St. Louis Area Real Estate Market - February 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 February 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?
The same trends we have seen for much of 2020 and all of 2021 continue as we get deeper into the new year. The median days on market in St. Charles County is at the lowest we have seen in the 4 years we evaluated for this report, currently at just 4 days! The months supply of inventory, currently at 0.51 months, is also low, and has dropped slightly since last year at this time when it was 0.66 months. February 2022 saw a very small increase in home sales (261 closed sales) compared to January 2022 (235 closed sales), when home inventory was at an all time low. We are entering a time when real estate activity tends to pick up due to normal seasonality as well. With a median sales price of $320,750 in St. Charles County, there is no doubt that home values are still rising. However, this number is based on only two months of data for 2022, so we cannot say at this time just how much the increase really is. Regardless, it is still a great time 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?
Although the St. Louis County real estate market is typically different than St. Charles County, it is showing very similar trends overall. The median days on market dropped to 8 days, down from 12 days last month. This is still half as many days when compared to February 2021 when the median days on market was 15 days. Months supply of inventory is currently 0.93 months, which is down slightly from January 2021 when it was 0.99 months. The median sales price is $225,000. While this is down about $20,000 from 2021, this number is based on only two months of data so we have yet to see just what the median sale price will prove to be for 2022 overall. What we do know is that if you are considering selling a home in St. Louis County, evidence shows that it is still an opportune time to do so!
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.
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. The data still shows that right now still may be one of the best times to sell your home if you are considering doing so. 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.
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 be surprised!
Despite the obstacles, our team is hard at work continuing to secure contracts for our buyers. Even though home inventory is near record lows, our unique strategies can help you secure a contract on a home that is perfect for you!
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!