St. Louis Area Real Estate Market - August 2022
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 2022. 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 still sits very low in St. Charles County at 6 days for August 2022 (just 1 day above last month). The months supply of inventory is at 0.72 months. This number actually decreased slightly from last month, but rose by almost 0.30 months in comparison to July 2021 during which we saw some of the lowest month's supply of inventory numbers. Closed home sales in St. Charles County dropped only slightly to 491 sales for the month of August. Although only a small decrease from the 502 sales we saw last month, it is worth noting that 155 fewer homes sold this month in comparison to August 2021. The median sales price of $331,000 in St. Charles County increased by only $1000 over last month. Data shows that homes are still appreciating, but at a slower rate than we saw at this time last year. If you are considering selling a home in St. Charles County, you might be interested in finding out just how much your home is worth right now. If you are looking to buy a home in St. Charles County, you will probably find that things are a bit easier for you than they were a year ago.
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 numbers show a similar trend in St. Louis County to that of what we are seeing in St. Charles County. The median days on market in the county increased by one day to 7 days. The number of closed home sales in St. Louis County increased this month to 1211, which is 143 more sales than last month. However, when compared to closed sales in August 2021 (1446 sales for St. Louis County), we saw a minor decrease. The months supply of inventory in St. Louis County increased slightly over last year to 1.06 months (a 0.12 month increase from August 2021). The median sales price also rose by $5,000 over last month and is now at $250,000. If you are considering selling a home in St. Louis County, it is a great time to cash in on your equity. A great first step would be to find out just how much your home is worth right now. If you are looking to buy a home in St. Louis County, you will probably find that it is also easier than you might have encountered at this time last year. Starting a free, personalized home search will help you see what is available within parameters you set.
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.
It's hard to turn on the news without hearing talk about the real estate market and where things are headed. The data and our own team's experiences tell us that things are beginning to balance out. While a changing market may be talked about with a negative connotation, this isn't a bad thing. These changes are normal and expected, it can just be hard to predict when they will happen and exactly what changes will take place. Watching this data helps us understand the current market so we can give both home buyers and sellers a realistic idea of what to expect.
People always ask us: When is the best time to buy or sell a home? The answer is: Whenever the time is right for you, your family, and your unique situation. The market is always changing, and it can be nearly impossible to time it right. We never know for sure what will happen next and when. We recommend evaluating your own situation and understand your options in order to decide when buying or selling a home makes the most sense for you.
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 in all things real estate!