St. Louis Housing Market in 2024: Steady Growth with Room for Opportunity

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Written by David Dodge

The St. Louis metro area, encompassing counties in both Missouri and Illinois, continues to show positive signs in its housing market throughout 2024. Data from MORE, REALTORS®, a leading St. Louis real estate organization, paints a picture of steady growth in home sales.

Encouraging Growth with a Look Back

As of May 2024, a total of 12,130 homes have been sold within the St. Louis metro area. This figure represents an encouraging 5.63% increase when compared to the same period in 2023, which saw 11,483 homes sold. This suggests a market that's trending upwards, offering a positive outlook for potential buyers and sellers.

However, it's also valuable to consider a broader timeframe. While there's growth compared to the previous year, a four-year comparison reveals a slight decrease. Through May 2020, there were 13,295 homes sold, representing an 8.76% decline from the current year. This dip is important to acknowledge, but it's also within a reasonable range. Overall, the St. Louis metro area's real estate market has exhibited stability over the past few years, which can be reassuring for those considering a move in the area.

Understanding the Local Market Dynamics

While the overall picture is positive, diving deeper into the market reveals some interesting local dynamics. According to articles from St. Louis Real Estate News, a resource for local market insights, areas like the Metro East have seen significant growth. Data suggests a 10.24% increase in median sold price from May 2024 to June 2024 alone! This indicates strong demand in specific regions.

Impact of Mortgage Rates

An important factor influencing the market is the current mortgage rate environment. While rates remain historically low compared to past decades, a recent rise from record lows has impacted buyer behavior. Articles from St. Louis Real Estate News highlight how homeowners with locked-in, ultra-low rates from 2020 and 2021 are hesitant to sell, reducing available inventory. This can make competition stiffer for certain properties.

Opportunities for Buyers and Sellers

Despite these considerations, the market presents opportunities for both buyers and sellers. Here's a breakdown:

• Buyers: With consistent sales activity, you'll likely find a healthy selection of homes. However, be prepared for potential competition and act quickly on properties that meet your needs. Consider pre-approval for a mortgage to strengthen your offer.
• Sellers: Current market conditions might indicate a favorable time to list your property, especially if it's located in a high-demand area. Leverage the expertise of a local real estate agent to price your home competitively and attract qualified buyers.

Beyond the Numbers: Considering Your Needs

While data analysis is crucial, remember that your individual needs and priorities are paramount. Factors like desired neighborhood amenities, proximity to workplaces or schools, and long-term investment goals should all be considered when making a decision.

Finding the Right Resources

MORE, REALTORS® is a valuable resource for anyone interested in the St. Louis metro area's real estate market. This organization can provide additional insights, including details on the fastest-selling zip codes. Additionally, a local real estate agent with expertise in your target area can offer personalized guidance tailored to your needs and goals.

By considering the current market trends, and local market variations, and seeking professional assistance, you can make informed decisions about buying or selling a home in the St. Louis metro area. Whether you're a young professional seeking your first starter home, a growing family needing more space, or an empty nester looking to downsize, the St. Louis market offers opportunities for various demographics. With careful planning and the right resources, you can confidently navigate the market and achieve your real estate goals.