Home Prices and Sales - St Louis Real Estate News

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 →

St. Louis Housing Market Trends: Navigating the Shift in Supply and Pricing

By Dennis Norman, on October 28th, 2023

The St. Louis housing market is undergoing some noteworthy changes, according to the latest data from MORE, REALTORS®. As of today, the supply of homes for sale in St. Louis stands at 1.43 months, a slight uptick from the 1.38-month supply reported at the end of September and the highest level in over 3 years. Additionally, the median price has settled at $260,000, and nearly half (48%) of the active listings have reduced their asking price from their original figures.

A Closer Look at Pricing Trends Two additional reports from MORE, REALTORS® offer a nuanced view of the market’s pricing Continue Reading →

Comparing Real Estate Markets: Rockwood vs. Ferguson-Florissant School Districts

By Dennis Norman, on October 9th, 2023

The St. Louis real estate market is a complex landscape, influenced by various factors such as location, amenities, and notably, school districts. In this article, we delve into an exclusive comparison between two St Louis school districts: Rockwood in west St Louis county and Ferguson-Florissant in north St Louis county. Utilizing the STL Market Reports provided exclusively by MORE, REALTORS®, as well as infographics depicting census data, we aim to offer a comprehensive overview of these markets for the 12-month period ending September 30, 2023.

Key Market Trends

Rockwood School District

Decline in Sales: The Rockwood School District saw a Continue Reading →

St. Louis Luxury vs. Non-Luxury Home Inventory: A Tale of Two Markets

By Dennis Norman, on October 8th, 2023

As a follow-up to my previous article on the diverging trends in luxury and non-luxury home sales in the St. Louis area, we now turn our attention to the current state of inventory in these two segments. The tables below (exclusively available from MORE, REALTORS®) reveals a surprising contrast: the supply of luxury homes (with a list price of $700,000 or above) in the St. Louis 5-County Core market stands at 2.13 months, while the inventory for non-luxury homes is only 1.40 months.

A Closer Look at Luxury Home Inventory

The 2.13-month supply of luxury homes in the St. Louis Continue Reading →

St. Louis Real Estate Trends: Luxury vs. Non-Luxury Home Sales

By Dennis Norman, on October 6th, 2023

The St. Louis real estate market is experiencing a fascinating divergence in trends between luxury and non-luxury homes. According to the latest data from MORE, REALTORS®, the market for luxury homes—those priced at $750,000 and above—is on the rise, reaching its highest level in eight months. In contrast, the market for non-luxury homes, priced below $750,000, has been on a steady decline for about two years. This article delves into these trends, referencing two illuminating charts from MORE, REALTORS®.

Luxury Home Sales on the Upswing

The first chart from MORE, REALTORS® illustrates the upward trajectory of luxury home sales in Continue Reading →

St Louis Supply Of Homes For Sale Hits Highest Level in Over 3 Years

By Dennis Norman, on October 2nd, 2023

According to the latest MLS data reported by MORE, REALTORS®, there is currently a 1.38-month supply of homes for sale in the 5-county core market of St. Louis. While this may not seem like a significant inventory, it’s worth noting that for the past few years, the supply was below half a month. It gradually increased to over one month and reached 1.38 months at the end of September. This represents the highest level of inventory, based on months’ supply, that the St. Louis area has seen in over three years. However, this is still well below the Continue Reading →

St Louis Home Affordability Declines Double Digits From a Year Ago

By Dennis Norman, on September 29th, 2023

As a result of rising interest rates and home prices at levels higher than increases in income, homes in St Louis continue to become less affordable. In fact, according to data just released by ATTOM Data Research, home affordability declined double digits during the 3rd quarter of this year in all five counties that make up the St Louis core market. As the info graphic below illustrates, the percentage of wages needed to buy a home have, depending upon county, increased about a third to almost half from the historical “norm”.

Least affordable ever…

Three of the five counties that Continue Reading →

Home Flipping In St Louis Down Nearly a Fourth From a Year Ago

By Dennis Norman, on September 22nd, 2023

There were 788 homes and condominiums “flipped” during the second quarter of this year in the St Louis M.S.A., according to data just released by ATTOM Data Solutions. As the infographic below illustrates, these flips represent 8.7% of all sales during the quarter, a decrease of 23.9% from the prior quarter and a decline of over 22% from a year ago.

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES

St Louis Home Flipping Report Q2 2023

(click on infographic to see complete report including prices and profits)

Continue Reading →

Missouri Ranks 29th In U.S. For Lowest Property Tax Rates

By Dennis Norman, on July 27th, 2023

According to a study released earlier this year by WalletHub, Missouri property tax rates are the 29th lowest in the U.S. To determine the tax rates for this list, WalletHub took the median property tax payment for each state and divided it by the median property value to determine the effective tax rate. For Missouri, the median home price was $171,800 and median property tax was $1,676 resulting in an effective tax rate of 0.98%. Hawaii was the state with the lowest tax rate coming in at a scant 0.29% and New Jersey the highest at 2.47%.

WalletHub also compared Continue Reading →

St Louis Real Estate Market Report for June 2023 with accurate data you can trust

By Dennis Norman, on July 14th, 2023

Below is the St Louis Real Estate Market Report for June 2023 for the City and County of St Louis combined from St Louis Real Estate Search (the Official site). You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.

In the relentless tug-of-war that characterizes today’s real estate market, it’s imperative not to base your choices on misguided data!

The present property market leaves little room for errors, thanks to a deficit of listings and aggressive buyer interest. A combination of these factors has sparked not Continue Reading →

St Louis 12-Month Home Sales Trend Drops to Lowest Level in over 8 Years

By Dennis Norman, on July 5th, 2023

For the 12-month period ended June 20, 2023, there were 23,074 homes sold in the St Louis 5-county core market which, as the STL Market Report below (available exclusively from MORE, REALTORS®) shows, is nearly a 20% decline in home sales from the the prior 12-month period when there were nearly 29,000 homes sold. The median price of homes sold during the most recent 12-month period was $270,000, an increase of 5.47% 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 Continue Reading →

St Louis Real Estate Market Report for May 2023 with accurate data you can trust

By Dennis Norman, on June 15th, 2023

Below is the St Louis Real Estate Market Report for May 2023 for the City and County of St Louis combined from St Louis Real Estate Search (the Official site). You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.

In this competitive market don’t make decisions based upon bad data!

Today’s real estate market is unforgiving for homebuyers, driven by a scarcity of inventory and robust buyer demand. This, coupled with not just bidding wars but “terms wars”, has made it challenging for many. In an Continue Reading →

Are Homebuyers Today Grossly Overpaying for Homes and Making Decisions They’ll Regret?

By Dennis Norman, on June 2nd, 2023

I’ve been in the real estate business since I was 17, which means it has been 45 years of experiencing various market conditions, including recessions, inflation, 18% mortgage rates, the burst of the housing bubble, and a myriad of other good and bad things. However, I can confidently say that I have never witnessed a real estate market quite like the one we have been experiencing in the past couple of years.

So, what makes the current real estate market so unique? First and foremost, I’ve pondered this question extensively, and I honestly can’t recall a time in this industry Continue Reading →

St Louis Home Mortgage Originations Drop To Lowest Level In Over 23 Years

By Dennis Norman, on June 1st, 2023

This might not come as a surprise, given that St. Louis home sales experienced a nearly 20% decline in the past 12 months compared to the previous year, coupled with 30-year fixed-rate loan interest rates approaching 7%. However, mortgage loan originations in St. Louis during the first quarter of this year have reached their lowest level since ATTOM Data began tracking them in the first quarter of 2000. As depicted in the chart below, both home purchase mortgages and total mortgage originations (including purchases and refinances) hit record lows in the first quarter of this year.

During the first quarter, Continue Reading →

St Louis Home Prices Have Increased by 112 Percent Since 2000; Rental Rates Rise by 68 Percent

By Dennis Norman, on May 24th, 2023

As the infographic below illustrates (which is available exclusively from MORE, REALTORS®) the median price of a home in St Louis (the 5-county core market) has increased 112% since 2000, from $124,900 in 2000 to $265,000 in 2022. During the same time period, the median lease rate, or rental rate, for a St Louis home has increased by just 68%, moving from $955 in 2000 to $1,600 in 2022.

Leasing a home is obviously a better deal, right?

If we set aside the benefits (and responsibilities) of homeownership and the long-term investment aspects, simply looking at the monthly cost might Continue Reading →