St. Louis Housing Market in 2024: Navigating the Shift
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Photo from Zillow
Written by David Dodge
This is our 2024 snapshot of the St. Louis market, written when prices were still rising and inventory was tight. We keep it as a record of that year. For current numbers, see the 2026 trends and tips guide.
Current Market:
- Median Sales Price: Increased 6.7% to $304,000 (as of June 2024) according to data from the St. Louis REALTORS® association.
- Inventory: Remains relatively low, putting upward pressure on prices. Months supply of inventory has decreased for residential homes but increased by 49.0% for townhomes/condos. This means there's currently about a 2-month supply of homes for sale in St. Louis.
Market Predictions:
- A shift from a seller's market to a more balanced market is anticipated, with rising inventory due to rising mortgage rates. Buyers may have more breathing room in the coming months.
- Mortgage rates are a wild card - could cool down later in the year, reigniting buyer activity and further increasing inventory. Stay informed about these fluctuations and work with a qualified mortgage lender to understand how they might impact your purchasing power.
St. Louis' Enduring Strengths:
- Affordability: The average home value in St. Louis is $177,243, making it one of the most affordable cities in the US. This affordability remains a major draw for homebuyers.
- Diverse Housing Market: St. Louis offers a range of options to suit various lifestyles, from historic city neighborhoods to charming suburbs.
Strategic Maneuvers in a Balanced St. Louis Market:
With a more balanced market on the horizon, 2024 presents an opportunity for both buyers and sellers to be strategic. Here are some key considerations:
- Buyers: Carefully evaluate your budget and be prepared to act quickly on properties that meet your needs. Consider pre-approval for a mortgage.
- Sellers: Be realistic about pricing and leverage the expertise of a local realtor to effectively market your property.
Should You Invest in the St. Louis Real Estate Market?
St. Louis offers a promising location for real estate investment, with a growing economy, affordable housing, and an increasing population.
Overall, the St. Louis housing market is expected to remain stable in the coming months and years. While there may be some cooling off, St. Louis' enduring strengths suggest it will remain a desirable place to live and invest. The city's vibrant cultural scene and strong sense of community make it an attractive option for those seeking a place to call home.
Source: https://www.noradarealestate.com/blog/category/housing-market/
Shifting markets reward sellers with options. Compare yours before you sign a listing agreement.
Common Questions
Is this 2024 data still current?
No. It reflects mid-2024. See our 2026 trends and tips guide for current numbers.
What changed in St. Louis between 2024 and 2026?
More homes came on the market and dated houses began taking longer to sell, while prices in much of the metro held.
Do you still buy houses as-is?
Yes. House Sold Easy buys as-is for cash. Plan on about two weeks from a signed offer when title is ready. Phone: 636-525-1566.