With a median home value of $207,429 and an appreciation rate of 3.32% in the second quarter of 2023, the St. Louis real estate market is a hub of activity. It reflects the city’s rich history, diverse neighborhoods, and vibrant cultural scene. The market continues evolving fast, driven by local and national trends.
We’ll delve into the present state of the real estate market in the vibrant St. Louis. We’ll explore the key factors that influence the market’s trajectory. Let’s get into the details below:
How Hot Is the St. Louis Market?
In the St. Louis housing market, many properties receive multiple offers. Some buyers even waive contingencies to secure the deal. The average home sells for around the asking price and goes pending within approximately 15 days.
However, highly desirable homes can command premium prices. They are selling for around 6% above the list price.
Migration and Relocation Trends in St. Louis
In the three-month period from August to October 2023, St. Louis exhibited a unique mix of inbound and outbound migration patterns. During this period, 20 percent of homebuyers sought to move out of the city. Consequently, the majority, an estimated 80%, opted to stay within the metropolitan area.
Homebuyers moving into St. Louis from outside metropolitan areas came from diverse geographical regions. Los Angeles emerged as the top source city for inbound migration, followed by San Francisco and Washington, D.C. These findings suggest that St. Louis attracts interest from people seeking a change of pace and a more affordable lifestyle.
Most of St. Louis homebuyers, about 80%, chose to remain within the metropolitan area. These numbers indicate a strong preference for the region’s amenities and quality of life. But, for those seeking a change of scenery, Chicago emerged as the most popular destination, followed by Little Rock and Sarasota for their urban excitement, affordability, and access to natural landscapes.
Is the St. Louis Housing Market Slowing Down?
The St. Louis real estate market cooled off slightly from the frenzy seen a few years ago. But it’s still a competitive market with rising home prices and low inventory. Interest rates increased this year but are still relatively low by historical standards. However, inventory is down around two and a half months as compared to this time last year.
St. Louis is still a good place to buy a home. Homes still sell fast, and prices are still rising. And with low-interest rates, it’s a good time to lock in a mortgage rate.
What’s Next for the St. Louis Real Estate Market?
See Sarah during a recent interview as she talks about the state of the real estate market on Fox 2 News. The St. Louis real estate market is undeniably a seller’s market, with homes selling quickly. Despite the high prices and low inventory, it’s a good place to invest. The city is a growing and vibrant community with much to offer residents.
At Sarah Bernard Realty Team, we can help those looking to sell or buy houses in the St. Louis area find what they need. Our team offers personalized services for each client. Browse our current listings and get in touch at 314-780-9070 to help you meet your real estate needs.