The St. Louis housing market reached its lowest point in November of 2012, and it has climbed back a little since then. In Spring of 2007, the peak average of area home value estimates was at $131,000. Today, it’s closer to $111,000. The ascent has been slow, but it’s steadily happening at a rate of about 5% a year. This value increase is good news for homeowners, but it does little to nothing to affect the overall market health.
The market in St. Louis is considered to be stable, ranking in just below average. This is less than ideal, but stable is better than outright unhealthy. Approximately 0.2% of homes are faced with negative equity, which is double the United States average. One in every 5,000 homes in St Louis is foreclosed upon annually, compared to the nationwide average of 1 in every 10,000. Things aren’t going very well, as St Louis is slowly dragging behind in housing market recovery.
Homes are sitting on the market for seemingly unreasonable periods of time, causing many homeowners to lose hope. Of the homes that sell in a given year, over 20% sell at a significant price cut. The market is neutral, and neither buyers nor sellers are getting a lot of action. Because of this, a lot of homeowners have declined the opportunity to relist their home. Listing times aren’t going down, and properties aren’t selling for as much as they probably should.The statistics are stacked against the average homeowner, but this doesn’t mean that everyone is out of options.