Day Parade and Walking Tour

  • Event: Memorial Day Parade and Walking Tour
  • Time: Parade at 10:00 AM, Walking Tour at 12:00 PM
  • Details: The parade winds through the Central West End neighborhood, followed by a local history walking tour highlighting the area’s historical significance and military connections.
  • Location: Central West End, St. Louis, MO

Forest Park: Memorial Day 5K Run

  • Event: Memorial Day 5K Run
  • Time: 8:00 AM
  • Details: A 5K run through Forest Park, followed by a memorial service at the park’s Soldiers Memorial, honoring fallen soldiers with speeches and a moment of silence.
  • Location: Forest Park, St. Louis, MO

The Delmar Loop: Memorial Day Street Festival

  • Event: Memorial Day Street Festival
  • Time: 11:00 AM – 5:00 PM
  • Details: A street festival featuring live music, food vendors, and special performances, including a tribute to local veterans and active-duty military personnel.
  • Location: Delmar Loop, St. Louis, MO

University City Memorial Day Run

  • Event: 50th Annual University City Memorial Day Run
  • Time: 7:30 AM – 12:00 PM
  • Details: This event features a 10K run starting at 7:30 AM, a 5K run starting at 7:50 AM, and a Family Fun Run starting at 9:15 AM. The runs begin in front of the University City Public Library and pass by many of University City’s landmarks and beautiful gardens. Proceeds from the event benefit the University City Public Library, The Green Center, and U City in Bloom.
  • Location: University City Public Library, 6701 Delmar Blvd, University City, MO

Ballwin Memorial Day Ceremony

  • Event: Memorial Day Ceremony
  • Time: 11:15 AM
  • Details: Includes Color Guard VFW Post 6274 and a performance by the Donneresas.
  • Location: Peace Memorial at Vlasis Park, Ballwin, MO

Manchester Memorial Day Remembrance Ceremony

  • Event: Memorial Day Remembrance Ceremony
  • Time: 10:00 AM
  • Details: The ceremony will feature U.S. Navy Reserve Commander Sam Fletcher as the speaker, and will include a bald eagle from the World Bird Sanctuary, music by the Manchester Community Band, and the Flags of Valor presentation, recognizing service members killed in action since September 11.
  • Location: Veterans Memorial in Stoecker Park, 222 Henry Ave, Manchester, MO

Sappington-Concord Historical Society Memorial Day Ceremony

  • Event: Memorial Day Ceremony
  • Time: 10:00 AM
  • Details: The traditional ceremony will include community participation and honor local veterans. The Sappington-Concord Historical Society hosts this event, which is a long-standing tradition in the area.
  • Location: Sappington-Concord Historical Society, Sappington, MO

Alton Memorial Day Parade

  • Event: Alton Memorial Day Parade
  • Time: 10:00 AM
  • Details: The Alton Memorial Day Parade is touted as the oldest consecutive Memorial Day parade in America, having run every year since 1868. The celebration begins at Alton Middle School and concludes at the Alton City Cemetery. The parade features various floats, marching bands, and community groups, all coming together to honor those who have served and sacrificed.
  • Location: Starts at Alton Middle School, 2200 College Ave, and ends at Alton City Cemetery, 1205 East 5th St., Alton, IL

Collinsville Memorial Day Service

  • Event: Collinsville Memorial Day Service
  • Time: 10:30 AM
  • Details: The Collinsville Memorial Day Service will be held at the Collinsville VFW. The event will feature a guest speaker, John Shimkus, and a performance by the Collinsville High School band. A light lunch will be served following the ceremony, allowing the community to gather and reflect on the significance of the day.
  • Location: Veterans of Foreign Wars, 1234 Vandalia Street, Collinsville, IL

Wings Over St. Louis

  • Event: Wings Over St. Louis
  • Time: 9:00 AM – 5:00 PM
  • Details: This event at the Spirit of St. Louis Airport in Chesterfield features historic warbird flights, static displays of vintage aircraft, and educational activities. Visitors can ride in one of the warbirds, view historic military vehicles, and participate in interactive learning experiences. The event is family-friendly and offers a unique opportunity to experience aviation history up close.
  • Location: Spirit of St. Louis Airport, 18270 Edison Ave, Chesterfield, MO

These community events not only honor the memory of those who served but also enhance the appeal of St. Louis neighborhoods, making them attractive to potential homebuyers looking for areas with a strong sense of community and history.


May 2024 Housing Market: Homeowners Locked in by Low Mortgage Rates

The Freddie Mac U.S. Economic Housing and Mortgage Market Outlook for May 2024 reveals significant insights into how mortgage interest rates are impacting the housing market, particularly across different generations. With the 30-year fixed-rate mortgage recently surpassing 7%, many prospective homebuyers find themselves priced out of the market. At the same time, current homeowners are hesitant to sell, clinging to historically low rates secured in 2020 and 2021. According to Freddie Mac’s chart below, over 60% of mortgages have rates below 4%, creating a substantial financial disincentive for homeowners to move, effectively locking them into their current homes. Homeowners who secured these low rates have, on average, locked in $66,000 in savings, which they would forfeit if they sold their homes in the current high-rate environment.

Analyzing the borrower-level National Mortgage Database, it becomes clear that Millennials and Gen Xers have benefited most from the low-rate environment, with average rates around 4%. Millennials, who entered the market en masse during the low-rate period of 2020-2021, secured favorable rates primarily through purchases, while Gen Xers capitalized on refinancing opportunities. In contrast, Gen Z, stepping into the market more recently, faces the highest average rates at 4.9%, with many having purchased homes during the higher rate periods of 2022 and 2023. This generational disparity in mortgage rates suggests that while refinance opportunities remain slim, should rates decline, there could be significant refinancing activity, especially among Gen Xers and Millennials.


 

Percentage of Homeowners with Mortgages at Various Rate Levels

Percentage of Homeowners with Mortgages at Various Rate Levels

St. Louis Metro Area YTD Home Sales Show Steady Increase in 2024

The St. Louis metropolitan area, which covers counties in both Missouri and Illinois, has seen a strong start to the year in terms of home sales. According to data from MORE, REALTORS®, there have been 9,035 homes sold in the St. Louis metro area through the end of April 2024. This represents a 5.54% increase from the same period last year, where 8,561 homes were sold.

While this year’s YTD home sales may be lower compared to four years ago, with a decrease of 11.78%, it is important to note that the overall trend is still positive. This is great news for both potential home buyers and sellers in the St. Louis metro area, as it indicates a stable and growing real estate market. For those looking to buy or sell a home, it is worth considering the fastest selling zip codes in the area, which can be found in the complete list provided by MORE, REALTORS®. So if you’re thinking about making a move in the St. Louis metro area, now is a great time to do so.

Discover the Hottest Zip Codes in St. Louis Metro Area for Home Buyers and Sellers

Are you looking to buy or sell a home in the St. Louis metropolitan area? Look no further! According to recent data, the fastest selling zip code in the area is 62084 in Madison-IL, IL. With an average of only 3 days on the market, homes in this zip code are in high demand. And with an average list price of $187,375, sellers can expect to get top dollar for their properties.

But that’s not all. The second and third fastest selling districts in the St. Louis metro area are also located in Madison-IL, IL and St Clair-IL, IL, respectively. These areas have an average of 6 and 12 days on the market, making them hot spots for both buyers and sellers. So, whether you’re a family looking for a new home or an investor searching for a lucrative opportunity, these zip codes are worth considering.

To see the complete list of the fastest selling zip codes in the St. Louis metro area, be sure to check out MORE, REALTORS®. With their expertise and knowledge of the local market, they can help you find the perfect home or sell your property quickly and efficiently. Don’t miss out on these hot zip codes – start your search with MORE, REALTORS® today!

Discover the Top 3 Fastest Selling School Districts in St. Louis!

Attention all home buyers and sellers in the St. Louis metropolitan area! Are you looking for a quick and seamless real estate experience? Look no further than the top three fastest selling school districts in the region. According to recent data, Freeburg DIST 70 in Illinois takes the top spot with an impressive average of only 12 days on the market for its two active listings, with an average list price of $344,000. Coming in at a close second is Windsor C-1 in Unincorporated, MO, with six listings and an average of just 15 days on the market. And rounding out the top three is Dupo DIST 196 in Illinois, with five listings and an average of 18 days on the market.

For those looking to buy or sell a home in these areas, this is great news. The fast pace of these school districts means that homes are in high demand and are selling at a quick rate. And for families, this is a great opportunity to find a home in a top-performing school district. For a complete list of the fastest selling school districts in the St. Louis metropolitan area, be sure to check out MORE, REALTORS®. Don’t miss out on your chance to be a part of these thriving communities. Start your home search or listing process today!

Metro East Update: Home Prices Continue to Rise in April 2024

The real estate market in the metro east area is showing no signs of slowing down. According to the latest data from MORE, REALTORS®, homes in the metro east update sold for a median price of $183,711 during April 2024. This represents a 5.58% increase from April 2023, when the median sold price was $174,000.

However, there was a slight decrease of 0.40% compared to March 2024, when the median sold price was $184,450. The median list price also saw a significant increase, rising by 8.79% from $170,000 in April 2023 to $184,950 in April 2024.

The number of home sales in the metro east update also saw a significant increase, with 626 homes sold in April 2024 compared to 510 in April 2023. This represents a 22.75% increase, indicating a strong demand for homes in the area.

As the chart below, available exclusively from MORE, REALTORS®, illustrates, the metro east real estate market continues to be a hot market for both buyers and sellers. With rising home prices and a high number of sales, it’s a great time to be a part of the metro east real estate market.

If you’re considering buying or selling a home in the metro east area, don’t hesitate to contact MORE, REALTORS® for expert guidance and assistance. Our team of experienced real estate agents will help you navigate the market and make the most informed decisions. Stay tuned for more updates on the metro east real estate market.

St Charles County Real Estate Market Update as of May 2024

The real estate market in St Charles County, MO continues to show strength and stability as we head into the summer months. According to the latest data available exclusively from MORE, REALTORS®, the median sold price for homes in the St Charles County update was $360,000 in April 2024. This represents a 2.06% increase from April 2023, when the median sold price was $352,750.

While there was a slight decrease of 2.82% from the previous month, when the median sold price was $370,450, the overall trend for home prices in St Charles County remains positive. Additionally, the median list price for homes in April 2024 was $350,000, which is the same as it was in April 2023.

The number of home sales in St Charles County also saw an increase, with 365 homes sold in April 2024. This is a 4.89% increase from April 2023, when there were 348 home sales.

As the market continues to show stability and growth, now is a great time to buy or sell a home in St Charles County. Contact MORE, REALTORS® for expert guidance and assistance with all of your real estate needs.

Franklin County Real Estate Market Update as of May 2024

The latest data from the Franklin County update shows a continued upward trend in the real estate market. In April 2024, the median sold price for homes in the county was $245,450, representing a 5.34% increase from the same month last year. This also marks a slight decrease of 0.63% from March 2024.

The median list price for homes in Franklin County was $246,450, a 6.02% increase from April 2023. In terms of sales, there were 108 homes sold in April 2024, a significant 54.29% increase from April 2023.

For a visual representation of this data, refer to the chart below, available exclusively from MORE, REALTORS®. This data indicates a strong and active real estate market in Franklin County, making it a desirable location for both buyers and sellers. Stay tuned for more updates on the Franklin County real estate market.

St. Louis Metro Area Real Estate Market Update – April 2024

As of April 2024, the St. Louis metro area real estate market continues to show steady growth. According to data from MORE, REALTORS®, the median sold price for homes in the St. Louis area was $260,000, representing a 2.36% increase from April 2023 when the median sold price was $254,000. This also marks a 4.00% increase from the previous month, March 2024, when the median sold price was $250,000.

The median list price for homes in St. Louis was $250,000, a slight 0.04% increase from April 2023. This indicates that sellers are still able to command a strong price for their homes in the current market.

In terms of sales, there were 2,634 home sales in the St. Louis metro area in April 2024, a 9.70% increase from April 2023. This shows a continued high demand for homes in the area.

For those looking to buy or sell a home in the St. Louis metro area, now is a great time to take advantage of the strong market conditions. With the help of a knowledgeable and experienced REALTOR from MORE, REALTORS®, buyers and sellers can navigate this competitive market with confidence. Stay tuned for more updates on the St. Louis real estate market.

St. Louis Real Estate Set for a Comeback: Insights from NAR Chief Economist Lawrence Yun

Lawrence Yun, Chief Economist for the National Association of REALTORS

Lawrence Yun, Chief Economist for the National Association of REALTORS

In his forecast yesterday at the 2024 REALTORS® Legislative Meetings, National Association of Realtors® Chief Economist Lawrence Yun delivered a promising outlook for the real estate market with expectations for rising existing-home sales. According to Yun, the U.S. is likely to see existing-home sales increase to 4.46 million in 2024, a 9% rise from 2023, and surge to 5.05 million in 2025. Yun highlighted, “More jobs mean more home sales and higher housing demand. You need a strong local economy for a strong housing market.”

Additionally, Yun noted a significant calming in rental markets, which will help stabilize the consumer price index, encouraging the Federal Reserve to consider lowering interest rates. He remarked, “The Federal Reserve has delayed rate cuts. I would have thought that, by now, rates would be lower and rate cuts would have begun. Whatever rate cut the Federal Reserve does not do this year will simply get pushed back to 2025.”

For individuals looking to navigate the St. Louis real estate market, the expertise of MORE, REALTORS® can prove invaluable. Our agents are equipped with the latest insights and are prepared to guide clients through the intricacies of buying or selling homes in today’s economic landscape. As Yun emphasized, the strong economic fundamentals support a vibrant housing market, underscoring real estate as a prudent investment for building personal wealth.


St Louis Metro-Area Home Sales and 12-Month Trend – Past 15 Years

(click on report for live report)

St Louis Metro Area Home Sales and 12-Month Trend Past 15 years

St. Louis Metro Area 12-Month Home Sales Trend Hits Highest Level in Eight Months

The 12-month home sales trend chart below from MORE, REALTORS® shows a slight upward tick in St. Louis home sales. In April, 32,210 homes were sold during the 12-month period ending in April, marking the highest home sales trend in St. Louis since August 2023. Granted, this is spring—a typically strong selling season for real estate. However, the 12-month sales ending in April 2024 are below the figures from a year ago, which stood at 34,490. Nonetheless, this uptick is a positive sign. It’s also noteworthy that this April marks the first time in three years that the trend has increased from March to April; in both 2022 and 2023, the trend declined during these months.

St Louis MSA 12-Month Home Sales Trend Chart

(click on chart for live, interactive chart)

St Louis MSA 12-Month Home Sales Trend Chart

St. Louis Metro Real Estate 2024: Key Trends and Market Analysis

The St. Louis Metropolitan real estate market has experienced notable shifts in its latest 12-month cycle ending April 2024, as compared to the previous year. Firstly, the total number of homes sold in the St. Louis Metro area has seen a decline. Over the past 12 months, ending April 2024, St Louis home sales totaled 32,220 homes, a decrease of 6.58% from the previous year’s 34,490 homes. This reduction in sales volume may reflect a variety of market factors including economic shifts or changes in buyer sentiment.

Conversely, the median sold price for homes has edged upwards, indicating a resilient market valuation. The median sold price for homes in St Louis rose by 1.92% from $249,900 in the prior year to $254,700 in the period ending April 2024. This growth suggests a sustained buyer interest in value, despite the lower sales volume.

Inventory dynamics also present an intriguing picture. The number of listings sold last month was 2,612, with current listings standing at 2,840, and a supply of just over one month (1.09 months). These figures, coupled with a median of 22 days on market, highlight a competitive and swift market environment, challenging both buyers and sellers to act efficiently.

The STL Market Report below, available exclusively from MORE, REALTORS®,  has more details on the above information as well as additional useful St Louis market data as well. For prospective buyers, sellers, and investors, understanding these market dynamics is crucial. The expertise of MORE, REALTORS® can provide the necessary guidance and strategic advice to effectively navigate this evolving market landscape.


STL Market Report- St Louis Metro Area

(click on report for live report)

STL Market Report- St Louis Metro Area

Mortgage Rates Ease to lowest level in over three weeks

Interest rates for a 30-year fixed-rate conventional mortgage declined to 7.28% today, down from their five-month high of 7.52%, reached just over a week ago. Today’s rate marks the lowest since April 9, when the interest rate on a 30-year fixed-rate mortgage stood at 7.06%.

Although the accompanying chart traces the trajectory of interest rates over the past 40 years, extending back to 1980, it does not predict their future movements. The direction of mortgage rates is influenced by a myriad of factors including, but not limited to, Federal Reserve policies, inflation expectations, and global economic conditions. Currently, experts are closely monitoring the Fed’s monetary policy adjustments in response to inflation rates. Historical data suggests that significant shifts in policy can lead to rapid changes in mortgage rates. Therefore, potential homebuyers and investors should stay informed through reliable financial news sources and consult with seasoned real estate professionals, such as those at my company, MORE, REALTORS®, to navigate the complexities of the mortgage market effectively.


Mortgage Interest Rates – 1980 – Present

(click on chart for entire live, interactive chart)Mortgage Interest Rates - 1980 - Present

Three Counties In The St Louis Area Experience Double Digit Growth in Building Permits

During the 12-month period ending March 31, 2024, a total of 4,070 building permits were issued for new single-family homes in the St. Louis area, marking a 3.83% increase from the previous 12 months, which recorded 3,920 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. The City of St. Louis saw the largest decrease, with a 13.31% drop. Conversely, the three counties that experienced an increase in building permits all reported double-digit growth

  

St Louis New Home Building Permits – March 2024

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - March 2024

 

On-Time Rent Payments By Tenants Declines In April

According to the latest Independent Landlord Rental Performance Report by Chandan Economics, April 2024 witnessed a decline in on-time rental payments in independently operated rental units nationwide, dropping to 85.2%. As illustrated by the chart below, this marks a decrease from 87.0% the prior month and 87.8% a year ago. Western states, notably Utah, Alaska, and Colorado, continue to lead the nation with the highest on-time payment rates. However, it’s worth noting that here in Missouri, only 82% of tenants paid their rent on time in April, resulting in Missouri ranking 43rd in the country for on-time rent payments.


Lease Options: An Innovative Path to Home Ownership

In today’s real estate market, characterized by low inventory and somewhat high interest rates, the idea of buying a home can be daunting for some, especially those who are undecided about their long-term plans. Lease options present a compelling solution, offering flexibility and a strategic stepping stone toward owning a home. This approach is ideal for individuals who are still considering their options in terms of location, saving for a substantial down payment, or waiting for potentially lower interest rates.

A lease option allows tenants to live in a property with the option to purchase it at the end of the lease term at a previously agreed-upon price. This setup is especially beneficial for those who may want to test out a neighborhood before fully committing or for those looking to amass more savings before securing a mortgage.

MORE, REALTORS offers a program that empowers tenants to shop like home buyers from the start, enhancing their flexibility and control over the home-buying process. Designed as a proactive choice, this program enables tenants to make more informed decisions about their future home. It provides an excellent opportunity to transition smoothly from renting to owning, aligning with their financial planning and readiness to commit to homeownership. Find out more at StLouisLeaseOption.com.