August Brings Increased Confidence in Stable St. Louis Housing Market

The total inventory of homes on the market has remained functionally the same since the beginning of last month which continues to show that homes are being bought and sold at an even rate in the area. The median price for homes has risen only 4% over its mark this time last year from $120,000 to $124,900. This stability at a healthy number of homes on the market for the population size is a good sign for the St. Louis area. Sellers are able to put a house on the market without the fear of a pricing spike in the near future.

Those in the St. Louis area who are looking to sell a home are happy to see that the average number of days spent on the market has dropped from its mark one year ago. Last year the average house was on the market for 68 days. This year that number has dropped to an average of 62 days. Investors in the area are reassured by the level of commerce and the decline in time spent on the market. The stability exhibited by the St. Louis housing market allows for greater certainty in the prediction of market conditions going forward for those looking to sell a home.

Buyers in the St. Louis area are watching the mortgage rates for the right time to make a decision. Mortgage rates remain stable at 4.25% which is a welcomed sign after climbing since early May. If mortgage rates continue to remain steady heading into August it could be a good time to buy for those looking to move to the St. Louis area.

Prudential Select Properties St. Louis is able to assist both buyers and sellers navigate the St. Louis real estate market. Sellers looking to list their home in a high visibility location can contact Prudential Select Properties by visiting Prudential Select St. Louis's website also serves as a resource for potential buyers in the St. Louis area who are trying to compare pricing and location of listed homes for sale. With the increased confidence in the stability of the St. Louis housing market it is a good time for both buyers and sellers to make the moves that they have been waiting on.

Previous PostNext Post