The second largest city in Missouri and the 20th largest metro area in the United States, St. Louis has a real estate market that is full of potential. The city is most famous for the Gateway Arch, and although it is often looked down upon for its crime rate, three million people live in or around it. Here are some reasons why you should invest in the St. Louis housing market in 2019.
The real estate market in St. Louis has a good forecast for 2019. According to statistics gathered by Zillow, the median value for a home in St. Louis is $118,000. Home values in this area have gone up 4.7% in the past year and it is predicted that they will go up by another 8.8% in the next year. The median price per square foot in St. Louis is $123 – less than the average of $129 for the St. Louis metro. Homes that are currently listed in St. Louis are selling for a median price of $149,000, while homes sold for a median price of $138,000. The median rent price is $1,000 for St. Louis or $1,095 for the St. Louis metro area.
The market trends for real estate in St. Louis are showing a rise of 0.0% a week for the average listing prices and a drop of -1% for rent prices each month. Trulia has lined up for you 4,790 new and resale homes, including those in various stages of the foreclosure process. The real estate market in St. Louis is more affordable than in other metro areas, but strong demand and low inventory are pushing prices up.
According to data from NeighborhoodScout, St. Louis’s appreciation rate of 4.33% has been at or below the national average. The city’s appreciation rate for the last quarter has been 1.72% – which translates to 7.06% annually. House prices in St. Louis are firmly below the national average. Over the last ten years, appreciation rates in St. Louis have come near the national average. St. Louis’s annual appreciation rate is lower than 80% of the other towns and cities in the state of Missouri.
According to statistics supplied by Redfin.com, the housing market in St. Louis is very competitive. Homes in this area on average receive 1 offer and sell in 41 days. Last month, the average sale price of a home was $166,000 – a rise of 7.1% since last year. The average sale price per square foot is $124, which is up 6.0% from last year. Hot homes can sell for approximately 1% above list price and go pending in an average of 22 days.
The ten highest appreciating neighborhoods in St. Louis since 2000 have been:
The ten best neighborhoods in St. Louis to live in, according to Movoto.com, are:
If you are looking to sell your house in St. Louis, please remember the Wallner Team for all your real estate needs!