St. Louis Area Real Estate Market - May 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 May 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 in May 2021 is still extremely low, at only 5 days, and the months supply of inventory continues to drop, sitting at nearly half a month. This indicates a continuation in the sellers' market we have all heard so much about lately. With home values still climbing, May 2021 saw a median sale price in St. Charles County at $280,000 (up $20,000 from May 2020). It is certainly a great time to sell a home in St. Charles County!
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 is still seeing the same trends as St. Charles County. The median days on market is still dropping in St. Louis County, sitting at only 6 days for May 2021. The months supply of inventory is at nearly half of what is was at this same time in 2020, indicating the continuation of a strong market for sellers in St. Louis County. Home values in the area are also still on the rise, with a median sale price sitting at $236,000 for St. Louis County, which is up $11,000 over May 2020.
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.
The St. Louis Area real estate market continues to favor sellers, who are seeing their homes sell for more than ever. If you are thinking about selling, now may be the best time to do it. As we all know, markets shift; it is not a matter of if, but when. If you are curious what your home is worth right now, we would be happy to provide you with a free market analysis, so you can make the best decision for yourself and your family.
Even through this strong sellers' market, our team has continued to secure contracts for our buyers, and get them into their perfect home. Buying in a sellers market can be tough at times, but our team has the knowledge, experience, and resources to find you the home you have been searching for.
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!