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Slow sales, longer waits and higher prices. This is the latest on metro-east real estate

RichLegg/Getty Images

Real estate market conditions in southwestern Illinois and St. Louis have brought slowed sales and longer waits for sellers recently, though prices have increased year-to-year.

Zillow data show median home values in southwestern Illinois and St. Louis had an average increase of 9.6% from December 2021 to December 2022.

Homes in zip code 63113 had a median home value increase of 40.19% to $70,658 and 62240 homes had a median value increase of 30.79% to $82,938.

The median home value in zip code 63105, in the Clayton, Mo., area, has reached $967,633, according to Zillow’s data.

Not all zip codes had median value increases, though. The following areas saw declines, according to Zillow:

  • 62207 median home values decreased by 21.84% to $37,377

  • 62206 median home values decreased by 19.8% to $39,108

  • 63106 median home values decreased by 18.53% to $97,103

  • 63120 median home values decreased by 16.76% to $39,156

  • 62206 median home values decreased by 7.08% to $39,108

  • 63106 median home values decreased by 2.02% to $97,103

Explore the latest median home value data for southwestern Illinois and St. Louis from the Zillow Home Value Index:

Note: This interactive graphic will automatically update as new data become available.

Home sales plummeted in 2 metro-east counties in November. Here’s a look at the market

Belleville home sale prices increased by 22.3% from December 2021 to last month, according to real estate site Redfin.

While median sale prices have increased in Belleville, the number of homes sold has dropped by 24.1% year-to-year, Redfin reports. Belleville homes typically stayed on the market for 43 days in December, seven days longer than in December 2021.

Redfin describes Belleville’s real estate market as “somewhat competitive,” with a score of 63 out of 100. The real estate site reports homes sometimes get multiple offers, and average ones sell for about 1% below list price.

In St. Clair County as a whole, Redfin says home prices were up 7.1% from December 2021 to December 2022, with a median sale price of $180,000.

Like Belleville, St. Clair County has had home sales drop and houses are now staying on the market longer. The number of homes sold dropped by 32.6% year-to-year, and average homes are now spending about 44 days on the market, a three-day increase.

Across the river, the St. Louis Realtors Association reported similar trends. The association’s December housing report said sales were down for single-family homes, as well as condominiums and townhouses across the city and county.

“New listings decreased by 14.9% for residential homes and 26.6% for townhouse/condo homes. Pending sales decreased by 19.5% for residential homes and 30.9% for townhouse/condo homes. Inventory increased by 5.3% for residential homes but decreased by 14.7% for townhouse/condo homes,” the report said.

Median sale prices increased by 4.9% to $262,200 for single-family homes in St. Louis, and condos and townhouses saw an increase of 12% to $210,000, according to the St. Louis Realtors Association.

Four Illinois cities make top 10 ‘Best Affordable Places to Live’ list from US News