Hello, St. Louis!
As we head into the summer of 2024, our real estate market continues to buzz with activity and opportunity. Let’s dive into the latest trends and insights shaping our vibrant city.
Home Prices and Inventory: We’ve seen a moderate increase in home prices, with the median price up by about 5% from last year. This steady climb underscores the strong demand for homes in our area. However, it’s also clear that inventory remains tight. The limited number of homes available for sale has created a competitive environment, often leading to bidding wars and quick sales, sometimes even above the asking price.
Interest Rates and Affordability: Interest rates have stabilized, though they’re higher than the historic lows we enjoyed in recent years. This shift has affected affordability for some potential buyers, but the dream of homeownership is still very much alive. Our city’s robust economic health and growing population are key drivers keeping demand high.
Final Thoughts: In summary, the St. Louis real estate market is dynamic and full of energy this June. Sellers are enjoying favorable conditions, while buyers must navigate a competitive landscape. Whether you’re buying, selling, or renting, staying informed and prepared is crucial in today’s market.
Stay tuned for more updates and insights. As always, I’m here to help you navigate your real estate journey in our amazing city!
- Hayley Tomazic
314-229-2009
