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 the St. Louis area. As the chart shows, for the 12-month period ended September 30, 2023, there were 1,351 luxury homes sold in the combined markets of the city and counties of St Louis and St Charles County, which is the highest 12-month trend since January of this year.
St Louis Area Luxury Home Sales
(click on chart for live, interactive chart)
Non-Luxury Home Sales in Decline
On the flip side, the second chart shows a contrasting trend in the non-luxury home market. Sales for homes priced below $750,000 have been on a consistent decline for approximately two years. This could be attributed to various factors, such as rising interest rates and rising property values pricing out potential buyers.
St Louis Area Non-Luxury Home Sales
(click on chart for live, interactive chart)
What Does This Mean for Buyers and Sellers?
For buyers in the luxury market, now may be an opportune time to invest, as the upward trend suggests that property values are likely to continue rising. On the other hand, those looking to buy in the non-luxury market might find less competition and more room for negotiation, given the declining trend.
Sellers in the luxury market can capitalize on the increasing demand, potentially fetching higher prices for their properties. Those in the non-luxury market, however, may need to be more strategic in pricing and marketing their homes to attract buyers.
As always, for the most current and accurate market data, turn to MORE, REALTORS®, your trusted source for St. Louis real estate information.
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