St Louis Market Trends
Newest St. Louis Housing Report
These figures compare real estate activity in April 2024 to April 2023
Comments below from St. Louis REALTORS
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US existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR. New listings increased 16.2% for residential homes and 32.6% for townhouse/condo homes. Pending sales increased 11.4% for residential homes and 8.6% for townhouse/condo homes. Inventory decreased 9.7% for residential homes but increased 27.1% for townhouse/condo homes. Median sales price decreased 1.2% to $272,700 for residential homes but increased 11.4% to $245,000 for townhouse/condo homes. Days on market increased 3.6% for residential homes but decreased 35.1% for townhouse/condo homes. Months supply of inventory decreased 6.7% for residential homes but increased 30.8% for townhouse/condo homes. Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before. |
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. If you are not on some kind of auto email alert, you will not be one of the winners in this current market. Sign up for your search and don't be left behind.
What This Means for Sellers
As the above chart shows, (Year-to-Date) Sellers are getting 100.1% of their asking price for homes and 99.5% 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:
Below is the current months of supply charts for St. Louis and St. Charles County
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?
If, and when they do, it will probably be very gradual. As you can see in the above image home prices increased by only 0.2% 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
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Median Sales Price
Days on Market
Percentage the Sellers are Getting for Home
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