Mid-year look reflects St. Louis has second-lowest median sales price: St. Louis among top 10 housing markets

In December 2015, St. Louis was ranked No. 2 among the hottest
real estate markets for 2016 nationwide by Realtor.com Chief Economist Jonathon Smoke. Not
only has St. Louis lived up to Smoke’s prediction, surpassing all expectations, it has also
remained the second-most affordable city in which to purchase a home among those top 10
cities.

“We have had such a strong real estate market in St. Louis through the first six months of 2016,”
says St. Louis REALTORS® President Sandy Hancock. “Sales started strong in January and
have continued, with no let up, through the height of the summer selling season. Property
values have also been rising, but have remained affordable for first-time, move-up and luxury
buyers in our market. This year the St. Louis real estate market has offered buyers widespread
housing opportunities in conjunction with excellent affordability, resulting in the healthiest
residential housing market we have experienced in years.”

Taking a look at the top 10 hottest markets in 2016 in terms of affordability, here’s how they
stack up midyear:
City — Median sales price
1. Providence — $255,000 (June)
2. St. Louis — $178,000
3. San Diego — $565,000
4. Sacramento — $320,000
5. Atlanta — $253,000 (June)
6. New Orleans — $241,000
7. Memphis — $161,000
8. Charlotte — $217,000
9. Virginia Beach — $251,000
10. Boston — $372,000 (June)

“We have the second-lowest median sales price in Jonathon Smoke’s 2016 Top 10 hottest
markets’ list,” explains St. Louis REALTORS® CEO John Gormley, “but we also are continuing
to see price appreciation. This month our housing data, according to MARIS (Mid America
Regional Information Systems) Multiple Listing Service, reflects the median sales price in St.
Louis is $178,500, as compared to $174,999 in July 2015, a 2 percent increase. That is
definitely good news, as the combination of our relatively lower median sales price and
continued appreciation makes for a strong housing market for buyers and sellers.”

Another important market indicator is housing inventory. In St. Louis, as in all of the top 10
cities, housing inventory is currently on the lower end, with New Orleans having the largest
inventory sitting at a 4.7-month supply, followed by Providence at 4.5 months and St. Louis and
Virginia Beach, each at a 4-month supply. According MARIS, St. Louis – with its current 4
months of housing inventory – is up slightly from a 3.9-month supply in July of 2015.
“Even though across the country housing inventory is low, in St. Louis we are at the upper end
of that market metric,” says Gormley. “And that is positive for us in St. Louis as we continue to
have a significant number of houses from which to choose, as well as opportunity at all levels as
we move into the fall and winter months.”

According to MARIS statistical data for St. Louis City and St. Louis County, there were 7,279
active listings during July, which compares to 7,804 for the same period last year, down 7
percent. At the same time, days on market dropped from 154 in July of 2015 to 101 days this
July. In addition, 1,805 homes sold during the month of July as compared to 2,013 for the same
period last year.

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Interested in taking advantage of this market? Contact Your STL Agent today to learn more about buying and selling homes in St. Louis.

Allyson Borkgren