St. Louis Area Real Estate Market - January 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 January 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 median days on market in St. Charles County remains low at just 5 days this month. This is a number we have seen most of 2021 as well. The months supply of inventory, currently at 0.66 months, is also low, but steady when compared to January 2021. With a median sales price of $316,000 in St. Charles County, there is no doubt that home values are continuing to increase. However, this number is based on only one month of data for 2022, so we cannot say at this time just how much they are still rising. 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?
The St. Louis County real estate market is showing some of the same trends, although the numbers appear a little different, which is typical. The median days on market is currently 12 days, which is generally what we have seen over the last 6 months or so. Last year at this time, the median days on market in the county was 17, so we can see that homes are still selling pretty quickly in the area. Months supply of inventory is currently 0.95 months, which is down slightly from January 2021 when it was 1.08 months. The median sales price is $235,000, very similar to where it has been over the previous year. Again, this is based on one month of data for 2022, so it is difficult to make any concrete conclusions just yet. 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. However, this month there are some important points worth noting in the more recent real estate market.
1) According to Inman, mortgage rates reached 4% for the first time since December 2019. Lenders have already seen mortgage rates increase this year, and we anticipate additional rate increases in the coming months. This could have an effect on the housing market.
2) Home inventory in the Greater St. Louis area, and most of the country, are at record lows. At one point this month, there were only 88 homes listed for sale in all of St. Charles County.
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.
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!