July 2024 was a dynamic month for the St. Louis real estate market, marked by steady demand and evolving trends, and this momentum has carried into August.
Home sales in July saw a slight uptick compared to June, driven by continued buyer interest despite rising mortgage rates. Inventory levels began to increase, offering buyers more options, though the market remained competitive with limited new listings.
Throughout both July and August, we’ve observed more price reductions as sellers adjust to a more balanced market, with the pace of median home price growth slowing as buyers become more discerning. The luxury segment has stayed strong, continuing to attract local and out-of-state buyers alike.
As we progress through August, inventory continues to rise, providing further opportunities for buyers, though well-priced, move-in ready homes still tend to sell quickly. The market is likely to maintain its momentum into late summer, with both buyers and sellers needing to stay strategic and informed. Understanding these shifts is crucial, and I’m here to help you navigate this evolving landscape, whether you’re looking to buy or sell.
- Hayley Tomazic
314-229-2009
