 St Louis Region Escapes the Housing Crisis of 2020 Despite what the news media may imply, the pandemic and protests HAVE NOT severely damaged the St. Louis area real estate market. Home Showings are increasing as the stay-at-home orders are lifted. Sales Prices continue to rise as the number of Homes for Sale sinks to historically low levels. Additionally, Homes Under Contract are similar to Sold Homes during the same timeframe last year. Scroll down for more local housing info & stats and check out current for-sale, recently sold and open houses in your neighborhood. |
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May 2020 Under Contract vs May 2019 Sold Homes
 
Comparing housing activity during the same time frame from year-to-year is helpful to see current trends in the market. These snapshots illustrate housing activity compared year over year, broken down by local regions in the St. Louis area. As you may notice, in most areas, the amount of Under Contract Homes in May 2020 is very similar to the amount of Sold Homes in May 2019.
The real estate needs of the two largest generations, both Baby Boomers and Millennials, continue to fuel real estate activity. Additionally, keep in mind that economic recessions historically have not directly lead to a housing crisis.
 Because of stay at home orders starting in March, the typical busy spring market is now extending well into summer. Home Showings are increasing as the stay-at-home orders are lifted. Pent-up housing demand is being unleashed as many coronavirus-related restrictions to daily life are lifted or relaxed and consumers return to the real estate market.
 Median Sales Prices continue to rise which is a result of appreciation and low housing inventory. Limited inventory in the housing market was already a headache before the pandemic intensified the pain. The Supply of Homes for Sale continues to decline to historic levels while mortgage rates for 30-year loans have broken through record lows three times in as many months, making borrowing costs favorable for prospective buyers who are looking to get off the fence and purchase.
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Topics: Home tour, real estate, housing market, housing demand, buying a home, homebuying, STL
Written by Brett O'Daniell
Co-Founder of HomeTraq. 18+ years real estate and mortgage experience.
