The St. Louis Metro residential real estate market in 2024 is showcasing diverse trends, indicating an evolving landscape for buyers, sellers, and industry professionals. The latest data, detailed in the STL Market Report exclusively from MORE, REALTORS®, offers a snapshot of these dynamics.
Contrasting Sales Trends:
- There’s a notable decrease in home sales volume by 16.11% in the past year, with figures declining from 38,173 to 32,022 homes sold.
Home Value Resilience:
- Despite the lower sales volume, median sold prices in the metro area nudged upward by 2.44%, moving from $246,000 to $252,000 year-over-year.
Price Per Square Foot (PPSF) Analysis:
- The average PPSF for homes sold over the last 12 months stands at $173.85. Listings this month are somewhat lower at $163.46 PPSF.
- Active listings for the month are quoted at a PPSF of $165.00, indicating a tentative increase in asking prices.
Signs of Market Adjustment:
- A reduction in PPSF by 5.09% for current listings compared to the PPSF of homes sold in the past year hints at a market adjustment.
- The current price trend arrow points upwards, suggesting that prices might be starting to rise again despite the recent cooling off.
Inventory and Supply Dynamics:
- With 2,498 listings currently for sale and 2,051 homes sold last month, inventory levels are tight.
- The months’ supply of inventory is low at 1.22, indicative of a seller’s market.
- Homes are selling relatively swiftly, with the median number of days on the market being 27.
The St. Louis Metro real estate market’s recent performance, detailed in the report shown below, reveals a complex picture. Sales volume is down, yet home values are resilient, even with the lower PPSF for current listings. This discrepancy suggests that, although the pace of sales has slowed, the demand remains robust enough to support current price levels.
Sellers might see this as an opportunity, given the scarcity of inventory and the seller’s market indicated by the low months’ supply. However, buyers may benefit from less competition, even as they face persistent price strength. It’s a pivotal time for the market, and those involved will need to navigate these mixed signals with strategic planning and sound advice from experienced real estate professionals.
Stay tuned to St. Louis Real Estate News for detailed analyses and updates on our local market trends.
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