The Federal Reserve’s latest note on real estate commissions adds some national context to trends we’ve seen unfold in St. Louis for decades. While their report shows a national decline in buyer agent commissions from 3% in the late 1990s to around 2.7% in 2022, our local data shows this shift started much earlier and ran a bit deeper here.
In the St. Louis metro area, the median commission paid to buyer’s agents has been on a steady decline since peaking near 3% back in the early 2000s. By 2023, it had dropped to about 2.59%, just before MLS rules changed in 2024 due to the NAR settlement, which removed the ability to display commission offers in MLS listings. As a result, our local data stops in early 2024—but the trend was clear. Now, based on what we’re seeing in the field, it looks like the typical buyer agent commission in St. Louis is holding steady around 2.5%. Interestingly, listing commissions may have actually ticked up a bit, with many sellers now paying closer to 3% to their agent.
This slight shift in the traditional commission split appears to be one of several business model adaptations happening in real-time. With the settlement’s decoupling of commissions—where buyers and sellers now negotiate separately—some sellers are choosing not to pay a buyer’s agent at all. But more often, we’re seeing sellers still offer something to encourage buyer interest, just outside of the MLS.
One takeaway from the Fed’s report that especially resonates here is the importance of local norms. Despite all the change, commissions in St. Louis haven’t collapsed. Why? Because sellers still want their homes to be shown, and buyers still want professional representation. And with local practices like split closings already making things more complex, there’s still real value in having experienced agents on both sides of a deal.
If you’re interested in seeing how buyer agent commission rates have changed in St. Louis over time, check out the live interactive chart below showing annual median rates from 1998 through 2024.
As always, at MORE, REALTORS®, we’ll be watching closely to see how this plays out in the coming months and years.