Written by David Dodge

As we transition into fall, the St. Louis Metropolitan Statistical Area (MSA) is witnessing strong growth in its real estate market. Recent data indicates that the median home price has reached $270,000 in September 2024, marking a notable increase of 4.85% compared to the same month last year, when the median price was $257,500.

Although there has been a slight dip of 1.82% from August 2024, where the median price stood at $275,000, this is a typical seasonal fluctuation. It’s essential to understand that the market often experiences these variations during this time of year, and the overall trend remains encouraging.

The median list price has also risen significantly, increasing by 7.60% from September 2023, climbing from $250,000 to $269,000. This growth signals a strong level of confidence among sellers in the current market conditions.

In terms of home sales, September 2024 saw a total of 2,629 homes sold, reflecting a 5.70% decrease compared to the same month last year. This slowdown is expected as the market traditionally cools down in the fall, especially as families focus on settling into their routines with the start of the school year.

“The real estate market in the STL MSA continues to show strong growth as we head into the fall season.”

 

For a visual representation of these trends, be sure to check out the accompanying chart from MORE, REALTORS®.

While the numbers may seem mixed, it’s important to keep in mind the long-term trajectory of the market. Historically, the St. Louis area has shown resilience and adaptability, often rebounding from slower periods with renewed vigor. As we navigate these seasonal changes, it’s crucial for buyers and sellers to stay informed about the evolving landscape.

If you're a buyer, this could be a fantastic opportunity to enter the market. With home prices still on the rise and interest rates fluctuating, understanding the timing and pricing can make a significant difference in your purchasing power.

For sellers, now may be the perfect time to list your home, especially with increased listing prices and a consistent demand for properties. Working with a knowledgeable real estate agent can provide you with insights into pricing strategies that attract buyers while maximizing your return.

As we look ahead, the St. Louis MSA real estate market continues to be an appealing option for buyers and sellers alike. If you're thinking about making a move—whether it’s finding your ideal home or listing your property—our experienced team is here to guide you through the process. Don’t hesitate to reach out for personalized assistance tailored to your unique needs.

Credit: Insights from Dennis Norman and MORE, REALTORS®.