St. Louis Area Real Estate Market - July 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 July 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 has been pretty consistent in St. Charles County since the beginning of the year, and currently sits at 5 days, where it has been since March 2021. This is very low, which tells us that homes are, on average, still selling pretty quickly. The months supply of inventory dropped slightly to 0.61 months, which is down from 0.78 months in July 2020. Home values are still increasing in St. Charles County. July 2021 saw the biggest jump in median sales price for the county within the last 5 years, increasing from $260,000 in July 2020 to $289,900 in July 2021...an almost $30,000 increase! If you are considering selling a home in St. Charles County, it is still a fantastic time to list and take advantage of the current sellers' market before it shifts!
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?
As in the previous months, St. Louis County is seeing similar trends to those in St. Charles County. Although the median days on market increased by 1 day in July 2021, it still sits at 7 days, which is very low, particularly when compared with median days on market in 2018 - 2021. Months supply of inventory is also lower compared to 2020, sitting at 1.04 months for July 2021. This is around a 50% decrease from the months supply of inventory in July 2019, and really shows the continued sellers market in the St. Louis area. Home values continue to increase all well, as seen by the current median sales price of $245,000 which is up $20,000 from July 2020. If you are considering selling a home in St. Louis County, it is a fantastic time to take advantage of the increasing home values!
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.
Current conditions still indicate a market that favors sellers in both St. Louis and St. Charles County. Days on market remain very low, and median sales price is continuing to increase over previous years.
As we all know, markets shift; it is not a matter of if, but when. If you are curious what your home is worth right now, we would be happy to provide you with a free market analysis, so you can make the best decision for yourself and your family.
Even through this strong sellers' market, our team has continued to secure contracts for our buyers, and get them into their perfect home. Buying in a sellers market can be tough at times, but our team has the knowledge, experience, and resources to find you the home you have been searching for.
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!