St. Louis Real Estate Trends
Home prices have risen 12% and up almost 28% for condo's over the last year, which has made home ownership wealth a dream come true for owners.
Days on market are increasing which means we are heading towards a more neutral market. The days of 20 or more offers are also a thing of the past.
Even with the inevitable change in the real estate market looming on the horizon, home sales are still headed for another record year in 2025.
The first sector to show slowing is the high-end home market. Which will then trickle down to the lower end of the market. This is the natural progression of real estate.
Interest rates are overall continuing a positive trend. Rates average now around 7 percent for a 30-year fixed-rate loans, still the lowest since the 1960s. They are anticipated by many, to drop back into the 6's.
Real-estate analysts believe that if the housing market stalls, some areas will continue to grow modestly while other markets gradually go soft, rather than pop. I have no fear of a housing crash, but we are heading towards a neutral market and eventually into a buyers market. Â What that means is a slow down in sales, increasing days on market, which we're already seeing, and falling back into the slow steady growth of home prices verses the leaps and bounds seen since 2020. This is the natural ebb and flow of the real estate market. So nothing to be alarmed about.
If you are considering selling or buying a new home this year, now is the time to start planning for that move. Call me today for a free consultation.