The residential real estate sector in St. Louis, MO became one of the top markets in the U.S. for homebuyers in 2016, as evidenced by a higher median price for houses.
Data from the Mid America Regional Information Systems showed that the number of houses that changed ownership in the city and in the county increased 9% compared to 2015. A total of 19,082 homes was sold in 2016 versus 17,738 properties in the year-ago period.
Sales are not the only indicator of the area’s strong real estate industry. The median home price for a house for sale in St. Louis, MO, for instance, increased 4% to $167,000 from $160,000. It also took a shorter time for sellers to part ways with their homes, offloading them within 86 days of being on the market for 103 days.
Barry Upchurch, president of the St Louis Association of REALTORS, said that the city’s property sector has met and exceeded economic projections for the past 12 months. The recent housing data further validated a prediction that St. Louis would be one of the best markets in the U.S. for homebuyers.
The pace of sales could mean that the number of available homes for sales may not meet strong demand, as active listings dropped 1% to 30,300 units and inventory fell 3.9 months from 4.3 months.
You may think that buying homes in St. Louis could be a costly venture because of the increase in median home prices. However, the ongoing price appreciation may serve as an indication that an already high-priced home may sell for an even bigger price in the future.
If you’re looking to buy a house, seek help from local property investment companies preferably from those that have been operating in the city for 10 years or more.