St Louis is known as an affordable place to live so it is not surprising that there is a fairly robust housing market for affordable and moderate priced homes. When it comes to luxury homes in St Louis however ($500,000 and above for the sake of discussion here), the market is much cooler. As the charts below for 2015 and 2016 illustrate, St Louis Luxury home prices have remained flat over the past two years, while more moderately priced homes have increased in price.
St Louis MSA Luxury Home Market…
On the chart below, the baby blue line representing the median price luxury homes sold for is flat-lined for the past two years at $650,000 while seller’s have become more realistic and the median list price fell from $674,900 in 2015 to $669,450 in 2016. On a positive note, luxury home sales have been on the rise increasing nearly 13 percent from 1,448 homes sold in 2015 to 1,636 homes sold during 2016.
St Louis MSA Affordable/Moderate Priced Home Market…
The chart for this market paints a pretty uplifting picture with all the chart lines on the rise over the period. As the chart below depicts, the median price of homes sold in this category increased nearly 6% from $155,000 in 2015 to $164,000 during 2016. The number of homes sold rose over 8% from 29,445 during 2015 to 31,987 in 2016.
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St Louis Luxury Home Market ($500k+) 2015-2016
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St Louis Affordable/Moderate Home Market (up to $500k) 2015-2016
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