How hot is the real estate market in St. Louis? By most accounts, residential sales are balmy with no signs of cooling off. In the three counties comprising most of the St. Louis metro, sales are up 2.6% year to date. Median prices are up 8%. Lack of inventory is the metric driving up prices, while at the same time, containing sales to single digit increases. We are down to 2 months of inventory, an all-time low. In the lower and mid-price range, this translates to multiple contracts. We have personally experienced up to 7 competing offers on a single listing.
But, as we all know, real estate is intensely local. Market dynamics vary by school district, by price range and by type of home. Buyers are more methodical and have more choices when it comes to luxury homes, which we define as homes over $1 million. In this segment, inventory is not as tight; sales are up about 9% and prices are up about 6% year to date. I believe there is opportunity for both buyers and sellers in the higher price ranges.
Principal, Janet McAfee Real Estate