From the outset I need to admit that this is probably a pointless article as the mindset of someone that would want to buy a luxury home ($750,000+) in St Louis County is quite different than someone that would want to buy one in the city of St Louis, and vice versa, so neither will probably be swayed in their preference by which location offers a better return on their investment. Having said that, I still thought it would be interesting to examine the market and see how luxury home buyers have fared over the years in both locations.
St Louis County Luxury Home Buyers Fared Much Better Over Past 10 Years Than St Louis City Buyers
As our 10-year chart below shows, luxury home prices (homes that sold for $750,000 or above) have done much better in St Louis County, with the median price per foot represented on the chart below by the yellow line, than they have done in the City of St Louis (brown line). The median price per square foot (the most accurate way to compare home prices) for luxury homes sold in St Louis County during 2007 was $230 and in 2017 luxury homes have sold in St Louis County thus far at $244 per square foot, an increase of 6.1% from 10 years ago. For the city of St Louis, luxury homes sold for a median price of $185 per square foot in 2007 and for 2017 have sold for a median price of $152 per square foot, a decline of 21.7% from 10 years ago. As the chart illustrates so dramatically, St Louis county luxury home prices were not impacted by the market crash of 2008 nearly as much as in the city of St Louis.
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Luxury Homes – Price Per Square Foot – St Louis County vs St Louis City – 2007-2017
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St Louis City Luxury Condo Buyers Fared Much Better Over Past 10 Years Than St Louis County Buyers
For fans of the city that may not be happy with the data shown above on luxury home prices in the city, there’s good news for in the condominium market! When it comes to luxury condominiums, over the past 10 years, those that invested in a condo in the city of St Louis have seen better financial results than those investing in a luxury condo in St Louis county. As the chart below shows, luxury condominiums sold in St Louis County in 2007 for a median price of $343 per foot and in 2017 have sold for a median price of $292 per foot thus far, a decline of 17.5% during the 10-year period. In the city of St Louis, luxury condominiums sold for a median price of $404 per foot in 2007 and in 2017 have sold for a median price of $396 per foot thus far, a decline of 2.0% from 10 years ago.
Luxury Condominiums – Price Per Square Foot – St Louis County vs St Louis City – 2007-2017
Copyright 2017- MORE, REALTORS – All Rights Reserved
