St. Louis Area Real Estate Market - October 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 October 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 currently sits at just 5 days, meaning most homes are selling quickly. This is a trend we have seen in St. Charles County all year. The months supply of inventory dropped slightly from last year at this time when it was at 0.72 months and now sits at 0.48 months. Currently, at a median sales price of $291,000, average home values in the county have increased by $31,000 over last year! If you are considering selling a home in St. Charles County, it is a fantastic time to list and take advantage of the current sellers' market we are still experiencing!
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 following a similar trend. The median days on market is currently 11 days. While this is up a few days from last month, much of that can likely be attributed to normal seasonality in the real estate market. This number is still very low, showing that most homes are selling quickly. Months supply of inventory has gone down since October 2020, currently at 1.06 months. For October 2021, the median sales price is $246,000, which shows average home values in the county have increased by $21,000 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.
In both counties, days on market and months supply of inventory remain very low, while median sales price continues to increase.
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!