St. Louis Area Real Estate Market - April 2022
Here is a quick look at the local St. Louis area housing market, residential resale only. All data was gathered from the local St. Louis MLS for the month of April 2022. Note that the St. Louis area real estate market statistics are analyzed in two different graphics: St. Louis County and St. Charles County.
Let's start first with the St. Charles County market.
What does this mean for the St. Charles County Real Estate Market?
Although markets may be shifting in other areas of the country, the St. Charles County real estate market data tells the same story of quick home sales and rising home values that we have seen since early 2020. The median days on market remains at just 5 days, a very low number that means homes are selling quickly. The months supply of inventory, currently 0.61 months for April 2022 has dropped slightly from April 2021 when it was at 0.63 months. Closed home sales in St. Charles County did increase, at 380 for April 2022. It is very normal to see the number of sales begin to rise in the spring months. The median sales price of $320,000 in St. Charles County shows a $5,000 increase from where the median sales price was last month. The data shows that home values are still rising. You have not missed your chance to take advantage of the equity in your home! If you are considering selling a home in St. Charles County, you might be interested in finding out just how much your home is worth right now.
Now, let's take a look at the St. Louis County real estate market.
What does this mean for the St. Louis County Real Estate Market?
The St. Louis County real estate market data also tells a story of quick home sales for top dollar in many cases. The median days on market in the county, at just 5 days for April 2022, is the lowest it has been in the 3 years we analyzed market data for this report. The number of closed home sales in St. Louis County rose to 1077, again likely attributed to the typical seasonality of sales that comes with the start of spring. Months supply of inventory also dropped to 0.79 months, down from 0.95 months in April 2021. The median sales price rose to $234,056, which is nearly a $10,000 increase over last month. The real estate market is still hot in St. Louis County! If you are considering selling a home in St. Louis County, it is a great time to cash in on your equity. A great first step would be to find out just how much your home is worth right now.
Knowing how to read and interpret this data is important. Here are explanations of the charts above:
- Number of Sales - This is the total number of home sales for the month.
- Median Sale Price - This is the median, or middle, sale price of all homes that sold in a particular month.
- Median Days on Market - Days on market is the amount of time it takes for a home to go under contract. The number reported is the median, or middle number, of all homes listed for the month.
- Months Supply of Inventory - This is a calculation that helps to quantify supply and demand in the housing market. This number tells you how long it would take to burn through the current inventory of homes for sale, if new homes stopped hitting the market completely. This number helps us to understand if the current market is favoring buyers or sellers.
Generally speaking, we are still seeing home values increasing, days on market remaining low, and the housing market favoring sellers as it has for much of 2020 and all of 2021. It does seem that the numbers are changing more slightly than we have seen before now. What we can be certain of is that this market is not sustainable, and at some point, it will correct itself to a more balanced market. While we keep a close eye on data that may help predict when a shift is coming, and we are hearing of shifting markets in other parts of the country, we still cannot confidently say when that change will happen in the midwest.
Something that we have seen happening, and expect to continue to happen, is a rise in mortgage interest rates. This affects both home buyers and sellers, as buyers will potentially lose some buying power and sellers may see their buyer pool become smaller as a result. If you spoke to a lender in recent months about loan pre-approval but have not purchased a home yet, it would be a good idea to keep in contact with them as interest rates change to ensure you still qualify for the amount of home you are shopping for.
The data still tells us that now may be one of the best times to sell your home if you are considering doing so. Many sellers are seeing huge returns from their increased equity and are finding that they can make moves they never thought they could make. We would be happy to provide you with a free market analysis, so you can decide if it might be the time to sell and make that move you have been dreaming of.
We know buying a home right now can seem tough and we speak with many potential buyers who wish to wait until the market balances out and home prices come down. However, this typically comes with higher interest rates. Hypothetically, if a buyer can secure a home for $50,000 less by waiting, even a 1% increase in interest means they are still going to have roughly the same monthly payment. It is a good idea to speak with an expert who can help you evaluate if waiting will be financially beneficial. You may find that now is actually an opportune time to buy a home as well!
Despite the obstacles, our team is hard at work continuing to secure contracts for our buyers. Even though home inventory is low and buyer competition can be fierce, our unique strategies can help you secure a contract on a home that is perfect for you! We welcome you to contact us to set up a free, no-obligation strategy session with one of our Buyer Specialists to talk about your goals and share how we can help you meet those goals.
Whether you are looking to sell, buy, build, or invest, our team of St. Louis area real estate experts have the knowledge and experience to handle all of your real estate needs with utmost care and attention. Reach out today for a free, no-obligation consultation with a member of our team to discuss how we can serve you in all things real estate!