What is going on in the St. Louis real estate market?

❓ What is happening in the market? 

🏘️ Interest rates continue to be stagnant at about 7%, but this has not slowed down buyers.

  • Some prospective sellers do not want to trade up their interest rates of 2 or 3% and are waiting to sell.
  • As such, we still have a significant weakness in inventory.

📍 St. Louis County

  • March 2023 to March 2024 total active inventory is up 4% and the number of new listings is about the same.
  • March 2023 to March 2024 number of sales is down and inventory is up.
    • This tells us that the homes that aren’t selling are overpriced or not prepared for sale, or there is a lack of demand.
  • March 2023 to March 2024 prices have remained consistent.

📍 St. Charles County

  • March 2023 to March 2024 inventory and new active listings are up almost 10%.
  • March 2023 to March 2024 number of expired listings is up 20%.
    • Great homes, priced right are selling but over-priced homes are sitting – sometimes even with multiple price adjustments. These homes are leaving the market or being relisted with other agents.
  • March 2023 to March 2024 prices are up.

📍 St. Louis City

  • March 2023 to March 2024 active inventory and the number of expired listings is up.
  • March 2023 to March 2024 number of new listings and sales is down.

📍 Jefferson County

  • March 2023 to March 2024 number of active listings and sales is down.
    • There are not as many new listings entering the market as in the other areas we serve.
  • March 2023 to March 2024 prices are up 5% but there just isn’t enough inventory.

➡️ If you are a seller, get your home on the market:

  • You have to prepare your home for sale.
  • You have to market your home to the highest level.
  • You have to price it right up front, since we are seeing some overpriced homes still sitting after multiple price adjustments.
  • Homes priced right and prepared for sale are selling at premiums, while significantly overpriced homes are sitting. 

➡️ If you are a buyer:

  • Don’t wait for interest rates to change. They are consistently hovering around 7% and if they do lower, you will have much more competition.
  • If you find the right home now, buy it. Don’t wait. You can always refinance later. 

🏘️ If you have any questions about buying, selling, or investing, don't hesitate to reach out.

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