The outlook of the housing market in St. Louis
The many advantages of owning a home send millions of prospective home buyers into the housing market each year — with the city of St. Louis in one of the spotlights. Recent trends show a major spike in property values across the nation. Will some areas in St. Louis continue with this positive trend?
In June, the St. Louis Post-Dispatch noted the increase in home values in northern parts of the city. Although a shock to many home owners, some say this shift could finally be the answer to stabilizing the value of homes. Stricken by the 2008 housing crisis, some parts of St. Louis now stand as some of the most promising areas in the nation when it comes to buying property. The Dispatch acknowledged that this turnaround began in 2015, when the median appraised value of single-family homes saw a significant increase. And while many areas in the city have not yet recovered completely from the recession, realtors claim the values are slowly climbing.
Realtors and homeowners alike express the joys of a recovering housing market, but CNBC News shared earlier today that not everyone shares this excitement. In fact, with housing prices having risen 7 percent in September, some say the top housing markets in the country are now overvalued. The news outlet goes on to estimate that, for the top 100 markets, 36 percent are considered overvalued; if the trend continues, it could hurt more than help the market. Both consumers and real estate agents express frustration when buyers cannot find a property that is both affordable and functional. Nevertheless, CNBC concludes that cities such as Miami and Portland are looking better in terms of renting, while St. Louis is trending more toward ownership.