One of the things that often attract homebuyers to a new or expanding area is the availability of new homes at affordable prices. This is something that is hard to find in older areas that have mature real estate markets due to the lack of available ground and the cost of the ground when it does become available. This is, no doubt, one of the things that have been responsible for the population growth in Wentzville in spite of the fact it is in the farthest west most area of St Charles County. As a result, the city of Wentzville has seen its population grow from 5,733 in 1998 to 39,414 currently, a growth of 587% over the 20 year period.
One topic that often comes up in conversation about new and emerging markets, is whether homebuyers will benefit in those areas, as they mature and grow, from a higher appreciation rate than a typical established market. In order to examine this, I’m going to compare the Wentzville housing market with that of Ballwin, a municipality in St Louis County similar in size to Wentzville, with a current population of 30,161 which is just 15% greater than the 1998 population of 26, 205.
Wentzville Real Estate Listing Info & Resources:
Wentzville Homes For Sale
Wentzville Homes Sold in Past 12 Months
Wentzville & Ballwin Home Prices Appreciate At About the Same Rate…
As the tables below show, the median home price in Wentzville has increased from $110,000 in 1998 to $225,000 in 2018 for an increase of 104% while Ballwin home prices increased from $154,000 to $277,000, an increase of 80%, during the same period. While the Wentzville increase was 25% higher than that of Ballwin, remember, this is is median home price, and the newer homes in Wentzville are much larger than the average home size of 20 years ago. Therefore, a better way to look at home price appreciation would be on a price per foot basis, which the table below also shows. Wentzville home prices were $72/foot in 1998 and are now $128, for an increase of 77%. Ballwin’s home prices went from $80/foot in 1998 to $145 currently, an increase of 81%. So, from this analysis, it doesn’t appear the home prices have appreciated any better in a growing area like Wentzville when compared with an older established area like Ballwin.
Wentzville home sales can’t be beaten though…
Due to the growing population and new construction, Wentzville’s home sales escalated from just 124 sales in 1998 to 887 during the past 12 months, an increase of 615%! Meanwhile, Ballwin had 514 homes sold in 1998 and just 497 during the past 12 months, for a decline of 3%.
Wentzville 1998 Home Prices and Sales
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Wentzville 2018 Home Prices and Sales
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Ballwin 1998 Home Prices and Sales
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Ballwin 2018 Home Prices and Sales
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