It appears that the housing market recovery in St. Louis is a little slower than in some of the nation’s larger metro areas. However, many industry professionals agree that with everything the “Gateway to the West” has going for it, improving conditions are on the way.
Many predict that rental rates will steadily rise, which will increase the demand for single-family homes. A recent survey from the website, St. Louis Real Estate News revealed that 81% of the city’s prospective home owners who are planning to sell, believe that home prices will surge in the next 12 months. The most current DOM number provides more evidence that the St. Louis market could be heating up. According to Movoto, the Median Days on Market figure now stands at 83, which is down by 23% from this time last year when it was 108.
Thanks to high rates of affordable inventories, prospective home buyers considering a St. Louis property will not have to feel the crunch of a Louisiana Purchase-sized down payment! Movoto revealed that among active listings, there have been 58 price reductions since January 1st. The latest information from Trulia confirmed that the y-o-y square footage price remained flat and stands at $73. The median sales price was down, based on 264 sales which took place between October 12th and December 12th. During that time, it dropped by 14.3%, which reflects an $11,866 decrease. It would seem that now is the time to buy if becoming a St. Louis homeowner is on your agenda!
With a home purchase here, you would be staking a claim on one of the most historic cities in the Midwest. Founded in 1764 and settled largely by French and German pioneers, St. Louis is today home to nine Fortune 500 companies, three professional sports teams, and several well-respected hospitals and universities. It is also famous as the starting point for the Lewis and Clark Expedition, its busy Mississippi River port and of course, the iconic Gateway Arch.
Do not assume that just because over 318,000 folks call St. Louis home that it is too large to be a connected community. St. Louis holds the distinction of having one of the highest rates of charitable donations and volunteerism in the country. It is also the recipient of the World Leadership Award for the urban renewal efforts that transformed the Washington Avenue Historic District. Today this former turn of the century business district is full of upscale condominiums and loft apartments, plus shops and restaurants.
St. Louis is comprised of approximately 79 unique neighborhoods. Many are in close proximity to one of the city’s many parks, such as the Missouri Botanical Garden and two downtown sculpture gardens. Residents also enjoy hundreds of entertainment and cultural venues such as the Delmar Loop and clubs where the likes of Chuck Berry, Miles Davis and Tina Turner have headlined.
House hunters should have no problem finding their dream residence, considering that there are now near 3,800 new and existing homes up for sale. Investors should also get in while they can still negotiate a good price. That should not be difficult at the moment, since Trulia reported that there are around 3,300 properties in some state of foreclosure, back auction or short sale.
For the week that ended on January 16th, the average listing price in St. Louis was $201,761. Heads up! that reflects a w-o-w uptick of 0.7% or $1,461. It was revealed on Trulia’s site that some of the most popular neighborhoods in Saint Louis include Central West End and Tower Grove South, with average listing prices of $449,182 and $155,621.