Well, folks, it’s time to dive into the ever-fascinating world of real estate. In this article, we’re going to take a deep dive into the current state of the St. Louis Housing Market, and trust me, it’s not just numbers and stats—it’s a story waiting to be told. So grab your favorite beverage and settle in as we explore the latest data from the Redfin Housing Market Tracker for October 2023.

1. Home Prices: A Pocket of Sunshine In the realm of home prices, St. Louis is showing its resilience. With a year-over-year increase of 4.2%, the median price for a home in St. Louis now stands at $407,400. That’s slightly higher than the national average, and it’s music to the ears of homeowners in the Gateway City.

2. Home Sales: A Slight Dip While the national average saw a 9.43% decrease in home sales year-over-year, St. Louis wasn’t too far behind, with a 13.6% drop. It’s a slight dip, but don’t let it fool you—St. Louis is still very much in the game.

3. Mortgage Rates: A Sigh of Relief Now, let’s talk mortgages. The average 30-year fixed mortgage rate in St. Louis is 7.5%, which is just a tad lower than the national average of 7.6%. That’s good news for those looking to buy in the area, as every fraction of a point matters when it comes to those monthly payments.

4. Homes for Sale: A Competitive Market With 8,692 homes for sale in St. Louis in October, the inventory is down by 12.4% year-over-year. While it might seem like slim pickings, it’s all part of the competitive nature of the market.

5. Days on the Market: Blink and You’ll Miss It St. Louisans are quick decision-makers when it comes to real estate. The median days on the market in the city was 33 days, down 7 days year-over-year. That’s right—homes are flying off the shelves.

But Wait, There’s More: Now that we’ve covered the essential numbers, let’s add a few more layers to this narrative. Investors are taking a step back from the St. Louis market, with purchases dropping by 30% year-over-year in the third quarter of 2023.

Renters, on the other hand, might feel a slight pinch in their wallets. Rent prices are slowly on the rise in St. Louis, with the median asking rent at $1,670 in October, up 0.2% from the previous year. It’s a small increase, but it’s worth noting.

So, what’s the verdict? The St. Louis housing market might be cooling off slightly, but it’s far from a chill. With prices on the rise, a competitive market, and homes selling like hotcakes, it’s still a dynamic and exciting place to be for buyers and sellers alike. And when it comes to navigating this bustling market, you can count on John Schink, your friendly neighborhood buyer’s agent in St. Louis, Missouri, and the expert team at Deerwood Realty. They’ve got the insider knowledge and the charm to make your real estate journey a breeze.

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