St Louis Home Prices - St Louis Real Estate News

Median Home Prices Continue to Rise Throughout the St Louis Metro Area in May

By Dennis Norman, on June 7th, 2024

The latest data from MORE, REALTORS® reveals that the St. Louis Metropolitan Statistical Area (stl msa) real estate market is showing no signs of slowing down. In May 2024, the median sold price for homes in the stl msa reached $275,000, a 7.84% increase from the same month in 2023 when the median sold price was $255,000.

Compared to the previous month, May 2024’s median sold price of $275,000 also saw a 5.81% increase from April 2024’s median sold price of $259,900. This steady growth in home prices is a positive sign for sellers in the stl msa.

Additionally, the Continue Reading →

St. Louis Metro Area Real Estate Market Update – April 2024

By Dennis Norman, on May 14th, 2024

As of April 2024, the St. Louis metro area real estate market continues to show steady growth. According to data from MORE, REALTORS®, the median sold price for homes in the St. Louis area was $260,000, representing a 2.36% increase from April 2023 when the median sold price was $254,000. This also marks a 4.00% increase from the previous month, March 2024, when the median sold price was $250,000.

The median list price for homes in St. Louis was $250,000, a slight 0.04% increase from April 2023. This indicates that sellers are still able to command a strong price for Continue Reading →

St. Louis Metro Real Estate 2024: Key Trends and Market Analysis

By Dennis Norman, on May 7th, 2024

The St. Louis Metropolitan real estate market has experienced notable shifts in its latest 12-month cycle ending April 2024, as compared to the previous year. Firstly, the total number of homes sold in the St. Louis Metro area has seen a decline. Over the past 12 months, ending April 2024, St Louis home sales totaled 32,220 homes, a decrease of 6.58% from the previous year’s 34,490 homes. This reduction in sales volume may reflect a variety of market factors including economic shifts or changes in buyer sentiment.

Conversely, the median sold price for homes has edged upwards, indicating a resilient Continue Reading →

Will the NAR Commission Lawsuit Settlement Change Real Estate Practices in St. Louis?

By Dennis Norman, on April 16th, 2024

Since the National Association of Realtors (NAR) and the plaintiffs in the following lawsuits—Christopher Moehrl v. The National Association of Realtors et al., Rhonda Burnett (originally Sitzer) v. The National Association of Realtors et al., Dawin Niel Umpa v. The National Association of Realtors, et al., and Don Gibson v. The National Association of Realtors—reached a settlement agreement on March 15, 2024, which is still pending court approval and thus preliminary at this point, the topic has dominated industry conversations. The focus of these lawsuits on buyer’s agent commissions has attracted more media attention since mid-March than it seems to Continue Reading →

St. Louis Metro’s Hottest School Districts: 5 of the Top 10 Located in St. Clair County, Illinois

By Dennis Norman, on April 14th, 2024

As of 2023, according to data from the Missouri Department of Elementary and Secondary Education and the Illinois State Board of Education, there are roughly 135-145 school districts within the 17 counties of the St. Louis Metropolitan Statistical Area (MSA). This figure includes public school districts but excludes private and charter schools. These districts vary significantly in size, home prices, and demand for homes. While strong school districts and top-rated schools are major attractions for home buyers and may reflect in the prices homes fetch compared to those in lesser districts, they do not guarantee quick sales. However, it is Continue Reading →

Luxury Living In St Louis: The Top 10 Cities with Highest Home Prices

By Dennis Norman, on April 11th, 2024

Top 10 Luxury Home Markets in St Louis, MO

The real estate market in St. Louis is notably diverse, featuring homes that are, on average, quite affordable. However, this affordability doesn’t preclude the existence of luxury markets within the city. Presented below is an exclusive list from MORE, REALTORS® detailing the top 10 cities in the St. Louis MSA where homes command the highest average selling prices.

Key takeaways from this list include:

Huntleigh dominates with the highest average sale price of $2,097,249 and impressively quick transactions, with homes spending an average of just 20 days on the market. It’s important to note that these figures are based on Continue Reading →

Refinance Activity Surges Despite Rising Mortgage Rates – Purchase Applications Fall

By Dennis Norman, on April 11th, 2024

Last week, the interest rates for 30-year fixed-rate mortgages climbed past the 7 percent mark. Despite this increase, as the chart below illustrates, there was a significant 10 percent increase in refinancing applications. This is in sharp contrast to a 5 percent decline in purchase applications. The growth in the refinancing segment is notable, representing 33.3 percent of the total application volume, up from 30.3 percent the previous week. This surge in refinancing interest is particularly intriguing, given the highest reported 30-year mortgage rates in over a month, at 7.01 percent.

Joel Kan, MBA’s Vice President and Deputy Chief Economist, Continue Reading →

Interest Rate Insights: Traci Everman Unveils the Latest Shifts

By Dennis Norman, on April 10th, 2024

The ebb and flow of St. Louis’s real estate market are linked to the broader economic currents, and recent weeks have witnessed a significant uptick in mortgage interest rates. In the video below, Traci Everman, Senior Mortgage Banker with Flat Branch Home Loans, does a fantastic job of explaining what is happening and why. Below the video are some highlights and a recap.

See Current (and historical) Mortgage Rates Get a REAL Pre-Approval Now

Here are are few highlights of what Traci’s covers in the video:

Recent Economic Impacts on Mortgage Rates:

Economic reports released over the Continue Reading →

St. Louis Area Residential Real Estate Market Report For March 2024

By Dennis Norman, on April 10th, 2024

The St. Louis MSA residential real estate market is experiencing a phase of transformation. While the sales volume has seen a downturn, median sale prices have held steady, indicating a resilient market underpinned by solid demand. The complete STL Market Reports for the entire metro area as a whole, as well as the major counties, are available exclusively from MORE, REALTORS® and are below.

Key Findings:

Sales Volume Decline: The St. Louis MSA experienced a 9.30% decrease in the number of homes sold during the 12-month period ending March 31, 2024, compared to the previous year. Median Sold Price Growth: Continue Reading →

New Lawsuit Against NAR Spotlights Tying of MLS Access to Realtor Membership in Ongoing Commission Debate

By Dennis Norman, on April 3rd, 2024

In the evolving landscape of real estate litigation, a fresh lawsuit filed by homeowner Hao Zhe Wang against the National Association of Realtors (NAR) and several major real estate brokerage firms introduces a nuanced critique of industry practices. Distinguishing itself from prior actions, this case zeroes in on the contentious policy requiring real estate agents to be NAR members in order to access Multiple Listing Services (MLS), a stipulation the plaintiff contends unfairly influences commission structures and inflates transaction costs.

The Core Allegations:

At the heart of Wang’s lawsuit is an objection to how MLS access — a critical Continue Reading →

Fastest Selling Zip Codes in the St. Louis Metro Area

By Dennis Norman, on April 2nd, 2024

The St. Louis Metro area (MSA), which spans parts of Missouri and Illinois, has a diverse real estate market with some zip codes seeing properties sell much faster than others. Based upon the report below, available exclusively from MORE, REALTORS® , the fastest selling zip code in the area is 63070 in Jefferson County, Missouri where the current average days on market for active listings is just 12 days. Close behind in second place is 63040 in St. Louis County with 9 listings averaging 15 DOM. Rounding out the top five are 63134 (St. Louis County, 16 DOM), 63038 Continue Reading →

St. Louis 2024 Housing Market: First Quarter Update

By Dennis Norman, on March 29th, 2024

As we close the first quarter of 2024, it’s an opportune moment to revisit the forecasts I made at the end of last year regarding the St. Louis real estate market. With the data from January through March now available, we can assess the accuracy of the initial predictions and adjust our outlook for the remainder of the year.

Scorecard on December Predictions:

2024 Home Sales Forecast: I projected a slight decrease in the annual sales volume to about 22,400 homes. The data from the first quarter shows a varied trend with the 12-month home sales at the end of Continue Reading →

St. Louis Metro Real Estate Market: Interpreting the Current Trends

By Dennis Norman, on March 27th, 2024

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:

Continue Reading →

Smaller, Personalized Homes Dominate 2024 Trends: Insights from NAHB Study

By Dennis Norman, on February 29th, 2024

The dynamics of the new home market are shifting significantly as we advance into 2024, with a clear trend towards smaller, more personalized living spaces emerging nationwide. This evolution reflects a broader change in homeowner preferences and market conditions, according to the latest “What Home Buyers Really Want” study by the National Association of Home Builders (NAHB).

Recent data points to a decline in the average size of new homes, continuing a trend that began following a brief uptick in 2021. The average new home size has decreased to 2,411 square feet in 2023, marking the smallest average size in Continue Reading →

St Louis Metro Area Home Sales Fall to Lowest Level in 9 Years

By Dennis Norman, on January 24th, 2024

As 2023 drew to a close, the St. Louis metro real estate market concluded the year with a total of 31,747 homes sold. As highlighted in the chart below, this figure represents the lowest annual home sales in the St. Louis MSA in nine years, since 2014, when the total was 31,531 homes sold.

Home prices in the St. Louis MSA have shown more resilience than sales volumes. As 2023 came to a close, the 12-month median home price per foot stood at $169, marking a 5% increase from the previous year. This trend provides a stark contrast to the Continue Reading →

Exploring the 2024 Rental Affordability Report: Insights for the St. Louis Real Estate Market

By Dennis Norman, on January 18th, 2024

Today, ATTOM released its ‘2024 Rental Affordability Report,’ presenting a comprehensive analysis of the current state of home rental and ownership in the United States. The report indicates that renting a median three-bedroom home is more affordable than owning a similarly-sized property in nearly 90% of the U.S. markets. This trend continues despite rents growing faster than home prices. A significant finding for our industry is that both renting and owning pose substantial financial burdens on average workers, consuming over a third of their wages in most county-level housing markets.

Data for St. Louis County is consistent with the report.

Continue Reading →

St. Louis Housing Market Sees Shift: Key Insights from 2023 Year-End Data

By Dennis Norman, on January 8th, 2024

The “STL Market Report,” below exclusively available from MORE, REALTORS, provides a comprehensive look at the St. Louis residential real estate market as 2023 ended. This report outlines a mixed array of trends, highlighting a notable decline in the number of homes sold contrasted with a modest increase in median sold prices, offering in-depth knowledge for prospective buyers and sellers to navigate the market.

Decrease in Home Sales Volume The St. Louis metro area witnessed a noticeable reduction in the volume of home sales year-over-year. A total of 31,704 homes were sold in the year ending December 2023, which marks Continue Reading →

St. Louis 2024 Housing Forecast: What to Expect in Home Sales and Prices

By Dennis Norman, on December 31st, 2023

As 2024 approaches, I conducted my customary in-depth analysis of historical St. Louis real estate market data to get my projection for St. Louis home sales and prices. Home sales in the five-county St. Louis core market appear to be gradually declining, based on statistics and trends from the previous ten years, as seen in the chart below

2024 St Louis Home Sales…

The data for the 12-month period ending December 31, 2023, will be available in a few days. I anticipate that home sales will be roughly 22,600 for the year, but there will be a slight decline by Continue Reading →

Report Shows Average Wage Earner can Afford to Buy a Home In over half of the St Louis Areas Largest Counties

By Dennis Norman, on December 21st, 2023

A report just released by ATTOM Data Research details housing affordability for the largest counties in the St. Louis metro area for the 3rd quarter of 2023. Affordability, measured by the percentage of wages needed to buy a home, shows considerable variation across counties in Illinois and Missouri. This metric is influenced by factors such as median sales prices and average wages.

For instance, in the County of St. Louis City (yes, it’s odd, but it’s a county), it only takes 17.3% of the annualized wages of an average earner to buy a median-priced home. In contrast, in St. Charles Continue Reading →

Navigating the Changing Landscape of Real Estate: What Buyers and Sellers Need to Know

By Dennis Norman, on December 1st, 2023

The real estate industry is potentially on the cusp of a significant shift, one that could redefine the relationship between homebuyers, sellers, and their agents. Several class-action lawsuits, including the Sitzer v. NAR case decided in favor of the plaintiffs last month, have brought considerable attention to how real estate agents representing buyers are compensated. Consequently, many in the industry, myself included, anticipate that changes prompted by either court order or regulation could significantly impact everyone involved in the home buying and selling process

For Buyers: Empowerment through Transparency

Historically, buyer’s agents have been compensated by the seller, creating a Continue Reading →

Missouri Homebuyers, Mark Your Calendars: The Surprising Best Month to Buy Revealed

By Dennis Norman, on November 30th, 2023

In the ever-shifting sands of the real estate market, timing can be the key to unlocking exceptional value. A recent comprehensive study by ATTOM Data Services, which analyzed over 47 million home sales, uncovers a surprising twist specific to the Missouri housing market. While the national trend leans towards October for optimal home buying, Missouri charts a different course, offering a unique window of opportunity for prospective buyers.

Discovering Missouri’s Seasonal Advantage

This extensive study paints a vivid picture of real estate trends, providing invaluable insights for both buyers and sellers. For Missouri, the findings point to December as a Continue Reading →

St. Louis Condo Sales Dip to a Nine-Year Low

By Dennis Norman, on November 8th, 2023

For the 12-month period ended October 31, 2023, there were 3,097 condominiums sold in the St Louis 5-county core market which, as the Condo 12-Month Sales and Price Trend Chart below (available exclusively from MORE, REALTORS®) shows, is the lowest total for 12-month sales since August 2014. The St Louis Condominium sales trend is faring slightly better than single-family homes sales are because, as I reported earlier this week, St Louis home sales have fallen to the lowest level since early 2013.

St Louis Condo prices increasing a slower pace….

As the chart at the bottom illustrates, the median price Continue Reading →

St. Louis Home Sales Dip to a Decade Low, Prices See Modest Uptick

By Dennis Norman, on November 5th, 2023

For the 12-month period ended October 31, 2023, there were 22,555 homes sold in the St Louis 5-county core market which, as the STL Market Report below (available exclusively from MORE, REALTORS®) shows, is a 17.38% decline in home sales from the the prior 12-month period when there were 27,200 homes sold. The median price of homes sold during the most recent 12-month period was $275,000, an increase of 3.777% from the prior 12-month period.

St Louis home sales trend continues to fall….

Below the market report is a STL Market Chart showing (also available exclusively from MORE, REALTORS®) Continue Reading →

St. Louis Housing Market Trends: Navigating the Shift in Supply and Pricing

By Dennis Norman, on October 28th, 2023

The St. Louis housing market is undergoing some noteworthy changes, according to the latest data from MORE, REALTORS®. As of today, the supply of homes for sale in St. Louis stands at 1.43 months, a slight uptick from the 1.38-month supply reported at the end of September and the highest level in over 3 years. Additionally, the median price has settled at $260,000, and nearly half (48%) of the active listings have reduced their asking price from their original figures.

A Closer Look at Pricing Trends Two additional reports from MORE, REALTORS® offer a nuanced view of the market’s pricing Continue Reading →

Remodeling Market Shows Signs of Cooling

By Dennis Norman, on October 12th, 2023

The National Association of Home Builders (NAHB) recently released its NAHB/Westlake Royal Remodeling Market Index (RMI) for the third quarter of 2023. The index showed a decline, with a reading of 65, which is three points lower than the previous quarter. Despite the dip, the index remains above 50, indicating that more remodelers view the market conditions as good rather than poor. However, the decline suggests that the remodeling market is experiencing some cooling off, particularly in larger projects.

Current Conditions and Future Indicators The Current Conditions Index, which is an average of three components including large, moderately-sized, and small Continue Reading →

Comparing Real Estate Markets: Rockwood vs. Ferguson-Florissant School Districts

By Dennis Norman, on October 9th, 2023

The St. Louis real estate market is a complex landscape, influenced by various factors such as location, amenities, and notably, school districts. In this article, we delve into an exclusive comparison between two St Louis school districts: Rockwood in west St Louis county and Ferguson-Florissant in north St Louis county. Utilizing the STL Market Reports provided exclusively by MORE, REALTORS®, as well as infographics depicting census data, we aim to offer a comprehensive overview of these markets for the 12-month period ending September 30, 2023.

Key Market Trends

Rockwood School District

Decline in Sales: The Rockwood School District saw a Continue Reading →

St. Louis Luxury vs. Non-Luxury Home Inventory: A Tale of Two Markets

By Dennis Norman, on October 8th, 2023

As a follow-up to my previous article on the diverging trends in luxury and non-luxury home sales in the St. Louis area, we now turn our attention to the current state of inventory in these two segments. The tables below (exclusively available from MORE, REALTORS®) reveals a surprising contrast: the supply of luxury homes (with a list price of $700,000 or above) in the St. Louis 5-County Core market stands at 2.13 months, while the inventory for non-luxury homes is only 1.40 months.

A Closer Look at Luxury Home Inventory

The 2.13-month supply of luxury homes in the St. Louis Continue Reading →

St. Louis Real Estate Trends: Luxury vs. Non-Luxury Home Sales

By Dennis Norman, on October 6th, 2023

The St. Louis real estate market is experiencing a fascinating divergence in trends between luxury and non-luxury homes. According to the latest data from MORE, REALTORS®, the market for luxury homes—those priced at $750,000 and above—is on the rise, reaching its highest level in eight months. In contrast, the market for non-luxury homes, priced below $750,000, has been on a steady decline for about two years. This article delves into these trends, referencing two illuminating charts from MORE, REALTORS®.

Luxury Home Sales on the Upswing

The first chart from MORE, REALTORS® illustrates the upward trajectory of luxury home sales in Continue Reading →

St Louis Supply Of Homes For Sale Hits Highest Level in Over 3 Years

By Dennis Norman, on October 2nd, 2023

According to the latest MLS data reported by MORE, REALTORS®, there is currently a 1.38-month supply of homes for sale in the 5-county core market of St. Louis. While this may not seem like a significant inventory, it’s worth noting that for the past few years, the supply was below half a month. It gradually increased to over one month and reached 1.38 months at the end of September. This represents the highest level of inventory, based on months’ supply, that the St. Louis area has seen in over three years. However, this is still well below the Continue Reading →

St Louis Home Affordability Declines Double Digits From a Year Ago

By Dennis Norman, on September 29th, 2023

As a result of rising interest rates and home prices at levels higher than increases in income, homes in St Louis continue to become less affordable. In fact, according to data just released by ATTOM Data Research, home affordability declined double digits during the 3rd quarter of this year in all five counties that make up the St Louis core market. As the info graphic below illustrates, the percentage of wages needed to buy a home have, depending upon county, increased about a third to almost half from the historical “norm”.

Least affordable ever…

Three of the five counties that Continue Reading →