This decline is even more striking when compared to the peak years, such as 2021, where YTD sales in August reached over 27,900. This downward trend indicates that we may be entering a new phase in the market where inventory challenges and buyer hesitancy could continue to play a significant role. Stay tuned here on St Louis Real Estate News to keep an eye on these trends, as they signal further shifts in the months ahead.
At MORE, REALTORS®, we give our agents an edge with proprietary software and access to over two decades of St. Louis housing data. This combination allows our team to truly know the market better than others and apply that knowledge to benefit buyers, sellers, and investors. Whether you’re looking for your next home or your next great investment, were here to guide you every step of the way.
St Louis MSA YTD Home Sales – Past 15 Years (Chart)
(click on chart for live, interactive chart)
?agent_id=02107As of the end of July 2024, the St. Louis metro area has recorded 17,801 homes sold. This marks a slight increase from the same period last year, which saw 17,683 homes sold. Despite this year-over-year growth, the current sales figure represents a 7.6% decline from the median year-to-date home sales of 19,267 homes recorded between 1999 and 2020. Furthermore, when compared to the average year-to-date home sales of 18,855 homes from 1999 through 2024, this year’s performance is still trailing by approximately 5.6%. These statistics underscore a complex landscape for the St. Louis real estate market, balancing modest recent gains against broader historical trends.
For a detailed, live, and interactive chart showcasing YTD home sales for the St. Louis MSA from 1999 to present, be sure to check out the exclusive resource available from MORE, REALTORS®. This dynamic tool provides invaluable insights and allows users to explore the data comprehensively.
St Louis MSA YTD Home Sales (Chart)
(click on chart for live, interactive chart)
Compared to four years ago, when there were 13,295 homes sold through May 2024, this year’s sales have seen a slight decrease of 8.76%. However, this decrease is still within a reasonable range and does not indicate a significant decline in the market. Potential home buyers and sellers in the St. Louis metro area can take comfort in the fact that the market has remained stable over the years. For a complete list of the fastest selling zip codes in the area, be sure to check out MORE, REALTORS®. With this promising data, now may be the perfect time to make a move in the St. Louis metro area.
While this year’s YTD home sales may be lower compared to four years ago, with a decrease of 11.78%, it is important to note that the overall trend is still positive. This is great news for both potential home buyers and sellers in the St. Louis metro area, as it indicates a stable and growing real estate market. For those looking to buy or sell a home, it is worth considering the fastest selling zip codes in the area, which can be found in the complete list provided by MORE, REALTORS®. So if you’re thinking about making a move in the St. Louis metro area, now is a great time to do so.
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 their homes in the current market.
In terms of sales, there were 2,634 home sales in the St. Louis metro area in April 2024, a 9.70% increase from April 2023. This shows a continued high demand for homes in the area.
For those looking to buy or sell a home in the St. Louis metro area, now is a great time to take advantage of the strong market conditions. With the help of a knowledgeable and experienced REALTOR from MORE, REALTORS®, buyers and sellers can navigate this competitive market with confidence. Stay tuned for more updates on the St. Louis real estate market.
St Louis MSA 12-Month Home Sales Trend Chart
(click on chart for live, interactive chart)
Conversely, the median sold price for homes has edged upwards, indicating a resilient market valuation. The median sold price for homes in St Louis rose by 1.92% from $249,900 in the prior year to $254,700 in the period ending April 2024. This growth suggests a sustained buyer interest in value, despite the lower sales volume.
Inventory dynamics also present an intriguing picture. The number of listings sold last month was 2,612, with current listings standing at 2,840, and a supply of just over one month (1.09 months). These figures, coupled with a median of 22 days on market, highlight a competitive and swift market environment, challenging both buyers and sellers to act efficiently.
The STL Market Report below, available exclusively from MORE, REALTORS®, has more details on the above information as well as additional useful St Louis market data as well. For prospective buyers, sellers, and investors, understanding these market dynamics is crucial. The expertise of MORE, REALTORS® can provide the necessary guidance and strategic advice to effectively navigate this evolving market landscape.
STL Market Report- St Louis Metro Area
(click on report for live report)
This data highlights the fluctuations in the real estate market and is essential for understanding the current trends affecting both buyers and sellers in the region. For those navigating the complexities of real estate transactions, MORE, REALTORS® offers experienced guidance and in-depth market analysis
St Louis 5-County Core Market YTD Home Sales – 2020-2024
(click on chart for live, interactive chart)
12-Month Home Sales and Price Trend – Past 15 Years
(click on chart for live, interactive chart)
What are the fastest-selling school districts in the St. Louis metro area currently?
As of today, the list below, available exclusively from MORE, REALTORS®, indicates that the Windsor C-1 School District in Jefferson County is the fastest-selling, with homes staying on the market for an average of just 5 days. It is followed by Smithton DIST 130 in Illinois, with an average of 6 days on the market, and Sunrise R-IX in Jefferson County, taking third place with 7 days. St. Clair County in Illinois claims five of the top ten spots for the fastest-selling school districts, followed by Jefferson County with three. It should be noted that smaller school districts, with fewer homes on the market, may have an advantage over larger districts with more extensive inventory.
Top 10 Fastest Selling School Districts in the St Louis Metro Area
(click on list below for current, complete list)
During the most recent 12-month period, homes in the St. Louis metro area sold for a median price of $170 per foot, marking an increase of about 7.5% from the same period a year ago.
St Louis MSA 12-Month Home Sales and Price Trend – Past 15 Years (Chart)
(click on chart for live, interactive chart)
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 a limited sample of only four home sales.
- Frontenac and Town and Country are not far behind, boasting substantial average prices of $1,436,364 and $1,389,021, respectively. The volume of sales in these areas—46 and 68 homes sold—points to a healthy and active market.
- Clayton and Ladue marry luxury with lively market activity, seeing 103 and 148 homes sold at steep average prices of $1,372,398 and $1,330,002, respectively.
Additional cities such as Westwood, Josephville, Town and Country, and Clarkson Valley also feature on the list, each contributing unique market traits but collectively underscoring the strong demand for high-end residential properties in the area.
St Louis MSA’s Most Expensive Cities-Avg Price-Homes Sold In Past Year
(click on list for current, complete list)
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: Despite decreased sales, median sold prices rose by 2.40% from $248,000 to $253,950 during the same period.
- Price Per Square Foot (PPSF): The PPSF of current listings is 3.74% than the PPSF of homes that sold during the prior 12-months. This suggests an adjustment in the market with current listings being priced lower than what was sold in the past year.
- Inventory and Supply: There is currently a 1.07 months supply of homes for sale, indicating a tight inventory reflective of a seller’s market.
- Median days on the market: The median time on the market of current listings is just 22 days, showing homes are selling relatively quickly.
County Highlights:
- St. Louis City and St Louis County:
- A decrease of -5.14% in homes sold year-over-year.
- A reduction in median sold price by -1.21%.
- A significant drop in PPSF for current listings by -15.93% compared to the last 12 months.
- St. Charles County:
- The number of homes sold dropped by -14.64%.
- Median sold prices increased by 5.97%.
- PPSF for current listings increased by 12.61%, signaling strong market growth.
- Franklin County:
- A decrease of -9.72% in homes sold year-over-year.
- Median sold prices increased by 9.09%.
- PPSF for current listings rose by 8.86%.
- Jefferson County:
- The number of homes sold decreased by -16.63%.
- An increase in median sold prices by 4.02%.
- A substantial increase in PPSF for current listings by 12.63%.
Market Implications:
The St. Louis MSA real estate market is currently defined by a decrease in the number of homes sold but a general uptrend in prices. The PPSF analysis reveals a market correction, yet the trend suggests prices might increase shortly.
- For Sellers: The current market presents an opportunity due to low inventory levels and a consequent seller’s market, indicated by the low months’ supply.
- For Buyers: The decreased competition and market adjustment could benefit buyers, yet they should be mindful of the resilient pricing trends.
The real estate landscape in the St. Louis metro requires careful navigation, with sellers possibly leveraging the low supply and buyers staying cautious of the potential for increasing prices. Stay informed with St. Louis Real Estate News for ongoing analysis and insights into local market trends.
Continue reading “St. Louis Area Residential Real Estate Market Report For March 2024“
, 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 (St. Louis County, 17 DOM), and 63052 (Jefferson County, 20 DOM). The City of St. Louis makes its first appearance at #9 with 63021 and its 17 listings averaging 27 DOM.
Notably, 8 of the top 10 fastest-selling zips are located in Missouri counties, with just two from the Illinois side of the MSA – 62254 in St. Clair County at #14 and 62035 in Madison County at #15.
Fastest Selling Zip Codes in St Louis
(click on table for complete list with current data)
Scorecard on December Predictions: These numbers suggest a relatively stable market, albeit with a slight variance from the predicted downward trend. The sales in February exceeded expectations, hinting at a possibly more dynamic market than initially forecasted. The March figure aligns closely with the expected summer peak. This rapid ascent in prices suggests a stronger upward momentum in the housing market than forecasted, possibly reflecting tighter inventory or increased demand. Updated Forecast for 2024: A Word of Caution: In summary, the St. Louis housing market is showing signs of robust activity and price growth in the first quarter of 2024. Buyers and sellers should stay informed and agile, ready to adjust to the dynamic market conditions. (click on chart for live, interactive chart) 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: Home Value Resilience: Price Per Square Foot (PPSF) Analysis: Signs of Market Adjustment: Inventory and Supply Dynamics: 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. 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 over a decade. This reduction aligns with homebuyers’ preferences, which have also shifted towards more compact living spaces. Today, the desired home size is around 2,070 square feet, significantly less than the 2,260 square feet preferred two decades ago. Rose Quint, NAHB’s assistant vice president of survey research, identifies two main factors driving this trend: a change in homebuyer preferences and the escalating challenge of housing affordability. In response, builders are adapting their strategies, with 38% reporting a shift towards constructing smaller homes in 2023 to facilitate sales, and 26% planning to continue this approach into 2024. Efforts to address affordability concerns have led to reductions in median new home prices to $427,400 in 2023, a 7 percentage point drop from the previous year and the most significant decrease since 2009. Beyond size, homebuyers are increasingly seeking personalized and authentic living spaces. Donald Ruthroff, AIA, of Design Story Spaces LLC, highlights a growing demand for customization, with homeowners desiring unique features that set their homes apart. This trend towards personalization is evident in the choice of home upgrades, from custom kitchen islands to premium flooring options. The study also reveals that homebuyers’ priorities have evolved, with a focus on outdoor living, kitchen functionality, and energy efficiency. Top desired features include laundry rooms, patios, Energy Star windows, and smart home technology, such as security cameras and programmable thermostats. Additionally, preferences have expanded to include quartz countertops, outdoor kitchens, and built-in seating, underscoring a shift towards both practicality and luxury in home design. As we move through 2024, the shift towards smaller, more personalized homes is reshaping the real estate landscape. This trend, driven by changing preferences and affordability challenges, highlights the importance of staying informed about market dynamics for both homebuyers and builders and you’re in the right place now to do that, St Louis Real Estate News. 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 sales figures. Over the past nine years, while the number of homes sold initially rose, it eventually reverted to levels seen nine years ago. In contrast, the median price per foot for homes sold has witnessed a substantial increase of over 74%, soaring from $97 per foot to $169 per foot. (click on chart for live, interactive chart) In their report, “A Surfeit of Real Estate Agents: Industry and Consumer Impacts,” the Consumer Federation of America (CFA) sheds light on a pressing issue in the real estate industry: the overwhelming number of agents. This surplus, as detailed in the report, is not just a numbers game; it’s a matter of market efficiency and service quality, deeply affecting both agents and consumers in markets like St. Louis. While I may not always agree with the Consumer Federation of America’s views, including certain aspects of this report, many of their points echo my own observations at MORE, REALTORS®. We constantly strive to enhance our agents’ education and consumer knowledge, while also improving service quality for home buyers and sellers through innovative technology. This proactive approach in real estate brokerage sets us apart, enabling us to anticipate and address potential industry issues, often identified by external observers like the CFA, before they escalate. Some of the problems identified in the report, with each point followed by my thoughts, are: In conclusion, the CFA’s report “A Surfeit of Real Estate Agents: Industry and Consumer Impacts” illuminates significant challenges in today’s market, particularly the glut of agents. At MORE, REALTORS®, we’ve been proactive in addressing these issues through continuous professional development, technological advancement, and consumer education. Our approach isn’t just about adapting to current trends; it’s about setting a higher standard in real estate service. As we navigate these industry changes, our commitment to excellence and informed service remains our guiding principle, ensuring we continue to deliver unmatched value to our clients in St. Louis. (click on image below to view entire report) 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 Modest Rise in Home Prices Price Per Square Foot Analysis Inventory and Market Supply Dynamics Days on Market: A Consistent Pace What This Means for You (click on report below for complete report) 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 the end of 2024, bringing St Louis home sales down to about 22,400. This isn’t a huge drop (0.8%), but it is a noticeable change that could give buyers in the market a bit more leeway. 2024 St Louis Home Prices… While home prices have been on the rise, the median price per square foot is increasing at a slower rate than in previous years. I anticipate St. Louis home prices will increase by only about 1% from their 2023 peak, reaching a peak in the summer of 2024 at approximately $196/foot, and then leveling off slightly, falling to around $184/foot by December 2024. It’s important to bear in mind that this type of fluctuation is common, whether you’re buying or selling. Prices are not falling dramatically, but they’re also not rising sharply. This follows a more consistent, dependable pattern. These are the trends to watch out for in the St. Louis market in 2024 if you’re in the game. A little CYA… It’s worth noting that the aforementioned estimates are based on the current economic conditions and patterns. Interest rates, inflation, and unemployment are just a few of the many factors that influence the economy, and even experts (who know a lot more than me) can’t always agree on where these trends are headed. As a result, any major shifts in these areas might significantly impact the direction of the St. Louis housing market in the upcoming year. (click on chart for live, interactive chart) In a remarkable end-of-year surge, the St. Louis real estate market has shown significant growth in both home sales and new listings, according to the latest reports below, available exclusively from MORE, REALTORS®. The week of December 17-23, 2023, marked a notable increase in accepted contracts for home sales, jumping 26% compared to the same week in 2022. The rise was led by St. Louis County, which experienced an impressive 60% increase, indicating a robust demand in this area. Simultaneously, new listings in the St. Louis area rose by 10%, with St. Charles County, in particular, witnessing a 31% jump in new properties hitting the market followed by Jefferson County with a 20% increase in new listings over the prior year. This increase in listings, coupled with the growth in sales, suggests a continued good real estate environment as we head into the new year. (click on table for current, live data) (click on table for current, live data) 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 County, it takes 38.3% of annualized wages to afford a home. As the table below illustrates, in 4 of the 7 counties covered in the report, an average wage earner could afford to buy a home. Interestingly, home price appreciation is outpacing annualized wages in those counties, indicating that this affordability may soon change. 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 perception of “free service” for the buyer. This arrangement often obscured the true cost of services provided by buyer’s agents. The anticipated changes would likely result in a direct payment model, where buyers would pay their agents directly. What does this mean for you as a buyer? Firstly, it brings transparency. You will have a clearer understanding of what you’re paying for and why. It’s an opportunity to engage more deeply with your agent, understanding their role and the value they bring to your home-buying journey. This shift encourages informed decision-making and could lead to more personalized, high-quality services, as agents strive to demonstrate their worth. For Sellers: A More Level Playing Field Sellers, you’re not left out of this equation. The change could level the playing field, making the process fairer. You might find that the costs of selling your home become more predictable, and the overall market dynamics more balanced. However, sellers may experience a bit of ‘sticker shock’ initially. When selling, and basing the value of their home on recent sales, they will need to remember that those prior sale prices included the cost of the buyer’s agent. If now the buyer has to incur this cost, it will effectively add to the buyer’s overall expenses and, consequently, lower the perceived value of the home compared to listings where the seller paid the commission. In other words, sellers, you can’t have your cake and eat it too. For Agents: A Call to Elevate Services To the real estate professionals reading this: the proposed changes are a call to action. This is an opportunity to showcase the value and expertise you bring to the table. By focusing on quality service, specialization, and client satisfaction, you can navigate these changes successfully. Remember, a more informed consumer is an opportunity to build deeper, trust-based relationships. A Forward-Looking Industry Change is often accompanied by uncertainty, but it also brings growth and progress. As we navigate this evolving landscape, our focus remains on empowering you with information and insights. Whether you’re buying, selling, or simply exploring the market, remember: the value of a skilled real estate professional is undisputed. The right agent is your ally, advocate, and expert. If you are looking for such an agent, a good place to start is my firm, MORE, REALTORS® as those are the only kind of agents we surround ourselves with (shameless plug). 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 golden month for home purchasing, differing from the national trend. This divergence presents a strategic opportunity for buyers in the state to potentially secure better deals. What This Means for St. Louis Home Buyers and Sellers In the St. Louis real estate market, the latest data presents a compelling narrative for immediate buyer action. With December’s arrival, historically marked as the most advantageous month for home purchases in Missouri, buyers are positioned to capitalize on potentially lower prices. This trend aligns closely with the findings from my recent analysis on interest rates dropping to their lowest in over two months. Together, these factors create a prime environment for buyers in the current market. For sellers, this period warrants a strategic review to align with the unique opportunities that December offers. (click on chart for live, interactive chart) 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 per foot for Condominiums sold in the St Louis area increased this year 8.1% from last year which, while it is a higher percentage increase than seen during the same period for homes, is a lower rate of price appreciation than the 11.0% seen in 2022 and 9.0% in 2021. (click on report for live, interactive report) 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®) the 12-month home sales and home price trend for the St Louis 5-County core market since 1999. The green line on the chart depicts the 12-month sales trend for each month for the past 10-years revealing a decline in the St Louis home sales trend for the past 12-months. The 12-month home sales trend in St Louis is now at the lowest level since April 2013. St Louis home price trend falling as well…. The red line on our chart tracks the median price per square foot for St. Louis homes sold over each 12-month period ending in the month indicated. It’s a given that home prices ebb and flow annually, peaking typically in the early summer months before tapering off during the winter. This year, the peak median price per square foot hit $194 in July, marking a modest 2.6% climb from the peak of the previous year. To put this in perspective, the previous year’s peak was a more robust 9.9% above the peak price of 2022. (click on report for live, complete report) 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 These reports indicate a slight softening in home prices, which could be attributed to various factors, including seasonality. Seasonal Impact on the Market 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. Rockwood School District Ferguson-Florissant School District 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. The 2.13-month supply of luxury homes in the St. Louis 5-County Core market suggests, while still favoring sellers, a more balanced market than the non-inventory market which, due to the very low supply, still favors sellers.
Given the trends observed in the first quarter, I am revising my forecast for the St. Louis real estate market in 2024 as follows:
As always, this forecast is contingent on prevailing economic conditions, including interest rates and inflation trends. Significant deviations in these or other macroeconomic factors could impact the market differently than expected.
St Louis 5-County 12-Month Home Sales and Price Trend
12-Month Home Sales and Price Trend For the St Louis MSA For the Past 15 Years
A Surfeit of Real Estate Agents: Industry and Consumer Impacts
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 a 13.13% decrease compared to the previous year’s figure of 36,498. This drop could signal a shift toward a buyer’s market, as fewer transactions typically indicate less competition among buyers.
Despite the decrease in sales volume, St. Louis saw a modest increase in home prices. The median sold price for homes rose by 2.04% from $245,000 in December 2022 to $250,000 in December 2023. This growth, although not steep, suggests that home values in the region continue to appreciate, offering a silver lining for homeowners looking to sell.
The median price per square foot (PPSF) for sold homes remained relatively stable at $173.08 in December 2023, a slight decrease compared to the median PPSF for current listings at $171.87. However, a significant point to note is the 11.02% drop in PPSF for current listings compared to the sold listings from the past 12 months, indicating a possible adjustment in market expectations.
St. Louis’s home inventory levels also present an interesting narrative. With 2,956 listings currently up for sale and 2,348 homes sold last month, the market is experiencing a supply of approximately 1.26 months. This figure represents a brisk market that favors sellers, as a supply under 6 months typically does. However, it is important to monitor whether this inventory will rise or fall in response to changing market conditions.
Homes in St. Louis are selling at a consistent pace, with the median days on market holding steady at 37 days. This indicates a stable demand for homes, with properties moving from listing to sale in just over a month on average.
For sellers in the St. Louis area, the market still offers a favorable environment with steady prices and a relatively quick selling period. Buyers, on the other hand, might benefit from reduced competition, though they should be mindful of potential value appreciations.STL Market Report – St Louis MSA
St Louis 5-County Core 12-Month Home Sale and Price Trend – Past 10 Years
STL Real Estate Trends Report
New Accepted Contracts In the St Louis 5-County Core Market
STL Real Estate Trends Report
New Listings In the St Louis 5-County Core Market
Percentage Of Income Needed To Buy A Home In St Louis
St Louis Housing Affordability Index By County
Best Month to Buy a Home in Missouri
St Louis Condo 12-Month Sales Trend and Price Trend
St Louis Condo Price Trends
STL Market Report – St Louis 5-County Core Market
St Louis 5-County Core Market – 12-Month Home Sales & Price Trend – Since 1999
Two additional reports from MORE, REALTORS® offer a nuanced view of the market’s pricing dynamics:
As we transition from fall into winter, it’s essential to acknowledge the seasonal effects on home sales and prices. Historically, the colder months tend to see a slowdown in market activity, which could explain the recent changes in pricing and supply.
Key Market Trends
A Closer Look at Luxury Home Inventory
