Median home values are up in Belleville and St. Louis, but Realtors say sales have slowed
The real estate market in Belleville and St. Louis area has continued to see inflated prices, but some seller’s market indicators have changed.
One real estate company recently described it as “somewhat competitive,” as median home values are up from last year but home sales have dropped in some localities.
Median home values in the Belleville area and nearby jumped by an average of 12.8% from October 2021 to October 2022, according to data from the Zillow Home Values Index. Changes in median value ranged from increases of 34.66% to decreases of 25.6%.
Zip code 62240, the Dupo area, had the greatest value increase. Median home values in 62240 increased by 34.66% to $98,810. Homes in 62207 had the sharpest decline in median values, with a drop of 25.6% to $39,943.
Homes in 62220 had a median value increase of 15.47%, bringing typical Belleville home values to $137,559.
Explore median home values by metro-east and St. Louis area zip code, from the Zillow Home Value Index:
Note: This interactive graphic will automatically update as new data become available.
Real estate company Redfin rates Belleville’s housing market as “somewhat competitive,” with a Redfin Compete Score of 63 out of 100. The score is calculated based on the last three months of sales.
Some Belleville homes are receiving multiple offers, Redfin says, and average homes sell for around list price and go pending in around 35 days.
“Hot” homes, or properties expected to be among the most competitive, can sell for about 4% above list price and go pending in about 12 days, according to Redfin.
Home sales in St. Louis (city and county combined) dropped in October, the St. Louis Realtors monthly housing report says. Pending sales for single-family homes were down 21.4% from 2021, while the number of closed sales declined by 25.7%.
At the same time, single-family home inventory is also down in St. Louis from this time last year. The number of homes listed for sale has dropped by 6.1%.
Median sale prices in St. Louis have increased for both single-family homes and townhouses and condos, according to the St. Louis Realtors report. Single-family homes now have a median sale price of $265,000, up 6% from 2021, and townhouses and condos have a median sale price of $195,000, 2.6% more than in 2021.
This story was originally published November 19, 2022 at 6:00 AM.
