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.