Saint Louis, MO - Real Estate Market Overview 2025

Zoe Harper

Marketing

Landlord Tips & Tricks

July 20, 2024

The Saint Louis real estate scene is buzzing with activity. The area's median sale prices went up by 2.2% in May 2024 compared to last year¹. This shows a solid growth pattern. The average price for a home was $225,000 last month. This is an 11.1% jump from the previous year¹.

Houses in this lively city get around two offers and are sold in about 21 days¹. This speed shows that people really want to live here. Saint Louis also offers a cost of living that's more affordable than many parts of the country². It's a great place for those looking to buy a home or invest.

For a deep dive and the latest info, check this detailed article on the St. Louis real estate market.

Key Takeaways

Median sale prices in Saint Louis increased by 2.2% in May 2024, indicating a stable upward trend¹.
The average selling price of properties last month was $225,000, up 11.1% year-over-year¹.
Homes typically receive two offers and sell within 21 days¹.
Saint Louis has a lower-than-national-average cost of living, making it attractive for buyers².
Real estate experts and data from Redfin provide valuable insights into the Saint Louis housing market².

Current Housing Prices in Saint Louis, MO

Saint Louis has seen a notable increase in housing prices over the past year. The Saint Louis median home prices have surged, showing strong performance in the local real estate market.

Median Home Prices

In May 2024, the median sale price for homes in Saint Louis hit $235,000. This was a +2.2% increase from the previous year. Then, in June 2024, prices jumped to $304,000, a 6.7% rise from $285,000 in June 2023². At the same time, the median list price climbed to $325,000 from $310,000 the year before².

Price Trends Over the Limited Time Year

Over the last year, Saint Louis's housing market showed significant growth. For instance, the median sale price went up by $11,675, a 5.6% increase. This indicates a steady rise in property values². Furthermore, the median sold price for homes increased by 5.3% to about $216,406 in the past 12 months³. Such changes show the evolving market dynamics in Saint Louis, making it appealing for buyers and investors.

The housing prices trend in Saint Louis continues to surge, affecting both residential and townhouse/condo markets². Due to low inventory and high demand, sellers are getting prices close to what they ask. This creates a competitive market for buyers, who need to move fast when they find the right property².

Market Conditions for Buyers and Sellers in Saint Louis

Knowing the current market in Saint Louis is key for anyone looking to buy or sell. It's a seller's market right now. This means there's a big demand. Because of this, prices are going up and homes sell fast.

Is Saint Louis a Buyer’s or Seller’s Market?

Saint Louis is a seller's market for sure. We see this as the median sales price and demand have gone up. In June 2024, home prices rose by 6.7%, reaching $304,000 from $285,000 in June 2023². The list price also went up to $325,000 from $310,000². Because of this, buyers need to quickly make a move.

Speed of Sales

In Saint Louis, homes sell really fast, showing it's a busy market. On average, homes sold for about $214,000 as of May 2022. Some even sold within a week⁴. With properties often going for more than their listed price, buyers should act fast.

From June 2023 to June 2024, it now takes 53% longer to sell a house. This shows sellers have a big edge in today’s market².

Comparing Saint Louis Home Prices to Nearby Cities

Looking at the Saint Louis housing market, it’s important to see how it stands against nearby cities. The median home value in Saint Louis is $238,891⁵. Prices vary depending on the location and type of house. Pine Lawn, for instance, has seen a 12.9% increase in home sold prices, showing a strong market⁶. But, University Township’s prices dropped by 11.4%, showing how markets differ.

Price Differences and Trends

The Saint Louis housing market shows big differences in price trends compared to neighboring cities. Pine Lawn's prices are rising, showing more people want to live there. This could mean good investment chances. Yet, University Township’s falling prices show that factors affecting the market can vary greatly in different areas⁶.

Surrounding Areas Overview

The real estate markets around Saint Louis show a lot of variation. For example, Pine Lawn's properties are getting more valuable, while University Township’s are not⁵ ⁶. This shows how unique each nearby city’s market can be. Knowing this helps investors and buyers make smarter choices. It's clear that Saint Louis and its surroundings offer interesting real estate opportunities.

To learn more about what’s going on in the Saint Louis real estate scene, check out the latest at Saint Louis real estate market stats ⁵.

Price Breakdown by Number of Bedrooms in Saint Louis

The breakdown of median sold prices by bedroom count in Saint Louis offers an insightful view of the market. From June 2023 to June 2024, prices have shifted as follows:

1-Bedroom Properties

1-bedroom properties in Saint Louis saw an increase to $127.5K, a rise of 6.3% over the past year. This shows more people are looking for smaller, affordable homes. The price jump also shows properties of all sizes in the city are getting more valuable⁷.

2-Bedroom Properties

2-bedroom homes in Saint Louis went up to $183.6K, a 4.9% increase. These homes are often chosen by small families or those buying their first home. Even with fewer first-time buyers nowadays, 2-bedroom homes are still in demand⁸.

3-Bedroom Properties

3-bedroom homes in Saint Louis rose to $271.7K, up by 3.0%. This small increase shows the market for these homes is stable. They are perfect for larger families or those needing more room. The growth in house prices reflects the changing housing market⁷.

4-Bedroom Properties

4-bedroom houses in Saint Louis increased to $346.4K, a 5.2% jump. These properties meet the needs of those wanting more space or planning to live with multiple generations. Now, 18% of people in the U.S. live in such homes. These homes show how different sizes of properties vary in demand and value⁸.

5+ Bedroom Properties

Homes with 5 or more bedrooms went up slightly to $405.9K, a 1.5% rise. This small jump shows there's a consistent demand for big, luxurious homes. These large properties often represent the highest values in Saint Louis homes and attract wealthier buyers⁷.

This detailed analysis of housing prices based on bedroom count in Saint Louis shows how different home sizes meet different buyer needs. It provides useful insights into the dynamics of the market.

Housing Inventory and Availability in Saint Louis

In Saint Louis, the housing market has seen some changes lately. From May to June 2024, there was a slight boost in homes available by 0.9%². This change is due to various factors, such as economic shifts and changes in what people want. It's important to look at the amount of houses for sale and new listings to really get the market.

Number of Homes For Sale

In June 2024, Saint Louis listed 396 new properties². However, the number of houses dropped by 1.6%. On the other hand, townhomes and condos increased by a whopping 49.0%². These numbers show how the Saint Louis home market is always changing, influenced by the bigger picture of the economy and what homeowners decide to do.

New Listings

Recently, we've seen a hike in new listings. Homes went up by 7.3% and townhomes and condos by 13.9%². This jump has caught the eye of both buyers and investors. It changes how many homes are available in the city. So, keeping up with the latest real estate listings in Saint is key for smart investment choices².

There's a real shift happening in Saint Louis with the homes available and new on the market. By paying attention to these changes, buyers and sellers can make better decisions. This can help them meet their real estate goals.

Days on Market for Saint Louis, MO Properties

In June 2023, Saint Louis homes were selling in about 22 days. By June 2024, it took longer, around 34 days, to sell a home. This marks a +53% change². It suggests the Saint Louis housing market is slowing down, shifting from a seller's market.

Now, homes in Saint Louis are selling in under 30 days or between 30 to 90 days. Sellers may need to rethink their selling strategies because of this. The increase in selling time is due to more homes being available and buyers being pickier. Still, Saint Louis remains popular for its affordable and diverse housing options. For more details, check out this market analysis².

Various factors, including changes in mortgage rates and the overall market balance, affect how long homes stay on the market². For sellers, keeping up with these trends is key to successfully selling their Saint Louis homes.

Understanding Median Sale to List Ratio in Saint Louis

In Saint Louis, the sale to list ratio is key for understanding the real estate market. As of May 31, 2024, this ratio hit 0.999. This means that homes sold for almost exactly what they were listed for⁹. It shows a market where buyers and sellers price homes more accurately.

When looking to sell a home in Missouri, timing is everything. The months of June and July are the best for selling⁹. This is because you can sell your home quickly and for a good price then. Having the right pricing strategy in Saint Louis is essential. It helps take advantage of the market for better profits. Check out the best time to sell for more tips.

The sale to list ratio also shows how competitive Saint Louis's market is. With a ratio of 0.999, homes are selling at their asking price¹⁰. This indicates a strong market. Knowing this helps buyers and sellers make smart choices and price strategically.

Percent of Sales Over and Under List Price in Saint Louis

In the Saint Louis real estate scene, homes sell above or below the asking price. About 41.3% of sales went for more than the list price by May 31, 2024. This shows intense competition, with buyers willing to pay extra for the right home.

On the flip side, 42.9% sold for less. This variety reflects the different seller experiences and house conditions.

Sellers wanting more need to improve their home's appeal. Buyers looking for a deal should be ready to negotiate. It's key to watch the market trends. The U.S. Census Bureau says the median sales price for new U.S. homes in May 2024 was $417,400. The market had a 9.3-month supply of homes available².

Saint Louis, MO - Real Estate Market Overview

The Saint Louis real estate scene is changing. It's being shaped by events and trends both here and around the country².As of June 2024, home prices in Saint Louis jumped by 6.7% to $304,000. This is up from $285,000 the year before². The price for listing a home also rose, reaching $325,000 from $310,000². Plus, there were more home sales, with 1,542 homes sold in June 2024. This is a 5.6% increase from the previous June².

New listings are all over the place. Listings for houses went up by 7.3%. Townhomes and condos saw a bigger jump, at 13.9%². But, the number of homes available is mixed. There are fewer houses but many more townhomes and condos². While inventory for houses stayed the same, it rose by 57.1% for townhomes and condos².

People still love Saint Louis for its affordable and varied housing. We think home values here will keep going up in 2024². Homes are selling faster, staying on the market for 37 days³. Even though the sale price dipped a bit, overall home values rose by 5.8%³. In January 2024, 275 homes were sold, slightly less than the year before³.

The rental market in Saint Louis is also strong. Rent is averaging $1,225, up by 6.2% from last year³. The price-to-rent ratio is 21.32, which shows the market's balance³. The future looks bright but steady for the real estate scene here³.

In May 2022, Saint Louis homes were priced at $214,000 on average. This is a 1.7% rise from the year before⁴. Homes often sold for more than listing price, some even 12% higher⁴. Single-family homes were $275,000 on average, up by 3.8%⁴. Rental rates for 3-bedroom homes fell by 6%, averaging $1,397⁴.

Saint Louis is highly thought of for its quality of life. Places like Forbes and U.S. News & World Report give it high marks⁴. Affordability, diverse living options, and solid economics make it appealing. This city keeps drawing in both residents and investors.

Factors Impacting Home Prices in Saint Louis

Saint Louis home prices are shaped by many factors. They range from economic changes to the quality of local services. This includes things like schools and parks.

Economic Conditions

The local job market and wages noticeably affect Saint Louis housing. The area's median household income is $43,896. It has a 5.9% unemployment rate¹¹. Saint Louis is a seller’s market, with about 2 months of housing inventory as of Q4 2023¹². Home values appreciated 13.8% in 2021, showing the economy's role in housing¹¹.

Local Amenities and Services

Quality local amenities boost Saint Louis home prices. Good schools and parks make neighborhoods more appealing, raising property values. The median rent is $1,225, with a price-to-rent ratio of 21.32³. Shopping centers, hospitals, and community spaces also matter to buyers¹². Keeping homes updated is important as buyers focus on price.

Conclusion

In conclusion, the Saint Louis, MO real estate market is lively and growing. It offers high rental incomes across different types of properties. This is thanks to Missouri's special tax benefits for those who own property¹³. Saint Louis also has a strong job market with big companies. This attracts long-term renters and increases property values¹³. The city's top schools also help make rental properties more in demand. This makes the market even more appealing to investors¹³.

Looking back at the Saint Louis real estate, nearly half a million properties in the county have gone up in value. Around 175,000 of these properties saw their value jump by at least 15%¹⁴. Homes worth between $100,000 and $200,000 saw big value gains¹⁴. Yet, higher taxes from local services like fire and schools make housing less affordable. This calls for new laws to help keep people from losing their homes due to high taxes¹⁴.

To sum up the Saint Louis property market, it's key to look at economic conditions, local perks, and other unique factors. If you're thinking of buying or selling, talk to a licensed real estate expert. They can help you understand the different sale prices in various areas and property sizes. This tailored advice is crucial because Saint Louis's market can vary greatly from one neighborhood to another. namie.

FAQ

What are the current median home prices in Saint Louis, MO?

As of May 2024, Saint Louis has seen its median home price reach $235,000. This is a +2.2% jump from last year. It shows the city's real estate is gaining value steadily.

How have the home prices changed over the last year in Saint Louis?

In the past year, home prices in Saint Louis went up by $11,675. This means a +5.6% increase. It shows a strong demand for homes in the area.

Is Saint Louis currently a buyer’s or seller’s market?

Right now, Saint Louis is a Seller's Market. There's high demand for homes, driving prices up. Homes are also selling more quickly.

What is the average speed of sales in the Saint Louis real estate market?

Homes in Saint Louis are currently selling after 16 days on market. This is a slight rise from 12 days compared to last year. But it still points to a fast-moving market.

How do home prices in Saint Louis compare to nearby cities?

Saint Louis' home prices are different from other places. For example, Pine Lawn saw a +12.9% increase. But University Township's prices fell by -11.4%. These changes show how different each area's market can be.

What are the median prices for homes in Saint Louis based on the number of bedrooms?

By June 2024, here's how the median prices stack up:- 1-Bedroom: $127.5K (+6.3%)- 2-Bedroom: $183.6K (+4.9%)- 3-Bedroom: $271.7K (+3.0%)- 4-Bedroom: $346.4K (+5.2%)- 5+ Bedrooms: $405.9K (+1.5%)

What does the housing inventory look like in Saint Louis?

Saint Louis' housing inventory slightly changed with a +0.9% from May to June 2024. On June 30, 2024, 396 new listings were added. This shows a lively market.

How long are homes staying on the market in Saint Louis?

Homes now take about 34 days to sell in Saint Louis, up from 22 days last year. This is a +53% increase in time.

What is the median sale to list ratio in Saint Louis?

By May 31, 2024, Saint Louis' median sale to list ratio hit 0.999. It means homes are selling for nearly their asking price.

What percentage of homes are selling over and under the list price?

Up to May 31, 2024, 41.3% of homes sold for more than the list price. Meanwhile, 42.9% sold for less. The outcome varies based on many factors, like the home’s condition and exact location.

What economic factors are influencing home prices in Saint Louis?

Several things affect home prices in Saint Louis. This includes jobs, income levels, and the economy’s state. Also, schools, parks, and shops impact property values.