St. Louis Area Real Estate Market - December 2021
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 December 2021. 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?
The median days on market in St. Charles County remains low. It is down 1 day from last month and currently sits at just 5 days, meaning most homes are selling quickly. The months supply of inventory, currently at 0.31 months, has dropped slightly from last month (0.44 months for November 2021) and last year (0.51 months in December 2020). It is currently the lowest it has been all year, which is pretty typical for the month of December. Home values remained steady in St. Charles County, with a current median sales price of $295,000. Home values are up $35,000 from this time in 2020, so it is a great time to take advantage of any equity you may have in your home. If you are considering selling a home in St. Charles County, it is still a great time!
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 continues to follow a similar trend as it's neighbor. The median days on market is currently 11 days, where it was in October 2021. Last year at this time, the median days on market in the county was 18, so we can see that homes are still selling fast in the area. Months supply of inventory is currently 0.65 months, also dropping from both last month, and the last several years. For December 2021, the median sales price is $245,000 (the same as last month), which shows average home values in the county have increased by $20,000 over last year! If you are considering selling a home in St. Louis County, now is a perfect time!
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.
We are still seeing many of the same trends that we have all year; home values increasing, while time on the market decreases or remains very low. December was no exception to this.
Forbes recently reported that homes sales this month saw their largest monthly decline since the COVID-19 pandemic began. This was not from lack of demand, but a continued lack of inventory. The strong sellers' market continues, and home prices are expected to continue to rise into 2022.
We get asked often when the market is going to shift. While it is hard to predict a shifting market, one thing we can be certain of is that things will change at some point. You might be surprised to find out what your home is worth right now! 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.
Our team is hard at work continuing to secure contracts for our buyers, even when inventory is low. Although home prices may be increasing, interest rates are near historic lows, giving you more buying power than ever, and saving money in the long run. You hear constantly about what a great time it is to sell, but it is a great time to buy as well!
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 today!