Newest St. Louis Housing Report 

January 2024 Housing Report

These figures compare real estate activity in January 2024 to January 2023

Comments below from St. Louis REALTORS

US existing-home sales slipped 1% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

 New listings increased 4.9% for residential homes and 3.3% for townhouse/condo homes. Pending sales increased 10.5% for residential homes but decreased 12.1% for townhouse/condo homes. Inventory increased 2.8% for residential homes and 13.4% for townhouse/condo homes.

 Median sales price decreased 0.4% to $235,000 for residential homes but increased 3.9% to $213,000 for townhouse/condo homes. Days on market increased 7.1% for residential homes and 11.1% for townhouse/condo homes. Months supply of inventory increased 7.1% for residential homes and 27.3% for townhouse/condo homes.

 Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at one million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

List price to sale price ratios

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. You might want to consider using our newest hack DIY hack to find homes that have just lowered their price. If you are not on some kind of auto email alert, you will not be one of the winners in this current market.

What This Means for Sellers

As the above chart shows, (Year-to-Date) Sellers are getting 98.3 % of their asking price for homes and 98.2% 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?

Comments (The Juicy Stuff)

Mainstream and National Real Estate Headlines are Created More to Alarm and Not Always to Inform 

alarming news

You might be familiar with "Click Bait". It's a marketing tactic where a website drives traffic to a site where the site can then show advertisers their traffic and hopefully charge more for advertising. Even though we love you folks on the overpriced East and West Coast, we're from the Midwest, and we're here to focus on our situation here in St. Louis, St. Charles and surrounding areas.

Below is graph that shows what you need to know regardless where you live because this applies to the real estate market everywhere.

Inventory Chart

Below is the current months of supply charts for St. Louis and St. Charles County

st louis county months of inventory

  st charles county months of inventory (1)   

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?

quick facts (2)

If, and when they do, it will probably be very gradual.  As you can see in the above image home prices did take a dip in December, which is not unusual at the end of the year.  However, how many buyers were tracking prices closely and were 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? 

Check out our easy-to-use hack  the Price Checker.

Want to see homes that have lowered their price in the last 3 days, 7 days, or in the past month?  We've got you covered!

Click on over to our Price Checker  for some DIY research! (We included a tutorial for you once you get there)

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

University City
Central West End

Finding Homes for You Leads with Data

How can you know the trends and the pulse of any market without timely data?  You can't. If you would like to know more about a particular market we can provide you with so much more. To get started just tell us the basic items you need as outlined in the image below:

We Will Send You These Reports

Median Sales Price

Days on Market

Percentage the Sellers are Getting for Home

Example: Looking for 4 bedroom home with 2+ bathrooms in Parkway School District

Just enter that in the box below and we will get back to you with your reports in the same day.  Questions?  Call 636-532-4200

Questions? Just Ask!

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