St Louis Market Trends

Newest St. Louis Housing Report 

Stlrealtor February 2024 Housing Report

These figures compare real estate activity in February 2024 to February 2023

Comments below from St. Louis REALTORS

According to the National Association of REALTORS® (NAR), US existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023. Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.

New listings increased 19.9% for residential homes and 18.2% for townhouse/condo homes. Pending sales increased 16.5% for residential homes and 6.1% for townhouse/condo homes. Inventory increased 3% for residential homes and 24.1% for townhouse/condo homes.

Median sales price remained flat at $250,000 for residential homes but increased 10% to $220,000 for townhouse/condo properties. Days on market decreased 2.3% for residential homes but increased 21.6% for townhouse/condo homes. Months supply of inventory increased 7.1% for residential homes and 36.4% for townhouse/condo homes.

Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a three months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the five to six months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.

percent of list price received February 2024

What This Means for Buyers

If you're a buyer, you may want to act fast if you see a home that you like and can afford. You'll most likely face competition from other buyers who are looking for similar properties. As you can see from the most recent chart above, Sellers have been getting what they ask for. You may have better opportunities with homes that have been on the market longer than normal stats show which is usually due to inaccurate pricing initially. There are Sellers who have lowered their price. The challenge for you, the Buyer, is being aware when that happens. In our opinion, it does not look like the tight inventory of homes is going to change in the near future. You might want to consider using our newest hack DIY hack to find homes that have just lowered their price. If you are not on some kind of auto email alert, you will not be one of the winners in this current market.

What This Means for Sellers

As the above chart shows, (Year-to-Date) Sellers are getting 98.9 % of their asking price for homes and 99.0% for condos. If you're a seller, you may want to take advantage of the low inventory and high demand and list your home now. You may be able to get a good price for your home and sell it quickly. However, you may also have to deal with lower appraisals, stricter inspections, or contingency clauses from buyers who are trying to protect themselves from overpaying or buying a faulty home. Don't over-price your home!

Whether You're a Buyer or Seller We Have Free Guides to Read or Download Your Own Copy Here

What Will the Real Estate Market Look Like in 2024?

Basic Real Estate Principles

Everything comes down to supply and demand. The graph below what you need to know regardless where you live because this applies to the real estate market everywhere. This is what drives prices up or down:

Inventory Chart

Below is the current months of supply charts for St. Louis and St. Charles County

St Louis ounty Months of Inventory February 2024

  st charles county months of inventory February 2024    

Whether you're interested in the St. Louis or St. Charles area, the supply of homes is still low.
That's why home prices keep going up and why competition is still very much in the picture.

Will Home Prices Start to Go Down?

Quick facts february 2024

If, and when they do, it will probably be very gradual.  As you can see in the above image home prices increased by nearly 2% compared to last year. The question is  how many buyers are tracking prices closely and are prepared to pounce on an opportunity? The challenge for buyers is to be able to react quickly when a price reduction occurs. How can you find out if a home has recently dropped in price so you can react? 

Simple! Start saving your searches and make sure you are getting automatic notifications when prices drop.

Attention Data Geeks and Chart Lovers Keep Scrolling for More

The charts below will show you month by month over the past 3 years how many new listings came on the market on a monthly basis.

If you put your mouse over the graph lines you will see the actual numbers and how they change month to month. This data is refreshed continuously so mark this page and come back in the future to see the trends.

St. Louis County New Listings

St. Charles County New Listings

St. Louis City Median Sales Price 3 Bedroom Home Over the Last 5 Years

The charts below are interactive.  As you move your cursor (or finger on mobile devices)on the chart line you'll see the median price for each month going
back to 2016.

St. Louis City Median Days on Market During the Same 5 Year Period
How Long it Took a Home to Sell

St. Louis County Median Sales Price 3 Bedroom Home
Over the Last 5 Years

St. Louis County Median Days on Market During the Same 5 Year Period
How Long it Took a Home to Sell

St. Charles County Median Sales Price 3 Bedroom Home
Over the Last 5 Years

St. Charles County Median Days on Market During the Same 5 Year Period
How Long it Took a Home to Sell

Links to More Communities for Median Prices 5 Year Period

Ballwin
Chesterfield
Wildwood
Brentwood
Maplewood
University City
Ladue
Kirkwood
Central West End

Finding Homes for You Leads with Data

How can you know the trends and the pulse of any market without timely data?  You can't. If you would like to know more about a particular market we can provide you with so much more. To get started just tell us the basic items you need as outlined in the image below:

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Median Sales Price

Days on Market

Percentage the Sellers are Getting for Home

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