St. Louis Area Real Estate Market - June 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 June 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 but did increase by one day over last month to 5 days for June 2022. A notable metric for St. Charles County this month is the months supply of inventory. This number actually increased by 0.15 months over June 2021. This is important to consider because it is one of only two times in the last few years that this number has gone up over previous years in the county. The other was March 2022, when it increased by only 0.02 months. 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 0.60 months, is still very low. Closed home sales in St. Charles County increased to 558 for the month of June, which is up by 116 closed sales over May 2022. The median sales price of $330,000 in St. Charles County is also up by another $5000 over last month, having steadily increased all year. There is 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?
All of the data in St. Louis County is trending in the same way as its neighbor to the west. The median days on market in the county held steady at 5 days where it has been since April 2022. This is the lowest median days on market in the last 3 years. The number of closed home sales in St. Louis County rose to 1312, increasing by 155 sales over last month. Just like St. Charles County, the months supply of inventory in St. Louis County increased over last year to 0.89 months (a 0.10 month increase from June 2021). This is the first time in years that the median days on market in St. Louis County increased over the previous year. Although 0.89 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 and is now at $249,900. 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.
It is important that we paint a totally realistic picture of what the real estate market looks like so that both home buyers and sellers know what to expect. While many of the data points we analyze seem to show a sellers market, there are notable changes taking place that should be talked about.
We are starting to see some signs of normalization in the Greater St. Louis area real estate market. While homes are still selling fast, we seem to see fewer offers on any given home and more of the general terms that we are used to are creeping back into sales contracts. As of today, MARIS is reporting that 86 residential properties in St. Charles County, and 198 residential properties in St. Louis County have had price reductions in the last week. This has been uncommon since early 2020, as homes were typically selling well over list price in many of the price points in these counties. The last year and a half was truly an unprecedented time in the real estate market. 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.
While there is some speculation involved in trying to understand the direction of the real estate market, 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 changes, it becomes even more important to work with an experienced real estate professional. Our team keeps a close eye on the data of the market to truly understand what is happening. 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.
For buyers, 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. Even though home inventory is low, 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!