October 2021 St. Louis Area Housing Report

St. Louis City & County Housing Report

The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.

New listings decreased 10.7 percent for residential homes and nine percent for townhouse/condo homes. Pending sales decreased 8.8 percent for residential homes but remained flat for townhouse/condo homes. Inventory decreased 25 percent for residential homes and 24.7 percent for townhouse/condo homes.

Median sales price increased 5.3 percent to $249,450 for residential homes and 8.8 percent to $190,450 for townhouse/condo homes. Days on market decreased 17.6 percent for Residential homes and 20.5 percent for townhouse/condo homes. Months supply of inventory decreased 26.3 percent for residential homes and 36 percent for townhouse/condo homes.

As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low-interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS^®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.

Source: https://www.stlrealtors.com/clientuploads/New%20Website%20PDFs/Housing%20Reports/2021/10%20October/Housing_Report_Infographic_-_October_2021.pdf

Full Report: https://www.stlrealtors.com/clientuploads/New%20Website%20PDFs/Housing%20Reports/2021/10%20October/MARIS_Report_-_October.pdf