Good news if you’re looking to buy or sell a home in St. Louis: real estate is the hottest it’s been since the housing market crashed in 2007. That’s according to the St. Louis Realtors Housing Report for May, released Monday.
For Julie Kraemer, it’s been a long and difficult road since the housing market crashed nearly ten years ago.
“I was laid off during the recession myself, actually right after buying my house,” she said.
Now, she’s employed again and finally ready to sell that house. Her Affton home went on the market on a Friday. On Monday, Kraemer got an offer, over asking price.
“We were almost just kind of in shock,” Kraemer said. “We couldn’t believe it had been on the market only three days, and then there was an offer on the table. But we were absolutely thrilled.”
According to St. Louis Realtors CEO John Gormley, Kraemer’s success story is no anomaly.
“The growth we’re seeing in St. Louis housing is a direct result of our prices," he said. "Even though they’re rising at double digits, they’re still very affordable. Businesses are starting to find that too, that they can relocate their workforce here, because of the affordable housing.”
In St. Louis and St. Louis County, the average number of days on the market dropped from 147 in May of last year to just 94 days in May of this year. So houses are selling faster, and their median price has gone up, from $167,200 in May 2015, to $184,000 in May 2016.
For Kraemer, selling her home so easily is a relief. Now, she’s renting and saving up for her dream home.
“I’m fairly modest," she said. "I don’t need anything crazy. I would love to have a deck to sit outside and enjoy a drink after work and relax.”
St. Louis realtors have been tracking this positive trend since January. The housing market growth has been occurring despite the fact that St. Louis’s population growth remains flat.