Homeowners Insurance Not Projected to Increase in Cost in 2024:
According to a study by Insurify, home insurance rates are expected to rise by 6% this year after a 20% increase over the last two years. However, the study indicates that in Missouri, the average cost of homeowners insurance in 2023 was $2,706 and for 2024 it’s projected to be $2,697. So, no increase in Missouri and actually a few bucks in savings.
Within Missouri, the cost of insurance varies by location. Here are a few examples of the average monthly quote for homeowners insurance for several cities within Missouri:
- Florissant – $206
- St. Charles – $186
- St. Joseph – $213
- St. Louis City – $232
- Springfield – $224
There are many factors that come into play regarding the cost of insurance beyond the location, such as the home’s replacement cost. This figure represents the cost to rebuild your home using similar materials and is influenced by several factors, including the age of your home, its square footage, architectural style, and the local rebuilding costs in your area. Coverage options also play a vital role. Homeowners who opt for additional coverages, such as protection for sewer lines, natural disasters, and high-value possessions, will generally see an increase in their insurance rates.
This is why it’s important to have a knowledgeable insurance agent and preferably one with access to coverage from many different companies to help you select the right company and coverage for your situation. A good place to start is STLBestInsuranceAgent.com, where you can find many helpful short videos about homeowners insurance, particularly from the standpoint of a homebuyer.
Most Expensive States for Home Insurance in 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: 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“
St Louis New Home Building Permits – February 2024
(click on table below for page with live charts showing additional permit data)
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.
Ragan assures homebuyers, “Aluminum wiring is not necessarily a bad thing,” explaining that “if things are done correctly using the aluminum wiring, that it’s not dangerous.” He addresses the common fear surrounding aluminum wiring, which stems from its susceptibility to oxidation and the associated risks of overheating and fire hazards in older installations from the 1970s. However, he clarifies that with the correct installation and maintenance procedures in place, aluminum wiring is not inherently dangerous. Key to the safe use of aluminum wiring is the application of specific products like deoxidizing agents and the use of aluminum-rated devices, which prevent oxidation and ensure secure connections.
Moreover, Ragan highlights budget-friendly solutions for addressing aluminum wiring concerns, such as aluminum-rated connections or AlumiConn® connectors, whereby “you can significantly save money by going with the connections… less than half the cost by going through and redoing all the connections.” He strongly recommends that buyers considering a property with aluminum wiring engage a licensed electrician familiar with these issues to conduct a thorough inspection, thereby ensuring the wiring’s integrity and compliance with safety standards.
This dialogue not only educates homebuyers about the realities of aluminum wiring but also reassures them that, with proper attention and maintenance, homes equipped with aluminum wiring can be a safe, viable option. He says, “I would have no problem buying an aluminum wired house if the things we talked about were done correctly.” Ragan’s expertise offers practical guidance for navigating concerns related to aluminum wiring, empowering homebuyers to make informed decisions about their potential purchases.
Interview with St Louis Master Electrician Mike Ragan about Aluminum Wiring Concerns
The St. Louis Metro Area saw a continued population decline according to the latest U.S. Census Bureau estimates, which show the region’s population decreasing from 2,820,285 in April 2020 to 2,796,999 as of July 2023. This represents a loss of 23,286 residents, or a 0.83% decrease over the three-year period. Looking at the one-year change, the St. Louis MSA population fell by 3,246, or 0.12%, from 2,800,245 in July 2022 to 2,796,999 in July 2023. Despite these decreases, St. Louis maintained its position as the 21st largest MSA nationally from 2020 to 2023.
Drilling down to the county level reveals that the population decline was not evenly distributed across the MSA. St. Louis County, the most populous county in the metro area, saw its population drop from 1,004,305 in April 2020 to 987,059 in July 2023, a loss of 17,246 residents or a 1.72% decrease. The City of St. Louis experienced an even sharper decline, falling from 301,565 to 281,754 over the same period, a decrease of 19,811 or 6.57%.
In contrast, some outlying counties in the MSA saw population growth. St. Charles County, the second most populous county in the region, grew from 405,271 in April 2020 to 416,659 in July 2023, an increase of 11,388 or 2.81%. Jefferson County’s population also increased, albeit more modestly, from 226,569 to 231,230, a gain of 4,661 or 2.06%.
Other Missouri counties in the MSA saw mixed results. Franklin County’s population rose from 104,689 to 106,404, an increase of 1,715 or 1.64%, while Lincoln County saw strong growth, increasing from 59,578 to 64,699, a gain of 5,121 or 8.59%. However, Warren County had a more moderate increase from 35,528 to 37,806, a growth of 2,278 or 6.41%.
In Illinois, the counties included in the St. Louis MSA also experienced population declines. Madison County’s population fell from 269,484 to 266,368, a loss of 3,116 or 1.16%, while St. Clair County saw a decline from 259,686 to 253,292, a decrease of 6,394 or 2.46%. Monroe County, however, remained relatively stable, with a slight increase of 4 residents or 0.02%, from 34,962 to 34,966.
The data shows that the St. Louis MSA’s overall population decline of 0.83% from 2020 to 2023 was driven largely by significant decreases in the core city of St. Louis (-6.57%) and St. Louis County (-1.72%), as well as declines in the Illinois counties of Madison (-1.16%) and St. Clair (-2.46%). While some suburban and exurban counties experienced population growth, such as Lincoln County (8.59%) and St. Charles County (2.81%), it was not enough to offset the losses in the urban core and Illinois portion of the MSA. This pattern of population shifts from urban to suburban/exurban areas within metro areas has been observed in many other regions across the country in recent years.
St Louis MSA Population Change 2020-2023 By County
| County | 2020 Population | 2023 Population | Change | % Change |
|---|---|---|---|---|
| St. Louis County, MO | 1,004,305 | 987,059 | -17,246 | -1.72% |
| St. Charles County, MO | 405,271 | 416,659 | 11,388 | 2.81% |
| St. Louis City, MO | 301,565 | 281,754 | -19,811 | -6.57% |
| Madison County, IL | 269,484 | 266,368 | -3,116 | -1.16% |
| St. Clair County, IL | 259,686 | 253,292 | -6,394 | -2.46% |
| Jefferson County, MO | 226,569 | 231,230 | 4,661 | 2.06% |
| Franklin County, MO | 104,689 | 106,404 | 1,715 | 1.64% |
| Lincoln County, MO | 59,578 | 64,699 | 5,121 | 8.59% |
| Warren County, MO | 35,528 | 37,806 | 2,278 | 6.41% |
| Monroe County, IL | 34,962 | 34,966 | 4 | 0.02% |
St Louis MSA Population – 1970-Present
(click on chart for live, interactive chart)
The St. Louis Metropolitan Area continues to enjoy a fairly fast-paced sellers real estate market, with certain zip codes standing out for selling even faster than the current norm. According to the report below, available exclusively from MORE, REALTORS®, homes in the top 30 zip codes are selling at an impressive rate, with average days on market ranging from just 2 to 24 days.
Leading the pack is zip code 63049 in Jefferson and St. Louis Counties, Missouri, where homes spend an average of only 2 days on the market. Close behind are zip codes in St. Clair County, Illinois (62258) and Madison County, Illinois (62010), with average selling times of 6 and 7 days, respectively.
Other notable fast-selling areas include zip codes in Warren County, Missouri (63380), St. Louis City, Missouri (63141, 63109, 63147, 63139), and St. Charles County, Missouri (63304, 63385, 63367, 63376). These areas demonstrate the high demand and quick turnover that characterize the St. Louis real estate market.
For buyers, this data highlights the need to act quickly when a desirable property becomes available. Sellers, on the other hand, can take advantage of the fast-paced market to sell their homes efficiently and potentially secure a favorable price.
Understanding the dynamics of these fast-selling zip codes is crucial for anyone navigating the St. Louis real estate landscape. By staying informed and working with experienced professionals, both buyers and sellers can make the most of the opportunities presented by this thriving market. Want to meet some of St Louis’ finest agents? Then check them out here.
Fastest Selling Zip Codes In The St Louis MSA
(Click on table below to see current, live and complete list)
In the 12-month period ended January 31, 2024 the St. Louis area saw the issuance of 3,996 building permits for new single-family homes. This represents a decline of 3.64% compared to the previous 12-month period, which had 4,147 permits, according to the latest figures from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA). This downward trend was noted across all counties with the exception of St. Charles County, with two counties reporting double-digit decreases.
St Louis New Home Building Permits – January 2024
(click on table below for page with live charts showing additional permit data)
As the table and charts below illustrate, the St. Louis Metropolitatn Area (MSA) has undergone significant demographic shifts over the past 50 years, marked by a stark contrast between the population trends in the City of St. Louis and its surrounding counties.
St Louis MSA and Major Counties Population 1970-2022
The decline in the City of St. Louis’s population sharply contrasts with the growth in surrounding counties. During the same period that St. Charles County witnessed a 345% increase and the St. Louis MSA as a whole saw nearly a 60% rise, the City of St. Louis experienced nearly a 70% drop in population.
Over the last 50 years, the St. Louis MSA has undergone significant shifts in its population, characterized by substantial declines in the City of St. Louis and remarkable growth in suburban counties. This trend can largely be attributed to a combination of factors, including urban blight, which is characterized by the deterioration and abandonment of buildings, leading to a diminished quality of life and decreased property values. The escalation of crime rates further compounded the city’s challenges, rendering it less appealing for families and individuals in search of safe, stable environments. Furthermore, governance issues, marked by inefficient public services and policies that failed to effectively address the needs of urban residents, have also contributed to the population decline. These factors, coupled with the allure of suburban living—offering more spacious living conditions, better educational facilities, and a perceived higher level of safety—have propelled the demographic shift away from the city center and towards the suburbs.
St Louis MSA and City of St Louis Population – 1970 – 2022 Chart
(click on chart for live interactive chart)
St Louis Major Counties Population- 1970 – 2022 Chart
(click on chart for live interactive chart)
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In 2023, the St. Louis area saw the issuance of 3,891 building permits for new single-family homes. This represents a decline of 10.78% compared to the previous year, which had 4,361 permits, according to the latest figures from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA). This downward trend was noted across all counties with the exception of St. Charles County, where five counties reported double-digit decreases. Additionally, Warren County, which had been on a four-month streak of increased permit activity, experienced a slight drop this month. The total of 3,891 permits in 2023 is the lowest the St. Louis area has seen since 2014, when 3,843 permits were issued. Furthermore, this total is nearly 17% below the 20-year average of 4,680 permits annually and 11% below the 20-year median of 4,375 permits.
St Louis New Home Building Permits – December 2023
(click on table below for page with live charts showing additional permit data)
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 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.
Modest Rise in Home Prices
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.
Price Per Square Foot Analysis
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.
Inventory and Market Supply Dynamics
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.
Days on Market: A Consistent Pace
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.
What This Means for You
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
(click on report below for complete report)
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.
STL Real Estate Trends Report
New Accepted Contracts In the St Louis 5-County Core Market
(click on table for current, live data)
STL Real Estate Trends Report
New Listings In the St Louis 5-County Core Market
(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.
Percentage Of Income Needed To Buy A Home In St Louis
St Louis Housing Affordability Index By County 
The St. Louis Real Estate Market Report for October 2023, presented below, merges data from both the City and County of St. Louis. This infographic is a unique offering from MORE, REALTORS, which is renowned for its expertise in St. Louis real estate market intelligence. Additionally, our brokerage prides itself on having a team of the most experienced and knowledgeable agents who are deeply committed to serving our clients throughout the St. Louis metro area
We invite you to dive deeper into our comprehensive demographic, which also sheds light on the St Charles, Jefferson and Franklin County markets as well by tapping on the image below.
St Louis Real Estate Report for October 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®) 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.
STL Market Report – St Louis 5-County Core Market
(click on report for live, complete report)
St Louis 5-County Core Market – 12-Month Home Sales & Price Trend – Since 1999
The St. Louis Real Estate Market Report for September 2023, presented below, merges data from both the City and County of St. Louis. This infographic is a unique offering from MORE, REALTORS, which is renowned for its expertise in St. Louis real estate market intelligence. Additionally, our brokerage prides itself on having a team of the most experienced and knowledgeable agents who are deeply committed to serving our clients throughout the St. Louis metro area
We invite you to dive deeper into our comprehensive demographic, which also sheds light on the St Charles, Jefferson and Franklin County markets as well by tapping on the image below.
St Louis Real Estate Report for September 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 the St. Louis area. As the chart shows, for the 12-month period ended September 30, 2023, there were 1,351 luxury homes sold in the combined markets of the city and counties of St Louis and St Charles County, which is the highest 12-month trend since January of this year.
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 historical norm of a 4 to 6-month supply.
Home sales for 12-month period ended September 3oth were, as the report below shows, down nearly 20% in the St Louis area and home prices were up 3.77%.
STL Market Report
(click on report for live report)
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 make up the St Louis Core market (St Louis, St Louis City, and St Charles) hit the least affordable levels ever during 3rd quarter, with Franklin County hitting its lowest level last quarter and seeing a slight uptick in affordability during 3rd quarter. Conversely, Jefferson County saw its least affordable quarter back in 2007.
Most affordable ever…
We have to take a quick stroll down memory lane to visit when homes were most affordable in the St Louis area. Franklin County had its most affordable quarter just back in 2020, St Louis County was back in 2013, Jefferson and St Charles 2012 and the City of St Louis had its most affordable quarter over 14 years ago in 2009.
St Louis Home Affordability – 3rd Quarter 2023
(click on image below for full infographic showing all info)
The St Louis Real Estate Market Report for August 2023 is below and combines data for the City and County of St Louis.  This data is presented by MORE, REALTORS, recognized as a leading authority in St Louis real estate market intelligence.  We invite you to dive deeper into our comprehensive demographic, which also sheds light on the St Charles, Jefferson and Franklin County markets as well by tapping on the image below.
Navigating the St Louis property landscape requires precision…
In the current property climate, likened to a complex chess match, the price for ill-informed decisions can be high. A limited inventory of homes coupled with a surge of enthusiastic buyers has intensified competition, sometimes leading to overvaluation of properties. While there’s no harm in paying a premium for a home, it’s essential that this decision is backed by concrete data and the right motivations.
Smart decision-making hinges on reliable data and a knowledgeable real estate professional to interpret it. At MORE, REALTORS our pride lies in our team’s expertise to steer both buyers and sellers through the intricacies of the current market with confidence.
Our commitment is to curate and disseminate prime market intelligence, empowering our agents and clientele to make enlightened choices. While no data set is infallible, striving for excellence ensures that our decisions are grounded.
Isn’t this data accessible to all REALTORS¬Æ?
It’s a common assumption that every agent, particularly those that are REALTORS possesses identical data. Taking St. Louis as a case in point, all REALTORS¬Æ can tap into the extensive MARIS MLS system. ¬†However, mere access doesn’t cut it. Think of it as the web: the real test lies in sifting out credible information.
Many agents rely on generic data handed down to them. In contrast, our agents utilize advanced software to tailor-make reports for individual clients. They also meticulously vet the data for discrepancies, emphasizing our commitment to ensuring that you receive nothing but the most reliable insights, even when sourced from a reputable origin like ours.”
Below is the St Louis Real Estate Market Report for July 2023 for the City and County of St Louis combined from MORE, REALTORS®, one of the most trusted sources for St Louis real estate market data and information. You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.
The current St Louis real estate market leaves little room for errors…
The real estate market today is like a tough game where making wrong decisions based on poor information can cost you. With few homes listed and many eager buyers, there’s a rush to outbid others, leading some people to pay more than a home’s true value. It’s okay to pay a bit extra if you’re doing it for the right reasons and based on solid facts.
To make smart choices, you need accurate information and a great real estate agent who knows how to use it. I’m proud that our team at MORE, REALTORS® is comprised of such experts who can guide buyers and sellers to make rewarding decisions in this tricky market.
We work hard to gather and share the best market information to help our agents and clients make informed decisions. While no information is 100% perfect, getting as close to that as possible can help you make smarter choices.
Don’t all REALTORS® have this data?
You might think all agents have the same information, especially those under the REALTORS® banner. In St. Louis, for example, every REALTOR® can access the same vast data through the MARIS MLS system. But simply having access isn’t enough. It’s like the internet: the challenge is finding trustworthy information.
A lot of agents use general data given to them by others. Our agents, however, use special software to customize reports for their clients. They also double-check the information to spot any errors. This shows how serious they are about making sure you get only the best, even when the data comes from a trusted source like ours.
Continue reading “St Louis Real Estate Market Report for July 2023 with accurate data you can trust“
Below is the St Louis Real Estate Market Report for June 2023 for the City and County of St Louis combined from St Louis Real Estate Search (the Official site). You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.
In the relentless tug-of-war that characterizes today’s real estate market, it’s imperative not to base your choices on misguided data!
The present property market leaves little room for errors, thanks to a deficit of listings and aggressive buyer interest. A combination of these factors has sparked not just bidding contests, but “conditions wars”, making the process exceedingly tough for many. To outshine the competition, buyers often eliminate contingencies from their bids and stretch their financial limits. Frequently, they’re ready to pay a premium beyond the property’s actual worth. As I elaborated in an earlier article, “Are Today’s Homebuyers Exorbitantly Overpaying and Setting Themselves Up for Regret?“, this strategy can be valid, as long as it’s backed by well-informed reasoning.
In order to make such informed decisions, one needs reliable data and a seasoned, professional real estate agent capable of dissecting that data and tailoring it to your specific circumstances. This is what makes me incredibly proud of our team at MORE, REALTORS®. Our representatives are experienced professionals adept at steering both buyers and sellers towards a rewarding outcome amidst the complex dynamics of the current market.
To assist our representatives and clientele, I devote substantial time to accumulating, examining, and disseminating market intelligence and data. My goal is to offer the most exact data possible, enabling shrewd, educated decision-making. Although no data set can claim absolute precision, inching as close to perfection as we can substantially boosts the probability of making prudent decisions.
Doesn’t every agent have the same data at their disposal?
It’s a reasonable assumption that all agents, particularly those affiliated with REALTORS®, can access the same information. In our region, every REALTOR® can indeed tap into the broadest and most detailed reservoir of data for the St. Louis residential real estate market — MARIS, the REALTOR® Multiple Listing System (MLS). However, merely gaining entry to this database is just the initial step. It’s similar to the internet: although nearly any data you desire is available online, the real test is in knowing where to look and identifying the most credible sources. This same notion applies to the property market data present in the MLS.
While most agents aren’t data enthusiasts and usually rely on consolidated data shared by others, our agents, to some degree, follow a similar pattern. Yet, they stand out due to their proficiency in setting parameters and producing bespoke reports for their clients using our exclusive software. Additionally, they don’t merely accept the data we deliver — they scrutinize it, cross-check it, and pinpoint any discrepancies they come across. This degree of dedication, though humbling, reflects their commitment to precision, even when dealing with data from a dependable source like our firm..
Continue reading “St Louis Real Estate Market Report for June 2023 with accurate data you can trust“
For the 12-month period ended June 20, 2023, there were 23,074 homes sold in the St Louis 5-county core market which, as the STL Market Report below (available exclusively from MORE, REALTORS®) shows, is nearly a 20% decline in home sales from the the prior 12-month period when there were nearly 29,000 homes sold. The median price of homes sold during the most recent 12-month period was $270,000, an increase of 5.47% 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 for the past 10 years. 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 February 2015.
St Louis home price trend falling as well….
The red line on the chart depicts the median price per square foot St Louis homes sold at for the 12-month period ending in the month shown. Home prices are seasonal and fluctuate every year, through good markets and bad markets, peaking in early summer and hitting a low in during winter. St Louis home prices peaked in June at $192 per square foot, an increase of just 1.6% from June of last year. In comparison, the price increase from June 2022 to June 2023 was 11.2%.
Continue reading “St Louis 12-Month Home Sales Trend Drops to Lowest Level in over 8 Years“
Below is the St Louis Real Estate Market Report for May 2023 for the City and County of St Louis combined from St Louis Real Estate Search (the Official site). You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.
In this competitive market don’t make decisions based upon bad data!
Today’s real estate market is unforgiving for homebuyers, driven by a scarcity of inventory and robust buyer demand. This, coupled with not just bidding wars but “terms wars”, has made it challenging for many. In an effort to stand out, homebuyers are waiving contingencies from their offers and pushing their budgets to the limit. Quite often, these buyers are willing to pay more than the actual worth of the property. As I previously addressed in my article, “Are Homebuyers Today Grossly Overpaying for Homes and Making Decisions They’ll Regret?“, this approach is acceptable, provided it’s a well-informed decision.
To make such decisions, you need accurate data and an experienced, professional agent who can interpret that data and apply it to your unique situation. This is why I take immense pride in our team at MORE, REALTORS®. Our agents are skilled professionals who can guide both buyers and sellers through the intricacies of the current market to a successful outcome.
To support our agents and clients, I invest considerable time in gathering, scrutinizing, and reporting on market information and data. I aim to provide the most precise data possible to empower smart, informed decision-making. While it’s true that no data can be 100% accurate in all respects, getting as close to that ideal as possible improves the odds of making sound decisions.
Don’t all agents have the same data?
It’s logical to think that all agents, especially those who are REALTORS®, have access to the same data. Indeed, in our area, all REALTORS® can access the most extensive and comprehensive source of information for the St Louis residential real estate market — MARIS, the REALTOR® Multiple Listing System (MLS). Yet, simply having access to this wealth of information is only the first step. It’s akin to the internet: while you can find nearly any information you seek online, the real challenge lies in knowing where to find it and determining the most accurate sources. The same principle applies to real estate market data available in the MLS.
While most agents aren’t data nerds and often depend on aggregated data provided by others, our agents, to some extent, do the same. However, a notable difference lies in their ability to define criteria and create their own reports for their clients using our proprietary software. Furthermore, they don’t simply accept the data we provide — they scrutinize it, cross-verify it, and highlight any errors they discover. This level of commitment, while humbling, is a testament to their dedication to accuracy, even when the data comes from a trusted source like our company.
Copy and Paste Culture Among Many Agents...
Contrary to the scrutiny that our agents apply to our data, many agents merely copy and paste infographics or reports they receive, without cross-checking the information. Take, for example, the infographic below showing the median sale price of homes in May 2023 for the city and county of St Louis combined as $255,000. Yet, numerous agents are sharing a report that states the median sale price for that market in May was $285,000. That’s nearly 12% higher than the actual figure, a discrepancy I deem significant. If you’re a buyer basing your offer, even partly, on market data, wouldn’t it be better to know the median price is actually $255,000 and not $285,000? Your next question might be, ‘How do you know your data is accurate?’ I’ve discussed this in detail in a previous article, which remains applicable today.”
Continue reading “St Louis Real Estate Market Report for May 2023 with accurate data you can trust“
Last month, there were 460 properties with foreclosure filings in the St Louis MSA, according to ATTOM Data’s U.S. Foreclosure Market Report. This represents an increase of 36% in St Louis foreclosures from April 2023 to May 2023 and a 28% increase from a year ago.
Counties of Macoupin, St Charles and St Louis see biggest increases…
As the table below shows, Macoupin County in Illinois saw an increase of 113% in foreclosure activity in May from the month before, St Charles County a 71% increase and St Louis County a 67% Increase.
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St Louis Foreclosures – May 2023
Below is our St Louis Real Estate Market Report for April 2023 for the City and County of St Louis combined. You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.
St Louis Real Estate Report for April 2023
Below is our St Louis Real Estate Market Report for March 2023 for the City and County of St Louis combined. You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.
St Louis Real Estate Report for March 2023
There were 28,500 homes sold in the St Louis 5-county core market during the 12-month period ended February, 28, 2023 a decline of 16.80% from the prior 12-months when 34,256 homes were sold according to MORE REALTORS® exclusive STL Market Report below. As the report below shows, the median price of homes sold in St Louis increased 7.62% during the same period.
While the supply of St Louis homes for sale is still historically very low, it has increased significantly over the past two years rising from under a 1-month supply to the current 1.64 month supply of homes currently active on the market in St Louis.
St Louis 5-County Core STL Market Report
(for the 12-month period ended February 28, 2023)
Below is our St Louis Real Estate Market Report for February 2023 for the City and County of St Louis combined. You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below.
St Louis Real Estate Report for February 2023
A new report just released by ATTOM Data revealed that nearly one of every four homeowners (24.3 %) in the city of St Louis that have a mortgage, are underwater on equity (meaning property owner owes at least 25% more on their home than the current value). At the other end of the spectrum was St Charles County where just 3.9% of homeowners with a mortgage are underwater.
Below is a list of the larger counties in the St Louis MSA and the percentage of the mortgages in the respective county that was underwater during the 4th quarter of 2022:
- City of St Louis, MO (24.3%)
- Saint Clair County, IL (15.5%)
- Madison County, IL (13.4%)
- Franklin County, MO (10.5%)
- St Louis County, MO (9.7%)
- Jefferson County, MO (8.1%)
- St Charles County, MO (3.9%)
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