ST. LOUIS – Homes are selling at a record-fast pace and in St. Louis, they were on the market for 15 fewer days in April 2022 compared to the previous April, that’s according to the Realtor.com Monthly Housing Trends Report.

Homes in Miami sold 29 days quicker in April 2022 compared to April 2021, the only metro with faster year over year sales than St. Louis.  

When it comes to the top 50 metro areas, all of them posted yearly declines in the time on the market. The average days on the market last month was 28, six days fewer than in April of 2021. While homes in St. Louis were on the market for an average of 40 days last month, it saw a more dramatic drop in the number of days they were on the market.

So where does that leave buyers? 

Katie Kirk Ross with Janet McAfee Realtors in St. Louis says buyers are still finding themselves in a competitive market. While it is not uncommon for buyers to pay tens of thousands of dollars over asking price, Kirk says some are asking themselves if they really should be spending that much in light of current events. 

She also notes there are even a few buyers who are nervous about the stock market and says that could cause hesitation from some looking to buy.

Nationwide, inventory is growing, led by increases in the number of mid-size homes for sale, according to the report. It also says that could mean more listings available for families looking to upgrade from their starter homes, a move that could help first-time home buyers.

Ready to rebound

The data in the Realtor.com report also suggests the U.S. housing supply is getting ready to rebound. The report points to active listings making a -12.2% decline, its smallest year-over-year decline since December 2019. That was an improvement from March where it was -18.9% year-over-year.

In St. Louis, the number of active listings also improved between March and April. 

Home Prices

While demand may be easing, the average home price hit another all-time high in April. Around St. Louis, the average home price in April was $273,000, a slight increase of 4.1% from the previous year. 

One promising sign for home buyers is the number of homes with price reductions increased slightly.