The typical home value of homes in Saint Louis County is $220,140. This value is seasonally adjusted and only includes the middle price tier of homes. Saint Louis County home values have gone up 10.9% over the past year.
Lets take a look at the number of homes for sale vs the number of homes sold per month for the past 10 years. This is for both St. Louis and St. Charles County. As you can see from the graph below, we are experiencing a dramatic shortage of homes for sale, while the seasonal number of homes sold remains high. This lack of supply during continued demand is causing prices to dramatically increase and the values of homes should be expect to rise sharply over the next few months and years.
Time frame is from Jan 2011 to Mar 2021 | State Or Province is 'Missouri'County is one of 'St Charles', 'St Louis' Property Type is one of 'Residential', 'Condo/Coop/Villa'Transaction Type is 'Sale' | Results calculated from approximately 290,000 listings. Source: MARIS MLS Data
If we zoom in on the graph for only the past 12 months (see below), you can see inventory has bottomed out and should be turning around. We expect demand to absorb inventory very quickly and for the inventory line to remain low.
Time frame is from May 2020 to Apr 2021
State Or Province is 'Missouri'County is one of 'St Charles', 'St Louis'Property Type is one of 'Residential', 'Condo/Coop/Villa'Transaction Type is 'Sale' Results calculated from approximately 29,000 listings
There are many factors influencing the supply and we suspect the main issue to be that sellers of homes have no homes to purchase causing a traffic jam. With no homes to buy, homeowners are not willing to list their own home until they find a home to purchase.
We expect prices to remain high and rise sharply. We expect inventor to remain low and demand to remain high.