Written by David Dodge 

December 2024 • Saint Louis County, Missouri

As we transition into 2025, the housing market in Saint Louis County, MO, continues to exhibit strong activity, characterized by rising prices and a competitive environment. This report aims to provide a detailed analysis of the current market conditions, trends, and insights for potential buyers, sellers, and anyone interested in the real estate landscape of this vibrant region.

Overview of the Housing Market: A Seller's Paradise

Saint Louis County is currently experiencing a seller's market, a condition where the demand for homes significantly exceeds the available supply. This imbalance leads to higher prices and quicker sales, making it a favorable environment for sellers. As of December 2024, the median sold price for homes in the county reached $256,517, reflecting a 5% increase from the previous year. The price per square foot has also risen to $162, indicating that buyers are willing to pay more for homes in this desirable area.

Year-Over-Year Price Changes

The upward trend in home prices is evident across various cities and property types within the county. Here’s a closer look at the year-over-year changes in median sold prices:

These figures illustrate a consistent upward trajectory in home values across the region, driven by factors such as low inventory, high demand, and favorable interest rates.

Price Increases by Bedroom Count

The increase in home prices is also notable when broken down by the number of bedrooms. This data can help potential buyers understand what to expect based on their specific needs:

Housing Supply: A Decrease in Inventory

Despite the rising prices, the number of homes available for sale in Saint Louis County has decreased. In December 2024, there were 3,192 homes for sale, down 8.9% from the previous month. This decline in inventory is a critical factor contributing to the competitive nature of the market.

Monthly Sales Trends

The number of homes sold also saw a decline, with 955 homes sold in December 2024, representing a 7.1% decrease from November. This trend may indicate that while buyers are eager to purchase, the limited inventory is making it challenging to find suitable homes. The breakdown of homes sold by bedroom count reveals interesting trends:

• 1 Bedroom: Increased inventory by 8.3%, suggesting a growing interest in smaller living spaces.
• 2 Bedrooms: Decreased by 5.5%, indicating a slight cooling in demand for this category.
• 3 Bedrooms: Decreased by 10.0%, which may reflect a shift in buyer preferences or a lack of available options.
• 4 Bedrooms: Decreased by 10.9%, suggesting that larger homes are becoming harder to find.
• 5+ Bedrooms: Decreased by 12.7%, indicating a tightening market for luxury properties.

Asking Price vs. Sold Price: Opportunities for Buyers

Interestingly, while the market is competitive, there are still opportunities for buyers to negotiate. In December 2024, 48.4% of homes sold were below the asking price. The breakdown is as follows:

• Over Asking Price: 291 homes
• At Asking Price: 191 homes
• Under Asking Price: 452 homes

This data suggests that while many homes are selling quickly, buyers who are diligent and prepared to negotiate may still find good deals. It’s essential for buyers to work closely with real estate agents who can provide insights into pricing strategies and market conditions.

Days on Market: Quick Sales

Homes in Saint Louis County are selling quickly, with 58% of homes sold in under 30 days. The average time on the market for homes in December 2024 was 34 days, which is an increase of 8.7% from the previous year. This suggests that while homes are selling faster, the overall market is experiencing a slight slowdown in terms of how long homes are listed before selling.

Implications for Buyers and Sellers

For buyers, the quick sales mean that it’s crucial to act fast when a desirable property becomes available. Being pre-approved for a mortgage and having a clear understanding of your budget can give you a competitive edge.

For sellers, the fast-paced market presents an excellent opportunity to list your home. However, it’s essential to price it correctly to attract buyers while maximizing your return. Working with a knowledgeable real estate agent can help you navigate these dynamics effectively.

Conclusion: What This Means for You

The housing market in Saint Louis County, MO, is dynamic and competitive, with rising prices and decreasing inventory. For buyers, this means acting quickly and being prepared to negotiate. For sellers, it’s an opportune time to list your home, given the favorable market conditions.

If you're considering buying or selling a home in Saint Louis County, now is the time to connect with a local real estate agent who can guide you through the process and help you navigate this vibrant market. Whether you're looking for your dream home or planning to sell, the right support can make all the difference.