Mar 20

End of Year Report: Metro New Construction Median Sale Price Per Square Foot in St. Louis, MO (Jan-Nov 2023)

End of Year Report: Metro New Construction Median Sale Price Per Square Foot in St. Louis, MO (Jan-Nov 2023)

Analysis of New Home Prices in St. Louis, MO: 2023 Year-End Review and 2024 Market Predictions

Introduction:
In our pursuit to provide comprehensive insights into the real estate market, we have meticulously analyzed the median sale prices per square foot of newly constructed houses in St. Louis, MO throughout 2023. Leveraging data from Zillow, we have distilled trends, fluctuations, and key indicators to offer informed recommendations for both buyers and sellers. This report also includes a forecast for the St. Louis housing market in 2024.

Table 1: Monthly Median Sale Price Per Square Foot (US$) – Jan to Nov 2023

Month Median Sale Price Per SF (US$)
January 191.40
February 211.77
March 205.36
April 207.50
May 210.63
June 202.11
July 208.51
August 214.65
September 207.98
October 214.39
November 223.54

Analysis:

Trends and Relationships:

  1. Overall Upward Trend: The data illustrates a general upward trend in median sale prices per square foot throughout the year, indicating a growing market for newly constructed homes in St. Louis.
  2. Seasonal Fluctuations: There are fluctuations in prices month to month, potentially influenced by seasonal factors or variations in supply and demand dynamics.
  3. Highs and Lows:
    • Lowest Price: January recorded the lowest median sale price per square foot at $191.40.
    • Highest Price: November marked the highest median sale price per square foot at $223.54, suggesting potential market growth towards the end of the year.

Table 2: Monthly Percentage Changes

Month Percentage Change (%)
January –
February +10.66
March -3.02
April +0.99
May +1.50
June -3.99
July +3.22
August +3.01
September -3.11
October +2.99
November +4.28

Annual and Quarterly Averages:

  • Annual Average: The average median sale price per square foot for 2023 is $209.33.
  • Quarterly Averages:
    • Q1 (Jan-Mar): $202.50
    • Q2 (Apr-Jun): $206.08
    • Q3 (Jul-Sep): $210.38
    • Q4 (Oct-Nov): $218.97

Closing and Ending Figures:

  • Closing Figure: The median sale price per square foot at the end of November 2023 is $223.54.
  • Ending Figure: The year concludes with a strong market performance, indicating potential growth opportunities in the St. Louis housing market.

Market Advice and 2024 Predictions:
Based on the analysis of monthly changes and overall trends, 2023 presented opportunities for both buyers and sellers in the St. Louis housing market. The consistent upward trajectory in prices suggests a robust demand for newly constructed homes, making it favorable for sellers to capitalize on increased property values.

For buyers, while prices have been on the rise, the market still exhibits healthy growth potential, especially considering the forecasted economic stability and continued demand for housing. However, buyers should act diligently, considering the potential for further price increases.

As we look ahead to 2024, the St. Louis housing market is poised for continued growth. Economic indicators, including low mortgage rates and steady job growth, are expected to sustain demand for housing. Additionally, the city’s strategic location and attractive amenities position it as an enticing destination for both residents and investors alike. Optimism for continued growth in 2024.

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