Real Estate Market - St Louis Real Estate News

Detached Homes Still Reign: Key Trends from the 2024 Buyer Profile

By Dennis Norman, on December 6th, 2024

The National Association of Realtors’ 2024 Profile of Home Buyers and Sellers provides fascinating insights into the evolving preferences and demographics of today’s real estate market. As reflected in the charts below, buyers continue to seek homes and neighborhoods that align with their lifestyles and values, while trends in home size, type, and location highlight shifting priorities.

Key Highlights from the Report Family Dynamics in Home Purchases: The share of homebuyers without children under 18 in the home has risen significantly, reaching 73% in 2024, compared to just 41% in 1981. This trend underscores how demographic changes are shaping the Continue Reading →

First-Time Home Buyers: Now Older Than Ever

By Dennis Norman, on December 5th, 2024

The 2024 Profile of Home Buyers and Sellers, published by the National Association of Realtors (NAR), provides a detailed look at the trends shaping the real estate market. One of the most striking takeaways is the continued rise in the age of first-time home buyers. In 2024, the median age of first-time buyers is 38 years—a dramatic jump from 29 yearsin 1981. This increase reflects the growing challenges young buyers face, including rising home prices, student loan debt, and tighter lending standards. The chart below vividly illustrates this trend over the past four decades.

In contrast, repeat buyers now have Continue Reading →

St. Louis YTD Home Sales Decline Slightly in 2024

By Dennis Norman, on December 5th, 2024

St Louis MSA YTD Home Sales - 1999 to Present (Chart)

As of November 2024, year-to-date (YTD) home sales in the St. Louis metro area reached 28,672, marking a slight decline compared to the 29,072 homes sold by this time last year. This represents a reduction of 400 homes sold year-over-year, a modest dip of approximately 1.37%.

While this year’s figures are down slightly, the broader picture of the St. Louis housing market remains resilient, even amidst shifting economic and market conditions. To put this in perspective, the YTD home sales in November 2024 are still significantly higher than in some prior years, particularly during market troughs like 2010.

For home Continue Reading →

Skip Black Friday Crowds for Real Estate Deals!

By Dennis Norman, on November 29th, 2024

While many rush to snag the best deals on TVs and appliances this Black Friday, savvy homebuyers know the real bargains might be waiting in the St. Louis real estate market. Homes with price reductions or fresh opportunities after a contract falls through can offer a golden chance to snag a deal on your dream home. Instead of battling holiday shoppers, consider browsing the incredible opportunities on WillingToNegotiate.com.

This website features homes in the St. Louis metro area where sellers are showing flexibility. Whether you’re eyeing a property with a recent price cut or one that’s back on the market, Continue Reading →

Happy Thanksgiving from St. Louis Real Estate News and MORE, REALTORS®

By Dennis Norman, on November 28th, 2024

As we gather this Thanksgiving, St. Louis Real Estate News and MORE, REALTORS, the company behind the news, want to extend our heartfelt gratitude to our readers, clients, and the St. Louis community. Whether you’re celebrating in a cozy brick bungalow, a historic Victorian, or a newly built home, the warmth of family and friends reminds us why real estate isn’t just about properties—it’s about the lives we build within them.

Thanksgiving is a time to reflect on blessings, and as a local real estate leader, we’re thankful for the opportunity to help families achieve their dreams of homeownership. Just Continue Reading →

St. Louis’s Brick Legacy: The History Behind the City’s Unique Architecture

By Michael Abernathy, on November 20th, 2024

A recently released documentary sheds light on St. Louis’s rich architectural heritage, centered around its iconic use of brick. The film traces the city’s brick legacy, revealing how local clay, craftsmanship, and historical events like the 1849 fire shaped the city’s skyline. It explores not only the artistry and resilience of St. Louis’s brick buildings but also the challenges posed by neglect and urban decay. The full documentary is available below, offering an immersive dive into this fascinating history.

One highlight of the film is its emphasis on the unique aesthetic qualities of brick, as one contributor notes: “Brick Continue Reading →

Inside the National Association of REALTORS®: A Closer Look at Lavish Spending and Controversy

By Dennis Norman, on November 19th, 2024

The New York Times published a detailed investigation yesterday into the spending practices of the National Association of REALTORS® (NAR), raising significant questions about the organization’s leadership and its stewardship of member dues. The report, titled “Chauffeured Cars and Broadway Tickets: Inside the National Realtors Group,” written by Debra Kamin, explores what some describe as a culture of excess and self-interest within one of the largest trade associations in the United States.

The investigation reveals that NAR’s top executives and elected leaders have enjoyed a range of extravagant perks, from luxury hotel suites and first-class travel to private club memberships Continue Reading →

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

By Dennis Norman, on November 16th, 2024

In the top spot is 63043, located in St. Louis, MO, where homes are selling at lightning speed with an average of only 21 days on the market. With an average list price of $274,338, this zip code offers affordable options for families looking to settle down in a bustling Continue Reading →

St. Louis Real Estate Double Bubble: A 25-Year Retrospective on Home Sales Peaks

By Dennis Norman, on November 14th, 2024

St Louis Housing Double Bubble - Home Sales Trends from 1999 to Present

The St. Louis real estate market has experienced significant fluctuations over the past 25 years, highlighted by two notable peaks that suggest a “double bubble” phenomenon. The trend chart, based on a rolling 12-month sales data, captures these market dynamics clearly. The first peak in 2005 saw home sales reach approximately 38,039 units, coinciding with the national housing bubble. This peak was followed by a substantial decline, with sales dropping by about 25.5% by 2008. The second peak occurred in 2021, with home sales climbing to around 43,058 units, driven by low interest rates and shifts in housing demand due Continue Reading →

What is a REALTOR®?

By Dennis Norman, on November 13th, 2024

The term “REALTOR®” is one of the most recognized in the real estate industry, but its meaning is often misunderstood. While many people assume all real estate agents are REALTORS®, that’s not the case. The distinction goes beyond holding a license—it’s tied to a specific organization, a shared history, and a professional designation with legal and ethical implications. Let’s explore where the term comes from, how it’s protected, and what it means today.

A Brief History of the Term

The term “REALTOR®” was coined in 1916 by Charles N. Chadbourn, a real estate agent who sought to create a professional Continue Reading →

Discover the Hottest School Districts in the St. Louis Metro Area

By Dennis Norman, on November 12th, 2024

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 average days on market are located in Illinois.

Topping the list is MOUNT OLIVE DIST 5, with an average of just 15 days on the market for its four current listings. With an average list price of $199,325, this district offers a great value for families looking to settle down. Following closely behind is Wolf Branch DIST 113, Continue Reading →

Rising Homebuyer Ages and New Market Trends: NAR’s 2024 Profile

By Dennis Norman, on November 5th, 2024

The National Association of REALTORS® (NAR) 2024 Profile of Home Buyers and Sellers provides a comprehensive look at trends shaping the real estate market this year. From changing demographics to buyer challenges, this report highlights critical shifts in homebuying and selling behaviors. The full report is available below for readers who wish to explore it in detail.

One of the most notable trends is the rising age of both first-time and repeat homebuyers:

First-time buyers now have a median age of 38, marking a significant shift from the late-20s median seen in the 1980s. This increase reflects the growing challenges Continue Reading →

Discover the Hottest Zip Codes in St. Louis: Where Homes are Flying Off the Market

By Dennis Norman, on October 16th, 2024

Are you in the market for a new home in the St. Louis metropolitan area? Look no further than the fastest selling zip codes in the region. According to recent data, the top three zip codes with the shortest average days on market are 63043, 63044, and 63117. With homes selling in just 8, 25, and 26 days respectively, these zip codes are in high demand for potential home buyers.

In 63043, the average list price for active listings is $249,311, making it an attractive option for families looking for affordable yet fast-selling homes. The second fastest selling district, 63044, Continue Reading →

St. Louis Real Estate: Inflation and Delinquency Trends Impacting Buyers and Sellers

By Dennis Norman, on October 15th, 2024

The latest report from the Federal Reserve Bank of New York highlights some key shifts in consumer expectations that could impact the St. Louis real estate market. While inflation expectations remain stable at 3.0% for the next year, medium- and long-term expectations have ticked up slightly. This suggests that buyers and sellers in St. Louis may face rising costs in the coming years, particularly as home price growth expectations hover around 3.0%, showing little movement. The labor market offers some reassurance, with more people feeling confident about finding a job if they lose one, but the rising likelihood of missed Continue Reading →

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

By Dennis Norman, on October 14th, 2024

Are you in the market for a new home in the St. Louis metropolitan area? Look no further than these top three fastest selling school districts! According to recent data, MULBERRY GROVE DIST 1 in Illinois takes the top spot with an average of only 1 day on the market for its 2 active listings, with an average list price of $197,500. Coming in at a close second is Shiloh Village DIST 85, also in Illinois, with 6 listings and an average of 11 days on the market. And in third place is Sunrise R-IX in Unincorporated, Missouri, with 4 Continue Reading →

NAR’s Clear Cooperation Policy – Protecting Homeowners or Hampering Their Options?

By Dennis Norman, on September 27th, 2024

The National Association of Realtors’ (NAR) Clear Cooperation Policy has been a contentious topic since its inception in 2019. The rule, which mandates that listings must be added to the MLS within one day of being publicly marketed, aims to provide transparency and equal access to all agents and homebuyers. However, as highlighted in anInman News article today, the policy is now facing strong opposition from major real estate firms like Compass and Anywhere Real Estate, both of which are calling for changes that would provide more flexibility to sellers.

This isn’t the first time the Clear Cooperation Policy has Continue Reading →

The Future of Real Estate Commissions: Transparency and Negotiation Take Center Stage

By Dennis Norman, on September 24th, 2024

St Louis Buyers Agent Commission - Real Estate Commission

There was an opinion piece published today on Inman News by Eric Bramlett that suggests that fears of a widespread shift in commission payments from sellers to buyers are overblown. Bramlett argues, “Sellers are primarily concerned with the net proceeds they’ll receive and the overall terms of the contract.” While I agree that many sellers will still “pay” the buyer’s agent commission, I don’t believe the traditional commission structure will endure. In fact, the St. Louis Association of REALTORS® is in the process of updating the forms that most of the St Louis area REALTORS®, including listing agreement. In this Continue Reading →

Discover the Hottest Zip Codes in St. Louis: Where Homes Are Flying Off the Market!

By Dennis Norman, on September 15th, 2024

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 zip codes in the region. According to recent data, the top three zip codes for quick home sales are 63043, 63126, and 63040. These areas are seeing homes fly off the market in an average of just 21-24 days, making them hot spots for both buyers and sellers.

In 63043, the fastest selling zip code, there are currently 9 active listings with an average list price of $268,656. The second and third fastest selling Continue Reading →

Discover the Hottest School Districts in the St. Louis Metro Area

By Dennis Norman, on September 12th, 2024

Attention all home buyers and sellers in the St. Louis metropolitan area! Are you looking to make a move and want to know which school districts are the hottest on the market? Look no further, because we have the data for you.

According to recent statistics, the top three fastest selling school districts in the St. Louis metro area are Franklin Co. R-II in None, MO, Lonedell R-XIV in None, MO, and East Alton-Wood River DIST 14 in , IL. These districts have an average of only 13 days on the market, making them highly desirable for families looking Continue Reading →

Looking for Affordable Housing? St. Louis Ranked 3rd in the World for 2024!

By Dennis Norman, on September 4th, 2024

In a newly released report by the Center for Demographics and Policy at Chapman University, St. Louis has been ranked the third most affordable housing market in the world for 2024. The Demographia International Housing Affordability report highlights that St. Louis continues to offer buyers some of the best value when it comes to housing, beating out major cities across the U.S. and globally.

For homebuyers in St. Louis, this is exciting news. While inflation and rising costs are still on the minds of many, the fact that the metro area remains such an affordable place to own a home Continue Reading →

St. Louis Homebuyers and Sellers: Inflation Concerns Outweigh Housing Costs

By Dennis Norman, on September 4th, 2024

As housing costs rise in St. Louis, many are worried about the price of owning or renting a home. However, a recent Gallup poll reveals that 41% of Americans now rank inflation and the high cost of living as their top financial concern, far outpacing housing costs, which are the main issue for 14%. A Gallup spokesperson noted, “For the third year in a row, the percentage of Americans naming inflation or the high cost of living as the most important financial problem facing their family has reached a new high.”

Despite these concerns, the St. Louis metro area remains Continue Reading →

Condo Pitfalls: Why You Need a Skilled Buyer’s Agent in St. Louis

By Dennis Norman, on September 3rd, 2024

Buying a condominium in the St. Louis metro area offers a unique lifestyle, but it’s important to understand that the process, and ownership structure, is different from purchasing a single-family home. Condominiums come with their own set of challenges and risks, especially in today’s market. If you’re considering buying a condo, here’s what you need to know to protect yourself and make a sound investment.

Understanding the Challenges

Buying a home comes with its own set of challenges and risks, which is why most people choose to work with a buyer’s agent. It’s crucial to use an agent with the Continue Reading →

Before Touring an Open House, Do St. Louis Buyers Need an Agreement?

By Dennis Norman, on August 30th, 2024

Recent changes in the real estate industry have left many home buyers wondering if they need to sign an agreement before visiting an open house. The confusion stems from new practices that have emerged as a result of recent legal settlements affecting how agents work with buyers. The good news? If you’re just visiting an open house on your own, you don’t need to sign any kind of written agreement. The agent hosting the open house is there to represent the seller, not to bind you into a contract.

However, if you decide to work with an agent—meaning they start Continue Reading →

Missouri Rent Payments Fall Below National Average in August 2024

By Dennis Norman, on August 23rd, 2024

The latest Chandan Economics report reveals a worrying trend for landlords in Missouri, where only 83.1% of tenants made their rental payments on time in August 2024. This figure is slightly below the national average of 84.9%, indicating that Missouri is feeling the strain more acutely. The state’s on-time payment rate reflects a broader decline seen across the country, with national rates dropping 50 basis points from July and 332 basis points from their post-pandemic peak.

For a more granular look at these trends, explore the live, interactive chart that tracks on-time payment rates by property type. This tool is Continue Reading →

St. Louis Homebuyers: Don’t Get Caught Off Guard by Buyer Agent Commission Changes

By Dennis Norman, on August 20th, 2024

The real estate industry is undergoing significant changes, especially concerning how commissions are handled between sellers and buyers’ agents. Recent legal settlements have led to new transparency rules, which clarify that sellers are not required to pay the commission for the buyer’s agent. This has raised concerns among potential homebuyers about the financial burden of paying their agent directly. However, these changes don’t necessarily mean you’ll be paying more out of pocket.

Understanding the Changes:

No Increase in Home Prices: The overall cost of homes hasn’t increased simply because of these rule changes. Home values remain the same. In fact, Continue Reading →

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

By Dennis Norman, on August 15th, 2024

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 zip codes in the region. According to recent statistics, the top three zip codes with the shortest time on the market are 62215 in Clinton-IL, IL, 62047 in Calhoun-IL, IL, and 63055 in Franklin, MO. These zip codes have an average of only 18 days on the market, making them highly desirable for both buyers and sellers.

In 62215, homes are selling at lightning speed with an average of just Continue Reading →

The Top 3 Fastest Selling School Districts in St. Louis Metropolitan Area

By Dennis Norman, on August 12th, 2024

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, Signal Hill DIST 181 in Illinois takes the top spot with an average of just 19 days on the market for its 5 active listings. With an average list price of $2,611,780, this district is clearly in high demand.

Coming in at a close second is East Alton-Wood River DIST 14, also in Illinois, with an average of 21 days on the market for its Continue Reading →

St. Louis Sellers: Should You Offer Buyer Agent Compensation?

By Dennis Norman, on August 8th, 2024

Should sellers offer buyer agent commission?

forAs a homeowner in the St. Louis metro area considering selling your property, one of the most pressing questions in the current real estate landscape is whether you should offer compensation to a buyer’s agent upfront. This question has gained significant importance due to the recent shifts in industry norms, especially following the National Association of Realtors (NAR) settlement of the Sitzer lawsuit and subsequent MLS rule changes. The outcome of these changes has dramatically altered how real estate transactions are approached, and it’s crucial to understand their implications on your selling strategy.

The Sitzer lawsuit settlement has made it Continue Reading →

Year-to-Date Home Sales in St. Louis: Up from Last Year, Down from Historical Average

By Dennis Norman, on August 5th, 2024

?agent_id=02107As of the end of July 2024, the St. Louis metro area has recorded 17,801 homes sold. This marks a slight increase from the same period last year, which saw 17,683 homes sold. Despite this year-over-year growth, the current sales figure represents a 7.6% decline from the median year-to-date home sales of 19,267 homes recorded between 1999 and 2020. Furthermore, when compared to the average year-to-date home sales of 18,855 homes from 1999 through 2024, this year’s performance is still trailing by approximately 5.6%. These statistics underscore a complex landscape for the St. Louis real estate market, balancing modest recent Continue Reading →

Midwest Leads Homeownership Rates Despite Slight Decline

By Dennis Norman, on July 30th, 2024

The latest homeownership rates released by the U.S. Census Bureau illustrate a stable housing market across various regions, with the Midwest continuing to lead in homeownership. The Midwest, where St. Louis is a prominent hub, saw a slight decrease from 70.2% in the second quarter of 2023 to 69.9% in the second quarter of 2024. This marginal decline still places the Midwest at the highest homeownership rate among all regions, underscoring the area’s enduring appeal and stability. As St. Louis continues to develop and attract new residents, the robust homeownership rate in the Midwest highlights the region’s Continue Reading →