Dennis Norman - St Louis Real Estate News

Franklin County Update: January 2025 Real Estate Market Report

By Dennis Norman, on February 6th, 2025

The real estate market in Franklin County, Missouri continued its upward trend in January 2025, with a median sold price of $280,000. This represents an impressive 18.64% increase from the same time last year, when the median sold price was $236,000. The chart below, available exclusively from MORE, REALTORS®, illustrates this significant jump in home prices.

Not only did home prices increase year over year, but they also saw a 13.15% increase from the previous month. In December 2024, the median sold price was $247,450, making January 2025 the third consecutive month of double-digit price growth. This is great news Continue Reading →

What’s Driving Home Insurance Increases—and Why St. Louis Is in a Good Spot

By Dennis Norman, on February 5th, 2025

Homeowners in the St. Louis metro area might be hearing about skyrocketing insurance premiums, but there’s some good news—our region is in a much better position than many others. A new study from the National Bureau of Economic Research (NBER) shows that while homeowners insurance costs are up 33% nationwide since 2020, much of that increase is hitting high-risk disaster zones and areas heavily reliant on reinsurance. Unlike coastal states dealing with hurricanes and wildfires, Missouri and Illinois have far less exposure to these risks, and insurers here aren’t nearly as dependent on expensive reinsurance policies. That means while we’re Continue Reading →

How Many Homes Are Agents Really Selling?

By Dennis Norman, on January 27th, 2025

The National Association of REALTORS® (NAR) recently released its 2024 Member Profile, offering valuable insights into the business activity of REALTORS®. One of the most compelling findings is in Chapter 2, particularly Exhibit 2-6, which sheds light on the number of residential transaction sides completed by agents. Here’s what the data reveals and why it matters.

Residential Sides: A Snapshot of REALTOR® Activity

In 2023, the median number of residential transaction sides completed by REALTORS® was 10, a decline from prior years, reflecting the challenges of the current housing market. The breakdown of residential sides highlights the disparity in activity Continue Reading →

Is Your St. Louis Home Protected from Fire? Essential Insurance Tips for Homeowners

By Dennis Norman, on January 24th, 2025

What homeowners insurance covers in the case of a fire to a home in St. Louis?

As wildfires devastate parts of Los Angeles, it’s a sobering reminder to St. Louis homeowners to assess their own fire insurance coverage. While wildfires aren’t a concern here, house fires caused by electrical malfunctions, kitchen accidents, or lightning strikes are an ever-present risk. Ensuring you have the right coverage in place can make all the difference in protecting your home and your financial future.

What to Know About Your Homeowners Insurance Policy

Fire damage is typically covered by most homeowners insurance policies, but understanding the details of your coverage is critical:

Policy Limits: Are the coverage limits sufficient to rebuild Continue Reading →

Broker Challenges NAR’s MLS Control: “They Keep Overreaching”

By Dennis Norman, on January 23rd, 2025

The real estate industry’s relationship with the National Association of Realtors faces mounting challenges as multiple lawsuits emerge nationwide. Texas broker Lou Eytalis recently joined others in challenging NAR’s mandatory membership requirements for MLS access (see lawsuit complaint below), with similar cases in Michigan, Pennsylvania, and Louisiana. These suits coincide with controversy over NAR’s Standard of Practice 10-5, which has sparked First Amendment challenges from both brokers and agents who argue the rule improperly restricts speech by banning hate speech and discriminatory language on personal social media accounts.

These legal challenges come amid a turbulent Continue Reading →

Are Home Prices Really Soaring? A Look Behind the Numbers

By Dennis Norman, on January 22nd, 2025

When it comes to understanding home prices, many consumers focus on the dollar amounts they see in headlines. However, these numbers don’t always tell the whole story. A fascinating perspective emerges when we compare home prices not just in U.S. dollars but in terms of gold, a historical store of value. The chart below reveals that when measured in gold, home prices have remained relatively stable since the late 1980s, with the exception of the housing bubble and its subsequent crash.

While the dollar-based chart shows an upward trajectory in home prices, surging over 250% since the year 2000, the Continue Reading →

High St. Louis Home Prices: What Buyers and Sellers Should Expect Next

By Dennis Norman, on January 22nd, 2025

Recent data from the Federal Reserve Economic Data (FRED) charts below reveal interesting insights about St. Louis home prices in relation to the M2 money supply. Over the last several years, St. Louis home prices, represented by the red line, have steadily risen, reaching their current index value of 302.78 in Q3 2024. At the same time, the M2 money supply, shown by the blue line, has seen a more dramatic fluctuation, particularly during and after the pandemic, with a current value of over $21 trillion.

Historically, as the M2 money supply increases, home prices tend to rise as well, Continue Reading →

St. Louis Housing Inventory: Where Buyers and Sellers Can Win

By Dennis Norman, on January 21st, 2025

The latest months supply data for the St. Louis metro area reveals a tale of two markets: cities with high inventory signaling better opportunities for buyers and areas with low supply creating an advantage for sellers. For homebuyers and investors flexible on location, cities like Breckenridge Hills and Gerald, each with 8 months of inventory, could offer more negotiating power. In contrast, fast-moving areas like Webster Groves and Ballwin, with less than one month of supply, reflect strong demand and competition.

For sellers, being in a low-supply market is good news. A tighter inventory means fewer homes for buyers to Continue Reading →

Honoring Dr. King’s Legacy: A Commitment to Fair Housing in St. Louis

By Dennis Norman, on January 20th, 2025

Dr Martin Luther King Jr, Fair Housing St Louis Realtors

Today, we honor the legacy of Dr. Martin Luther King Jr., a visionary who championed equality, justice, and the inherent dignity of all people. His fight against systemic injustices extended to housing discrimination, a battle that continues to shape communities across the nation, including right here in St. Louis.

Fair housing has been a cornerstone of efforts to ensure everyone has access to safe, affordable homes without fear of discrimination. Landmark legislation like the Fair Housing Act of 1968 is part of Dr. King’s enduring legacy, prohibiting discriminatory practices based on race, color, national origin, religion, and other protected classes. Continue Reading →

St Louis County Real Estate Market Update as of January 2025

By Dennis Norman, on January 19th, 2025

The St Louis County real estate market continues to show strong growth as we enter the new year. According to the latest data from MORE, REALTORS®, homes in the St Louis County update sold for a median price of $260,000 in December 2024. This represents a 15.56% increase from December 2023, when the median sold price was $225,000.

Despite this significant year-over-year increase, last month’s median sold price of $260,000 actually saw a slight decrease of 3.70% compared to November 2024, when the median sold price was $270,000. The median list price for homes in St Louis County also saw Continue Reading →

Court Rules Floor Plans Can Be Used in Marketing, Protecting Sellers’ Interests

By Dennis Norman, on January 17th, 2025

Designworks vs House of Brokers Floor Plan Lawsuit

A recent lawsuit that reached the U.S. Court of Appeals for the Eighth Circuit and concluded with a ruling on January 14, 2025, sheds light on a significant issue for homeowners and REALTORS® alike regarding copyright infringement and the use of floor plans in marketing homes. The case, Designworks Homes, Inc. v. House of Brokers Realty, Inc., involved Columbia, Missouri-based House of Brokers Realty and other defendants, and revolved around whether real estate agents and brokers could use floor plans in marketing properties without infringing on copyrights. Ultimately, the court ruled in favor of the defendants, citing the fair use Continue Reading →

Demand for Homes Shows Stability Even as Mortgage Rates Exceed 7%

By Dennis Norman, on January 16th, 2025

Based on the chart provided, the Purchase Index, which tracks mortgage applications for home purchases, has shown slight fluctuations over the past year. Notably, the trend reflects a stabilization in demand despite the persistent upward trajectory of mortgage rates, which now hover near 7%. This indicates resilience among homebuyers, who continue to pursue purchases despite rising costs.

Higher interest rates typically discourage borrowing, but this data suggests that the housing market is finding ways to adapt. If you’re navigating today’s market, working with an experienced brokerage like MORE, REALTORS® can help you identify opportunities that fit your goals.

The Continue Reading →

Discover the Hottest Real Estate Markets in the St. Louis Metro Area

By Dennis Norman, on January 16th, 2025

Are you in the market to buy or sell a home in the St. Louis metropolitan area? Look no further! According to recent data, the fastest selling zip codes in this region are 63630 in Washington, MO, 63044 in St. Louis, MO, and 62095 in Madison-IL, IL. These zip codes have an average of 8-11 listings on the market for just 25-30 days, making them prime locations for buyers and sellers alike.

If you’re a potential home buyer, these zip codes offer a competitive market with a variety of options to choose from. And for sellers, the fast turnover rate Continue Reading →

Jefferson County Real Estate Market Update as of 2025-01-15

By Dennis Norman, on January 15th, 2025

The latest data from the jefferson county update real estate market shows a continued upward trend in home prices. According to the chart below, which is available exclusively from MORE, REALTORS®, the median sold price for homes in Jefferson County during December 2024 was $265000, a 3.92% increase from the previous year. This also marks a 2.32% increase from November 2024, when the median sold price was $259000.

The median list price for homes in the jefferson county update remained steady at $259900, showing no change from December 2023. However, there were 170 home sales in December 2024, a slight Continue Reading →

Supreme Court Clears Way for DOJ Investigation into REALTOR® Policies

By Dennis Norman, on January 14th, 2025

Legal Counsel Behind Billion-Dollar Verdict Vows to Enforce NAR Settlement Strictly

The Supreme Court yesterday declined to review the National Association of REALTORS’ (NAR) appeal to block the Department of Justice (DOJ) from resuming its antitrust investigation. This decision allows the DOJ to reopen its probe into NAR’s practices, including the Clear Cooperation Policy and the Participation Rule, both of which have been criticized for limiting competition in the real estate industry.

The Clear Cooperation Policy requires listing brokers to submit a property to their Realtor-affiliated MLS within one business day of marketing it publicly. This policy was intended to ensure transparency but has faced allegations of reducing competition and restricting Continue Reading →

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

By Dennis Norman, on January 12th, 2025

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 latest data on the fastest selling school districts in the area. According to recent statistics, the top three districts with the shortest average time on the market are Wood River-Hartford DIST 15 in Wood River, IL, Kingston K-14 in Unincorporated, MO, and Pontiac-W Holliday DIST 105 in , IL.

With only 6 active listings and an average of 19 days on the market, Wood River-Hartford DIST 15 takes the top spot. This district boasts a diverse Continue Reading →

St. Louis Lawmakers Introduce Bills to Hold Negligent Property Owners Accountable

By Dennis Norman, on January 10th, 2025

St. Louis Lawmakers Push for Accountability on Vacant Property Violations

St. Louis lawmakers have introduced three significant bills aimed at increasing accountability for owners of vacant and deteriorated properties, building on the recent approval of Proposition V, which lifted a decades-old cap on fines for ordinance violations. With nearly 14,000 city properties having outstanding code violations and over 24,000 vacant properties in the city, these bills seek to address issues that have long plagued St. Louis neighborhoods.

The proposed legislation includes Board Bill 169, introduced by Alderman Michael Browning, which raises fines for vacant and deteriorated properties from $25 for the first violation to $100, with repeat offenses escalating to Continue Reading →

St. Louis County Sees Sharp Decline in New Home Permits, While Lincoln County Booms by Nearly 82%

By Dennis Norman, on January 10th, 2025

St Louis MSA Building Permits for New Homes Data for November 2024 compared with year ago

During the 12-month period ending November 30, 2024, a total of 3,756 building permits were issued for new single-family homes in the St. Louis area. This marks a 2.47% decrease from the previous 12 months, which recorded 3,851 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. Lincoln County continues to show great growth in new construction with an increase nearly 82%.

Search St Louis Homes For Sale Search St Louis New Homes For Continue Reading →

Off-Market Listings: A Curious Conflict in Real Estate Practices

By Dennis Norman, on January 10th, 2025

Off Market Listings - Broker or Office Exclusive Listings

In the world of residential real estate, there’s an interesting contradiction that’s worth exploring. Investors spend significant time, money, and effort targeting homeowners before their properties ever reach the MLS (Multiple Listing Service). Why? Because off-market properties often yield the best deals, allowing investors to avoid competition and negotiate favorable terms. Yet, at the same time, we see a growing trend among listing agents—professionals with a fiduciary duty to act in their clients’ best interests—choosing strategies that keep properties off the MLS as well. This curious alignment of methods raises important questions about the motives and implications of such practices.

Continue Reading →

Metro East Update: December 2024 Real Estate Market Shows Steady Growth

By Dennis Norman, on January 9th, 2025

The metro east real estate market continues to show strong growth as we enter the new year. According to the latest data from MORE, REALTORS®, homes in the metro east area sold for a median price of $185,000 in December 2024. This represents a 2.78% increase from the median sold price of $180,000 in December 2023. The chart below, available exclusively from MORE, REALTORS®, illustrates this steady growth in median sold prices over the past year.

However, there was a slight decrease in median sold price compared to the previous month, with December 2024 seeing a 10.41% decrease from November Continue Reading →

St Charles County Update: December 2024 Real Estate Market Trends

By Dennis Norman, on January 8th, 2025

As of December 2024, the real estate market in St Charles County has seen a slight increase in median sold price compared to the previous year. According to the latest data available exclusively from MORE, REALTORS®, homes in the area sold for a median price of $360,000, a 0.63% increase from December 2023 when the median sold price was $357,750.

However, there was a slight decrease in median sold price from the previous month, November 2024, when the median sold price was $362,500. This represents a decrease of 0.69% from the current month’s median sold price.

The median list price Continue Reading →

DOJ Adds Six Major Landlords to RealPage Antitrust Lawsuit

By Dennis Norman, on January 7th, 2025

The Department of Justice (DOJ) has expanded its antitrust lawsuit against RealPage by naming six of the nation’s largest landlords as defendants, according to the amended complaint filed recently. These landlords are accused of participating in a coordinated pricing scheme that relied on sensitive competitive data and algorithmic pricing tools to maintain elevated rents, impacting millions of renters across the U.S.

The landlords named in the amended complaint—Greystar Real Estate Partners, Blackstone’s LivCor, Camden Property Trust, Cushman & Wakefield, Willow Bridge Property Company, and Cortland Management—operate more than 1.3 million rental units nationwide. The DOJ alleges that these landlords not Continue Reading →

STL MSA Real Estate Market Update for December 2024

By Dennis Norman, on January 7th, 2025

The real estate market in the St. Louis Metropolitan Statistical Area (MSA) saw continued growth in December 2024, with a median sold price of $260,000. This represents a 9.24% increase from December 2023, when the median sold price was $238,000. However, there was a slight decrease of 1.89% from November 2024, when the median sold price was $265,000. These figures are based on data exclusively available from MORE, REALTORS®.

The median list price in December 2024 also saw an increase of 8.33%, rising from $240,000 in December 2023 to $260,000. This indicates strong demand for homes in the St. Louis Continue Reading →

Franklin County Real Estate Market Update as of 2025-01-06

By Dennis Norman, on January 6th, 2025

The real estate market in Franklin County, Missouri continues to show strong growth as we enter the new year. According to the latest data from MORE, REALTORS®, homes in the Franklin County area sold for a median price of $255,000 in December 2024. This represents a 10.87% increase from December 2023, when the median sold price was $230,000. Furthermore, last month’s median sold price of $255,000 also saw a 7.94% increase from November 2024, when the median sold price was $236,250.

The median list price in Franklin County also saw a significant increase, reaching $275,000 in December 2024. This is Continue Reading →

Protect Your Home Equity: Wire Fraud Risks for Homeowners with Lines of Credit

By Dennis Norman, on January 3rd, 2025

Wire Fraud - Heloc Fraud - Stolen Homeowners Equity

The Risks of HELOC Wire Fraud: A Case Study for St. Louis Homeowners

A recent lawsuit, Skertich vs. Shellpoint Mortgage Servicing and Alliant Credit Union, highlights alarming vulnerabilities in Home Equity Lines of Credit (HELOCs) when it comes to wire fraud. According to the complaint, a fraudulent wire transfer amounting to $425,650 was authorized using counterfeit documents and improper verification processes. Despite clear red flags, such as mismatched signatures and suspicious IP addresses, the financial institutions involved processed the transaction. This serves as a stark reminder for homeowners in St. Louis and beyond to exercise caution with HELOC accounts.

The Continue Reading →

Happy New Year from St. Louis Real Estate News!

By Dennis Norman, on January 1st, 2025

As we welcome the new year, it’s a perfect time to reflect on the past and set our sights on the opportunities ahead. Whether you’re planning to buy your dream home, sell your current property, or invest in the thriving St. Louis real estate market, 2025 promises to be an exciting year full of possibilities.

The St. Louis real estate market has remained a dynamic and diverse one, with opportunities for homeowners, buyers, and investors alike. From charming historic neighborhoods to bustling new developments, there’s something for everyone. As we kick off the year, now is the perfect time to Continue Reading →

CFPB Sues Rocket Homes Over Alleged Kickback Scheme

By Dennis Norman, on December 26th, 2024

Consumer Finance Protection Bureau (CFPB)

The Consumer Financial Protection Bureau (CFPB) has filed a federal lawsuit against Rocket Homes Real Estate LLC and the Jason Mitchell Group, alleging violations of the Real Estate Settlement Procedures Act (RESPA). The complaint, filed in the Eastern District of Michigan, accuses the defendants of participating in a scheme involving kickbacks and steering practices that compromised the trust consumers place in their real estate agents.

According to the CFPB’s allegations, Rocket Homes pressured real estate agents and brokers to steer clients toward its affiliate, Rocket Mortgage, and other related services, often at the expense of offering clients competitive alternatives. Continue Reading →

Season’s Greetings from St. Louis Real Estate News

By Dennis Norman, on December 24th, 2024

As we approach this special time of year, we want to wish all our readers a very Merry Christmas and a Happy Hanukkah. May your celebrations be filled with joy, warmth, and the love of family and friends.

Here’s to a season of peace, happiness, and prosperity for you and your loved ones. Thank you for allowing us to be part of your journey this year, and we look forward to serving you in the year to come!Christ

St Louis City Real Estate Market Update as of November 2024

By Dennis Norman, on December 21st, 2024

As of November 2024, the St Louis City real estate market continues to show strong growth and stability. According to data exclusively available from MORE, REALTORS®, the median sold price for homes in the St Louis City update was $205,000, representing a 3.80% increase from November 2023 when the median sold price was $197,500. However, this is a 4.65% decrease from October 2024 when the median sold price was $215,000.

The median list price for homes in the St Louis City update also saw an increase, rising to $209,000 in November 2024, a 4.55% increase from $199,900 in November 2023. Continue Reading →

St Louis County Real Estate Market Update: November 2024

By Dennis Norman, on December 19th, 2024

The real estate market in St Louis County continues to thrive, with homes selling for a median price of $268,000 in November 2024. This marks a significant increase of 15.27% from November 2023, when the median sold price was $232,500. However, there was a slight decrease of 10.07% compared to October 2024, when the median sold price was $298,000.

According to the chart below, exclusively available from MORE, REALTORS®, the median list price for homes in St Louis County was $269,900 in November 2024. This represents a 17.40% increase from November 2023, when the median list price was $229,900.

Despite Continue Reading →