St. Louis Area Real Estate Market - July 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 July 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 are still very low in St. Charles County and stayed steady at 5 days for July 2022. Once again the notable metric for St. Charles County this month is the months supply of inventory. This number increased by 0.17 months over July 2021. Although a small increase, this is significant because this is the second month in a row it has gone up instead of down. An increase in this number could indicate a move towards more balance in the market, but it is important to understand that the current months supply of inventory, at 0.77 months, is still very low and shows the demand outpacing supply when it comes to homes. Closed home sales in St. Charles County dropped to 502 for the month of July, which is down by 57 closed sales over June 2022. Interestingly, the number of sales this month is down by 108 closed sales compared to July 2021, when we saw 610 closed sales. The median sales price of $330,000 in St. Charles County has not moved since last month. This is one of the few times we did not see an increase in this number. However, you should know that there is still value 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?
St. Louis County data is showing a similar trend. The median days on market in the county increased by one day to 6 days. This is the first increase since April 2022 in the county, but this is still incredibly low. The number of closed home sales in St. Louis County dropped to 1068, which is 261 fewer sales than last month and 379 fewer closed sales than in July 2021. Just like St. Charles County, the months supply of inventory in St. Louis County increased over last year to 1.24 months (a 0.23 month increase from July 2021). This is only the second time in years that the median days on market in St. Louis County increased over the previous year and it is the highest we have seen this number in years as well. Although 1.24 months is still very low, this might indicate some balance coming to the real estate market in the area. The median sales price also rose slightly and is now at $250,000. 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.
You are probably hearing a lot of the chatter about a changing real estate market; it's a hot topic these days. While we noticed changes earlier in the year taking place in other areas of the country, the data is beginning to show some small changes here in the midwest as well. While it may be talked about with a negative connotation, this isn't a bad thing. Changes in the market are completely normal and expected, it can just be hard to predict when they will happen and exactly what changes will take place. Watching this data helps us understand the current market so we can give both home buyers and sellers a realistic idea of what to expect.
There is always some speculation involved in trying to understand the direction of the real estate market, but even with the minor changes this month, the data still tells us that now is a fantastic time to sell your home if you are looking to do so. As the market balances, it becomes even more important to work with an experienced real estate professional. Our strategic pricing analysis and comprehensive marketing plan help to generate as much interest as possible. We are still finding that our sellers are often securing contracts in a very short amount of time and for the most money possible in the market. 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.
If you are looking to buy a home, don't let all the talk of rising interest rates scare you. In many cases, homeownership is more advantageous than renting and gives you the opportunity to build equity and often save money each month. While interest rates are not as low as they were earlier in the year, and buying power might be lower than before, it is still a great time to buy! We hear many buyers waiting for home prices to come down, but it is really hard to say if that will happen. Many experts expect a more slow, steady increase in home prices in the coming years. That means the home you have been eyeing will only get more costly.
Our team has a multitude of resources to help you find the right home for you and will use our expert negotiating skills to secure a contract with a price and terms that are favorable to you. Our unique strategies can help you secure a contract on a home that is perfect for you! We can also recommend local, trusted lenders who can help you obtain a pre-approval that will help make your offers more attractive to sellers. 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!