St. Louis Area Real Estate Market - August 2021
Here is a quick look at the local St. Louis area housing market, residential resale only. All data was gathered from the local St. Louis MLS for the month of August 2021. Note that the St. Louis area real estate market statistics are analyzed in two different graphics: St. Louis County and St. Charles County.
Let's start first with the St. Charles County market.
What does this mean for the St. Charles County Real Estate Market?
The median days on market continues to stay fairly consistent this year, and currently is at 6 days, meaning most homes are selling quickly. The months supply of inventory dropped slightly from last month and now sits at 0.43 months. This is the lowest we have seen in years! Home values still seem to be increasing slightly in the county, with a median sales price of $290,000. This is a slight increase from last month, but still a huge increase from last year, when median sales price was $260,000. If you are considering selling a home in St. Charles County, it is still a fantastic time to list and take advantage of the low home inventory and high buyer demand!
Now, let's take a look at the St. Louis County real estate market.
What does this mean for the St. Louis County Real Estate Market?
The St. Louis County real estate market looks almost identical to last month with little change in numbers, but still great news for sellers. The median days on market is currently 7 days meaning, like St. Charles County, homes are selling very quickly. Months supply of inventory is slightly lower than last month, currently at 0.96 months. The current median sales price of $245,000 is up $20,000 from last year, showing home values are still on the rise in St. Louis County. If you are considering selling a home in St. Louis County, now is the perfect time!
Knowing how to read and interpret this data is important. Here are explanations of the charts above:
- Number of Sales - This is the total number of home sales for the month.
- Median Sale Price - This is the median, or middle, sale price of all homes that sold in a particular month.
- Median Days on Market - Days on market is the amount of time it takes for a home to go under contract. The number reported is the median, or middle number, of all homes listed for the month.
- Months Supply of Inventory - This is a calculation that helps to quantify supply and demand in the housing market. This number tells you how long it would take to burn through the current inventory of homes for sale, if new homes stopped hitting the market completely. This number helps us to understand if the current market is favoring buyers or sellers.
We did not see any drastic changes from July to August 2021, and sellers are still seeing huge benefits from listing their home. Days on market and months supply of inventory remain very low, while median sales price continues to increase.
We get asked often when the market is going to shift. While it is hard to predict a shifting market, one thing we can be certain of is that things will change at some point. You might be surprised to find out what your home is worth right now! We would be happy to provide you with a free market analysis, so you can decide if it might be the time to sell, and make that move you have been dreaming of.
Our team is hard at work continuing to secure contracts for our buyers, even when inventory is low. Although home prices may be increasing, interest rates are near historic lows, giving you more buying power than ever, and saving money in the long run. You hear constantly about what a great time it is to sell, but it is a great time to buy as well!
Whether you are looking to sell, buy, build, or invest, our team of St. Louis area real estate experts have the knowledge and experience to handle all of your real estate needs with utmost care and attention. Reach out today for a free, no obligation consultation with a member of our team to discuss how we can serve you today!