How Does Today's Market Compare to Previous Years?

❓How does the real estate market today compare to previous years? 

  • 📌 The market started changing significantly in July of 2022. 
  • 📈 We saw significant increases in interest rates that rose through November. The market was absolutely paralyzed.
  • 📌 In December and January, rates stabilized and buyers started getting active in the market.

📈 In the last month, interest rates have gone up almost 1%, but this hasn't changed the market much. 

  • 👉 St. Louis County: Year-over-year sales are down units 4%, but compared to two years prior, down 21%. 
  • 👉 St. Louis City: Year over year, down 8%. Year over two years ago, down 20%.
  • 👉 St. Charles: Year over year, down 9%. Year over two years ago, down 28%. 
  • 👉 The biggest change was in Jefferson County. Year over year, down 14%, Year over two years ago, down almost 50% in unit sales. 

📊 We have seen a slight increase in active inventory. 

  • 📈 St. Louis County, up 11%. 
  • 📉 Conversely, St. Charles is down 7.5%.
  • St. Louis City and Jefferson County are about the same. 

🏡 So what are we actually seeing in the market? 

  • Less sales are occurring 
  • Inventory is growing a little bit

🏠 Great homes that are prepared for sale, marketed to the highest level, and priced right are absolutely selling.

🏠 If the home needs work or it's overpriced, and the market doesn't recognize the value, it's going to sit.

  • However, those homes are selling after price adjustments. 

❓ We do not see interest rates dropping anytime soon. 

❓There are a lot of unknowns that we have to pay attention to, but right now we know what's happening so get your home on the market. 

😄 Any questions about buying, selling, or investing? We're here for you. Find out the value of your home below.

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