Metro East Real Estate Update: June 2024 Shows Positive Trends
Aug 05, 2024
Written by David Dodge
The St. Louis metro east continues to be a hot spot for real estate activity. While the national market might be showing signs of a slowdown, June 2024 data paints a positive picture for the Illinois side of the Mississippi. Let's delve deeper into the latest trends.
Rising Prices, Seller's Market
The most significant takeaway is the steady increase in home prices. The median sold price in June 2024 reached $210,000, reflecting a 2.44% year-over-year jump from June 2023. This upward trend extends further when compared to May 2024, showing a substantial 10.24% increase.
This data points towards a seller's market in the metro east. With demand outpacing available homes, sellers are in a strong position to negotiate favorable terms.
Inventory and Sales
There's an interesting dynamic at play with inventory levels. While home prices are rising, the median list price saw only a minimal increase of 0.05% compared to June 2023. This suggests that sellers might be adjusting their listing prices strategically to stay competitive in a market with potentially lower inventory.
However, the data also reveals a decrease in home sales compared to June 2023. This could be attributed to a few factors. A decline in available listings could limit the number of transactions. Additionally, rising interest rates might be impacting buyer affordability, leading to a more cautious approach.
Market Outlook: Continued Growth Expected
Despite the dip in sales figures, the overall outlook for the metro east real estate market remains positive. The consistent rise in home prices reflects strong buyer demand. With a healthy job market and continued economic activity in the St. Louis area, the demand for housing is expected to stay high.
Finding Your Perfect Place in the Metro East
Whether you're a buyer looking for your dream home or a seller seeking to capitalize on the current market conditions, navigating the real estate landscape can be a complex process. Partnering with a knowledgeable and experienced agent can make all the difference.
Sources:
- MORE, REALTORS® (
https://www.morerealtors.com/ - Dennis Norman, St. Louis Real Estate News (
https://stlouisrealestatenews.com/
Next Steps
For a personalized consultation and expert guidance on buying or selling a home in the metro east, contact a trusted agent at MORE, REALTORS®. Their team of local professionals can help you achieve your real estate goals.
