ST. LOUIS, MO/February 1, 2017 (STLRealEstate.News) Though it wasn’t the second hottest market in the nation as one expert had predicted at the start of the year, it was one hot year for local real estate, specifically in the St. Louis region. The year ended with closings up 7 percent, and prices up a modest 3.3 percent. Homes sold 11 percent faster than in 2015, and the overall vitality of the market is looking strong heading into 2017.
The president of Coldwell Banker Gundaker, Jim Dohr, says a lot of things came together at the right time to make a real estate year to remember. “You couple increasing jobs and a little better local economy with very low interest rates and affordability – that’s an extremely profitable recipe for a very good housing market.”
Dohr went onto say as 2017 gets underway, the supply of homes on the market in St. Louis is the lowest it’s been in the last decade. But, despite the tiny supply, he expects prices to increase only modestly this year. “I read an article last week which said the Midwest is the new frontier in real estate, especially for millennials because of its affordability. We’re just in the very unique spot here where prices are modest – and that is a great thing moving forward.”
Dohr ended by stating that if anyone is considering selling their home and moving out or around St. Louis, now is the time to do it. With supply low and demand high, anyone intent on selling a home is going to get the best bang for their buck, and witness their property on the market for a very short amount of time if they list it now.
All in all, it was a great year for St. Louis, and as millennials pour into the city, it only means good things for the local economy.
Contributing Editor: Alexandra R. Fasulo