- Affordability: St. Louis remains one of the most affordable metro areas in the country, with homeowners typically spending around 20% of their income on housing—well below the national average.
- Home Prices: The median sales price for single-family homes is around $300,000, reflecting a 13% year-over-year increase. Condos and townhouses have also appreciated, with median prices near $243,000.
- Sales Activity: While home prices are rising, sales volume has dipped slightly. Single-family home sales are down a bit over 2%, and condo/townhouse sales have dropped by around 5%, likely due to higher interest rates affecting buyer affordability.
- Inventory Levels: Inventory for single-family homes remains tight at about a 2-month supply, indicating a seller's market. However, the condo and townhouse segment is seeing more availability, with inventory up nearly 60%, suggesting a more balanced market in that area.
Market Competitiveness
- Listing Dynamics: Most homes sell about 3% below asking price and typically go under contract in around 38 days. Hot listings, however, can sell slightly above asking price and go pending in less than 10 days.
- Price Trends: The average sale-to-list price ratio is just over 97%, showing strong buyer activity and stable pricing.
Development and Investment
- Major Projects: Ongoing developments, such as downtown revitalization and airport expansion, are boosting the city's appeal and expected to positively influence property values.
- Investor Interest: With rising rent demand and limited apartment supply, St. Louis has caught the eye of major real estate investors, especially in the multifamily space.
Outlook for 2025
- Price Growth: Home prices are expected to continue rising, though at a slower pace, hinting at a shift toward a more balanced market.
- Market Balance: While demand remains strong in many neighborhoods, growing inventory is beginning to offer more options for buyers and may ease competition slightly as the year progresses.
