Home Prices and Sales - St Louis Real Estate News

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

By Dennis Norman, on May 15th, 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 Continue Reading →

St Charles County Real Estate Market Update as of May 2024

By Dennis Norman, on May 15th, 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 Continue Reading →

Franklin County Real Estate Market Update as of May 2024

By Dennis Norman, on May 14th, 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 Continue Reading →

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

By Dennis Norman, on May 14th, 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 Continue Reading →

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

By Dennis Norman, on May 8th, 2024

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, Continue Reading →

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

By Dennis Norman, on May 7th, 2024

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 Continue Reading →

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

By Dennis Norman, on May 7th, 2024

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 Continue Reading →

St. Louis YTD Home Sales Rise Over 2023 But Lag Behind Earlier Years

By Dennis Norman, on April 25th, 2024

The St. Louis 5-County Core market, encompassing St. Louis City County, St. Louis County, St. Charles County, Franklin County, and Jefferson County, reported a total of 4,518 home sales Year-to-Date through March 2024. This reflects a 4% increase in St. Louis home sales for the same period last year, which had 4,340 home sales. However, as the chart below—available exclusively from MORE, REALTORS®—shows, this represents varied performance compared to earlier years. In March 2022, there were 5,218 sales, a notable peak compared to 5,803 in 2021 and 5,216 in 2020.

This data highlights the fluctuations in the real estate market Continue Reading →

St. Louis Area Home Sales Stabilize to 2015 Levels

By Dennis Norman, on April 17th, 2024

The St. Louis metro area’s real estate market has demonstrated significant fluctuations in home sales over the past fifteen years, revealing interesting trends for both homebuyers and sellers. Analysis of the 12-month home sales data chart, exclusively available from MORE, REALTORS®, illustrates a series of peaks and troughs that correspond closely with various economic factors impacting the region. St Louis home sales fell to the lowest point during the 15-year period in June 2011 when the 12-month period had 23,194 sales. Since hitting that low home sales have steadily increased until the 12-month trend hit 43,689 sales for the period Continue Reading →

Will the NAR Commission Lawsuit Settlement Change Real Estate Practices in St. Louis?

By Dennis Norman, on April 16th, 2024

Since the National Association of Realtors (NAR) and the plaintiffs in the following lawsuits—Christopher Moehrl v. The National Association of Realtors et al., Rhonda Burnett (originally Sitzer) v. The National Association of Realtors et al., Dawin Niel Umpa v. The National Association of Realtors, et al., and Don Gibson v. The National Association of Realtors—reached a settlement agreement on March 15, 2024, which is still pending court approval and thus preliminary at this point, the topic has dominated industry conversations. The focus of these lawsuits on buyer’s agent commissions has attracted more media attention since mid-March than it seems to Continue Reading →

St. Louis Metro’s Hottest School Districts: 5 of the Top 10 Located in St. Clair County, Illinois

By Dennis Norman, on April 14th, 2024

As of 2023, according to data from the Missouri Department of Elementary and Secondary Education and the Illinois State Board of Education, there are roughly 135-145 school districts within the 17 counties of the St. Louis Metropolitan Statistical Area (MSA). This figure includes public school districts but excludes private and charter schools. These districts vary significantly in size, home prices, and demand for homes. While strong school districts and top-rated schools are major attractions for home buyers and may reflect in the prices homes fetch compared to those in lesser districts, they do not guarantee quick sales. However, it is Continue Reading →

St. Louis Home Sales Drop 25% in Latest 12-Month Review Compared to Previous Year

By Dennis Norman, on April 12th, 2024

There were 31,960 homes sold in the St. Louis metro area during the 12-month period ending March 31, 2024, as the chart below from MORE, REALTORS® exclusively illustrates. This represents a 25% decline from the number of sales for the same period a year ago. While this is a slight increase from the 12-month sales low of 31,775 homes for the period ending December 31, 2023, it’s the lowest sales volume for this period since March 2015. Based on the chart, it appears that the trend of declining home sales has ended, as it has remained fairly flat over the Continue Reading →

Luxury Living In St Louis: The Top 10 Cities with Highest Home Prices

By Dennis Norman, on April 11th, 2024

Top 10 Luxury Home Markets in St Louis, MO

The real estate market in St. Louis is notably diverse, featuring homes that are, on average, quite affordable. However, this affordability doesn’t preclude the existence of luxury markets within the city. Presented below is an exclusive list from MORE, REALTORS® detailing the top 10 cities in the St. Louis MSA where homes command the highest average selling prices.

Key takeaways from this list include:

Huntleigh dominates with the highest average sale price of $2,097,249 and impressively quick transactions, with homes spending an average of just 20 days on the market. It’s important to note that these figures are based on Continue Reading →

Refinance Activity Surges Despite Rising Mortgage Rates – Purchase Applications Fall

By Dennis Norman, on April 11th, 2024

Last week, the interest rates for 30-year fixed-rate mortgages climbed past the 7 percent mark. Despite this increase, as the chart below illustrates, there was a significant 10 percent increase in refinancing applications. This is in sharp contrast to a 5 percent decline in purchase applications. The growth in the refinancing segment is notable, representing 33.3 percent of the total application volume, up from 30.3 percent the previous week. This surge in refinancing interest is particularly intriguing, given the highest reported 30-year mortgage rates in over a month, at 7.01 percent.

Joel Kan, MBA’s Vice President and Deputy Chief Economist, Continue Reading →

St. Louis Area Residential Real Estate Market Report For March 2024

By Dennis Norman, on April 10th, 2024

The St. Louis MSA residential real estate market is experiencing a phase of transformation. While the sales volume has seen a downturn, median sale prices have held steady, indicating a resilient market underpinned by solid demand. The complete STL Market Reports for the entire metro area as a whole, as well as the major counties, are available exclusively from MORE, REALTORS® and are below.

Key Findings:

Sales Volume Decline: The St. Louis MSA experienced a 9.30% decrease in the number of homes sold during the 12-month period ending March 31, 2024, compared to the previous year. Median Sold Price Growth: Continue Reading →

St. Louis 2024 Housing Market: First Quarter Update

By Dennis Norman, on March 29th, 2024

As we close the first quarter of 2024, it’s an opportune moment to revisit the forecasts I made at the end of last year regarding the St. Louis real estate market. With the data from January through March now available, we can assess the accuracy of the initial predictions and adjust our outlook for the remainder of the year.

Scorecard on December Predictions:

2024 Home Sales Forecast: I projected a slight decrease in the annual sales volume to about 22,400 homes. The data from the first quarter shows a varied trend with the 12-month home sales at the end of Continue Reading →

St. Louis Metro Real Estate Market: Interpreting the Current Trends

By Dennis Norman, on March 27th, 2024

The St. Louis Metro residential real estate market in 2024 is showcasing diverse trends, indicating an evolving landscape for buyers, sellers, and industry professionals. The latest data, detailed in the STL Market Report exclusively from MORE, REALTORS®, offers a snapshot of these dynamics.

Contrasting Sales Trends:

There’s a notable decrease in home sales volume by 16.11% in the past year, with figures declining from 38,173 to 32,022 homes sold.

Home Value Resilience:

Despite the lower sales volume, median sold prices in the metro area nudged upward by 2.44%, moving from $246,000 to $252,000 year-over-year.

Price Per Square Foot (PPSF) Analysis:

Continue Reading →

Smaller, Personalized Homes Dominate 2024 Trends: Insights from NAHB Study

By Dennis Norman, on February 29th, 2024

The dynamics of the new home market are shifting significantly as we advance into 2024, with a clear trend towards smaller, more personalized living spaces emerging nationwide. This evolution reflects a broader change in homeowner preferences and market conditions, according to the latest “What Home Buyers Really Want” study by the National Association of Home Builders (NAHB).

Recent data points to a decline in the average size of new homes, continuing a trend that began following a brief uptick in 2021. The average new home size has decreased to 2,411 square feet in 2023, marking the smallest average size in Continue Reading →

St Louis Metro Area Real Estate Market Report for January 2024 with accurate data you can trust

By Dennis Norman, on February 14th, 2024

The St. Louis Metro Area Real Estate Market Report for January 2024, presented below, provides an overview of the St Louis real estate market for each county within the St Louis MSA. This infographic is a unique offering from MORE, REALTORS, which is renowned for its expertise in St. Louis real estate market intelligence. Additionally, our brokerage prides itself on having a team of the most experienced and knowledgeable agents who are deeply committed to serving our clients throughout the St. Louis metro area.

St Louis Metro Real Estate Report for January 2024

(click on infographic for complete report Continue Reading →

St Louis Metro Area Home Sales Fall to Lowest Level in 9 Years

By Dennis Norman, on January 24th, 2024

As 2023 drew to a close, the St. Louis metro real estate market concluded the year with a total of 31,747 homes sold. As highlighted in the chart below, this figure represents the lowest annual home sales in the St. Louis MSA in nine years, since 2014, when the total was 31,531 homes sold.

Home prices in the St. Louis MSA have shown more resilience than sales volumes. As 2023 came to a close, the 12-month median home price per foot stood at $169, marking a 5% increase from the previous year. This trend provides a stark contrast to the Continue Reading →

Exploring the 2024 Rental Affordability Report: Insights for the St. Louis Real Estate Market

By Dennis Norman, on January 18th, 2024

Today, ATTOM released its ‘2024 Rental Affordability Report,’ presenting a comprehensive analysis of the current state of home rental and ownership in the United States. The report indicates that renting a median three-bedroom home is more affordable than owning a similarly-sized property in nearly 90% of the U.S. markets. This trend continues despite rents growing faster than home prices. A significant finding for our industry is that both renting and owning pose substantial financial burdens on average workers, consuming over a third of their wages in most county-level housing markets.

Data for St. Louis County is consistent with the report.

Continue Reading →

Market Overload: Report Reveals Surplus of Agents in Real Estate

By Dennis Norman, on January 16th, 2024

In their report, “A Surfeit of Real Estate Agents: Industry and Consumer Impacts,” the Consumer Federation of America (CFA) sheds light on a pressing issue in the real estate industry: the overwhelming number of agents. This surplus, as detailed in the report, is not just a numbers game; it’s a matter of market efficiency and service quality, deeply affecting both agents and consumers in markets like St. Louis.

While I may not always agree with the Consumer Federation of America’s views, including certain aspects of this report, many of their points echo my own observations at MORE, REALTORS®. We constantly Continue Reading →

St. Louis Housing Market Sees Shift: Key Insights from 2023 Year-End Data

By Dennis Norman, on January 8th, 2024

The “STL Market Report,” below exclusively available from MORE, REALTORS, provides a comprehensive look at the St. Louis residential real estate market as 2023 ended. This report outlines a mixed array of trends, highlighting a notable decline in the number of homes sold contrasted with a modest increase in median sold prices, offering in-depth knowledge for prospective buyers and sellers to navigate the market.

Decrease in Home Sales Volume The St. Louis metro area witnessed a noticeable reduction in the volume of home sales year-over-year. A total of 31,704 homes were sold in the year ending December 2023, which marks Continue Reading →

St. Louis 2024 Housing Forecast: What to Expect in Home Sales and Prices

By Dennis Norman, on December 31st, 2023

As 2024 approaches, I conducted my customary in-depth analysis of historical St. Louis real estate market data to get my projection for St. Louis home sales and prices. Home sales in the five-county St. Louis core market appear to be gradually declining, based on statistics and trends from the previous ten years, as seen in the chart below

2024 St Louis Home Sales…

The data for the 12-month period ending December 31, 2023, will be available in a few days. I anticipate that home sales will be roughly 22,600 for the year, but there will be a slight decline by Continue Reading →

St. Louis Real Estate Market Ending Year on High Note: Surge in Home Sales and Listings

By Dennis Norman, on December 26th, 2023

In a remarkable end-of-year surge, the St. Louis real estate market has shown significant growth in both home sales and new listings, according to the latest reports below, available exclusively from MORE, REALTORS®. The week of December 17-23, 2023, marked a notable increase in accepted contracts for home sales, jumping 26% compared to the same week in 2022. The rise was led by St. Louis County, which experienced an impressive 60% increase, indicating a robust demand in this area.

Simultaneously, new listings in the St. Louis area rose by 10%, with St. Charles County, in particular, witnessing a 31% jump Continue Reading →

Report Shows Average Wage Earner can Afford to Buy a Home In over half of the St Louis Areas Largest Counties

By Dennis Norman, on December 21st, 2023

A report just released by ATTOM Data Research details housing affordability for the largest counties in the St. Louis metro area for the 3rd quarter of 2023. Affordability, measured by the percentage of wages needed to buy a home, shows considerable variation across counties in Illinois and Missouri. This metric is influenced by factors such as median sales prices and average wages.

For instance, in the County of St. Louis City (yes, it’s odd, but it’s a county), it only takes 17.3% of the annualized wages of an average earner to buy a median-priced home. In contrast, in St. Charles Continue Reading →

Navigating the Changing Landscape of Real Estate: What Buyers and Sellers Need to Know

By Dennis Norman, on December 1st, 2023

The real estate industry is potentially on the cusp of a significant shift, one that could redefine the relationship between homebuyers, sellers, and their agents. Several class-action lawsuits, including the Sitzer v. NAR case decided in favor of the plaintiffs last month, have brought considerable attention to how real estate agents representing buyers are compensated. Consequently, many in the industry, myself included, anticipate that changes prompted by either court order or regulation could significantly impact everyone involved in the home buying and selling process

For Buyers: Empowerment through Transparency

Historically, buyer’s agents have been compensated by the seller, creating a Continue Reading →

Missouri Homebuyers, Mark Your Calendars: The Surprising Best Month to Buy Revealed

By Dennis Norman, on November 30th, 2023

In the ever-shifting sands of the real estate market, timing can be the key to unlocking exceptional value. A recent comprehensive study by ATTOM Data Services, which analyzed over 47 million home sales, uncovers a surprising twist specific to the Missouri housing market. While the national trend leans towards October for optimal home buying, Missouri charts a different course, offering a unique window of opportunity for prospective buyers.

Discovering Missouri’s Seasonal Advantage

This extensive study paints a vivid picture of real estate trends, providing invaluable insights for both buyers and sellers. For Missouri, the findings point to December as a Continue Reading →

St. Louis Condo Sales Dip to a Nine-Year Low

By Dennis Norman, on November 8th, 2023

For the 12-month period ended October 31, 2023, there were 3,097 condominiums sold in the St Louis 5-county core market which, as the Condo 12-Month Sales and Price Trend Chart below (available exclusively from MORE, REALTORS®) shows, is the lowest total for 12-month sales since August 2014. The St Louis Condominium sales trend is faring slightly better than single-family homes sales are because, as I reported earlier this week, St Louis home sales have fallen to the lowest level since early 2013.

St Louis Condo prices increasing a slower pace….

As the chart at the bottom illustrates, the median price Continue Reading →

St. Louis Home Sales Dip to a Decade Low, Prices See Modest Uptick

By Dennis Norman, on November 5th, 2023

For the 12-month period ended October 31, 2023, there were 22,555 homes sold in the St Louis 5-county core market which, as the STL Market Report below (available exclusively from MORE, REALTORS®) shows, is a 17.38% decline in home sales from the the prior 12-month period when there were 27,200 homes sold. The median price of homes sold during the most recent 12-month period was $275,000, an increase of 3.777% from the prior 12-month period.

St Louis home sales trend continues to fall….

Below the market report is a STL Market Chart showing (also available exclusively from MORE, REALTORS®) Continue Reading →