A 2024 Seller’s Guide to Home Values in St. Louis

2 weeks ago 19

Wondering what your home is worth in the St. Louis market? Whether you’re thinking about selling soon, aiming to drop PMI, or just keeping an eye on the local housing market, understanding your home’s value is key for making informed decisions about your next steps.

In this article, we’ll explore the latest home value trends in the Gateway to the West, offer tips on obtaining an accurate home value estimate, and share straightforward strategies proven to enhance your property’s worth. Plus, we’ll introduce you to tools that can help you maximize the value of your St. Louis home when it comes time to sell.

Already Own a Home? What's It Worth Now?

Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.

Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.

Current home values in St. Louis

Since 2020, the median home value in the St. Louis metro area has climbed over 40%. In June 2020, the typical St. Louis home sold for $235,300. Fast-forward to June 2024, and that value has increased to almost $330,000, according to data from St. Louis Realtors.

St. Louis currently ranks 45th on the FHFA’s House Price Index list of Top 100 Metro Areas, which tracks over 400 cities across all 50 states. While recent reports have alluded to the decline of the St. Louis’s downtown, city leaders are taking action to address the prevalence of vacant office buildings and storefronts, with talks of creating more residential opportunities.

“The future of downtown is going to be a lot more mixing of uses. It’s got to be a lot more residential. We’ve already started to see that,” said Kurt Weigle, senior vice president and chief downtown officer at Greater St. Louis, Inc., in an article by Fox 2 KTVI.

The table below illustrates how much home prices have increased in the St. Louis region over the last five years:

Year	Median home price	Percent change year-over-year
2024 (June)	$329,900	+6.8%
2023	$311,100	+3.7%
2022	$300,000	+11.1%
2021	$271,300	+17%
2020	$235,300	+0%

Source: St. Louis Realtors

This dramatic increase isn’t unique to St. Louis; it’s a phenomenon occurring across the entire country. According to the S&P CoreLogic Case-Shiller National Home Price Index, housing prices in the United States have jumped by over 50% since the beginning of 2020.

This trend has benefitted most homeowners, allowing them to build up significant equity in their properties. They can then use this equity for various financial purposes, from investing in new properties and renovating existing homes to paying off debts and even saving for retirement. Earlier this year, ICE’s Mortgage Monitor revealed that the average U.S. homeowner with a mortgage currently boasts about $299,000 in equity.

For comparison, the table below shows median home prices in suburbs surrounding St. Louis:

City	Median home price	Distance from St. Louis
Olivette	$630,000	14-18 min (12.1 miles)
Chesterfield	$546,900	22-28 min (22.3 miles)
Glendale	$515,000	16-20 min (12.3 miles)
Ballwin	$366,500	26-35 min (22.2 miles)
Clayton	$659,700	12-16 min (8.6 miles)
Ladue	$1,116,500	16-20 min (12.8 miles)
Wildwood	$559,100	35-50 min (29.7 miles)
Clarkson Valley	$912,000	26-35 min (23.7 miles)
Des Peres	$680,000	18-24 min (17.6 miles)
Brentwood	$270,000	14-20 min (9.5 miles)

Home value averages of multiple public transaction sites

Typical travel times 8 a.m. midweek

In the next section, we’ll introduce several helpful tools to estimate the value of your St. Louis-area home.

How to get a home value estimate

Whether you’re aiming to set a list price that matches fair market value or calculate your potential net proceeds, there are several tools ranging from DIY to professional to help determine your St. Louis home’s value.

Use an online home value estimator

One of the easiest ways to get a quick ballpark estimate for your home’s worth is by using an online value estimator like HomeLight’s. These tools typically gather data from various public sources, including county auditor records, tax assessor information, and recent sales from the MLS. While online estimators don’t always provide the most accurate value, HomeLight’s free tool stands out by asking seven targeted questions about your home’s specifics to further refine the estimate. In just a few minutes, you can receive a preliminary estimate to kick off your home-selling journey.

Request a comparative market analysis

While an online home value estimator will give you a ballpark figure, a comparative market analysis (CMA) performed by a local real estate agent offers a more precise valuation for your St. Louis home.

This detailed report compares your property to similar homes that have recently sold in your area, taking into account factors like your home’s square footage, the number of bedrooms and bathrooms, location, age, and any recent improvements. By incorporating these features into the estimate, a CMA can give a much more reliable figure for your home than online estimators.

A CMA typically includes charts, graphs, photographs, and other relevant data to give you a clearer picture of your home’s worth. Many agents offer a CMA for free, especially if you’re already planning on listing your home with them. Obtaining a CMA can help ensure that you don’t under- or over-price your listing, which can lead to a stagnant home sale and weeks lingering on the market.

Planning to sell your home soon, but haven’t found an agent yet? HomeLight can instantly connect you with multiple qualified agents in your St. Louis neighborhood. Our free service matches you with up to three vetted agents in under two minutes, based on data including past sales, local expertise, and agent specialties. These agents don’t pay to be featured, so you can rest assured that your matches are vetted professionals with a proven track record. According to HomeLight’s data, the top 5% of listing agents can sell your home for as much as 10% more than the average agent.

Get a pre-listing appraisal

In some rare cases, obtaining a pre-listing appraisal may be necessary to provide a more accurate home valuation than a CMA alone. For example, this can be particularly useful if your home has unique features that are difficult to compare, is located in a rural area with limited nearby sales, or sits on a large acreage that needs to be evaluated. A professional appraisal is the most comprehensive option for assessing your home’s value and involves a licensed professional physically examining your property in person.

Keep in mind that a pre-listing appraisal is not cheap (it will typically set you back between $450 and $550) and is generally only necessary for complex properties. Also, even if you get an appraisal, the buyer’s lender will still require their own to confirm the loan amount they are willing to provide. This step ensures that both parties have confidence in the property’s valuation before finalizing the sale.

How to increase the value of your St. Louis home

If you’re hoping to maximize the value of your St. Louis home before putting it on the market, consider focusing on the six key strategies below:

Curb appeal: Enhancing your home’s curb appeal can make a strong first impression on buyers. In fact, 92% of realtors recommend improving curb appeal before listing a home on the market, according to the National Association of Realtors. Simple updates like fresh landscaping, painting the front door, adding outdoor lighting, and pressure-washing the exterior can significantly boost your home’s attractiveness.

Strategic updates: Focus on home improvements that offer a solid return on investment. For example, according to Zonda’s 2024 Cost vs. Value report, replacing the garage door is one of the best value-adding upgrades, with an ROI of 194%. Updating other key areas like kitchens and bathrooms can also be beneficial to your sale price — think replacing hardware, faucets, lighting, and vanities; refinishing floors; or repainting the walls.

Necessary fixes: Addressing essential repairs before listing can help prevent unwanted surprises during the home inspection process and avoid any potential deal-breakers. It’s recommended to consult with your real estate agent before tackling any costly or time-consuming repairs, but in general, prioritize fixing problems with major systems like your roof, foundation, HVAC, or electrical.

Decluttering and depersonalizing: Decluttering and depersonalizing your home are critical steps in preparing it for sale. One HomeLight survey revealed that decluttering could add $8,000 or more to your home’s sale price. Remove personal items, including family photos, collectibles, or religious symbols from the walls, and focus on clearing out excess furniture and piles of clutter to create a clean slate for buyers.

Deep cleaning: Don’t underestimate the power of a real deep cleaning to can enhance your home’s appeal and increase its value. According to a HomeLight Top Agent Insights report, deep cleaning can boost a home’s value by an average of $3,700. Start by focusing on bigger-picture items like steam-cleaning carpets, washing windows, and scrubbing down grout. Then, inspect hard-to-reach areas like vents, ceiling fans, and baseboards that may be harboring dust and grime.

Home staging: Effective home staging can not only impact how attractive your home is to buyers, but also substantially boost your sale price. HomeLight’s most recent survey shows that professionally staged homes can sell for up to 13% more than unstaged homes, making it a worthwhile investment. Additionally, 67% of agents surveyed agreed that staging helps to sell homes in the current market, while 31% say that staging is “essential for a sale.”

Unlock Your Equity and Buy Before You Sell

Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.

How to buy before you sell in St. Louis

If you’ve found your next potential home in St. Louis but haven’t sold your current one yet, HomeLight’s Buy Before You Sell (BBYS) program could be the solution you need.

Here’s how it works: BBYS allows you to access a portion of your current home’s equity in order to make a competitive, non-contingent offer on a new property. If eligible, you can have this equity unlocked in just 24 hours, without any upfront fees. This means you can buy your new home first and then focus on selling your old one later, without the pressure of coordinating two transactions or juggling multiple moves. Plus, the ability to move into your new home while your old house is empty can make staging and showing it that much easier.

To use BBYS, HomeLight charges a flat fee of 2.4% of your current home’s final sale price. If it doesn’t sell within 90 days of closing on your new property, HomeLight will purchase it directly and continue working to sell it for you. Any profits from the eventual sale, minus costs incurred, will be returned back to you.

Sound like a good fit? See the video below for more information about HomeLight’s Buy Before You Sell program:

How to find a top agent in St. Louis

Getting the best selling price for your home starts with selecting a top-notch real estate who has a successful track record. HomeLight’s agent matching service is completely free and matches you with up to three highly qualified local agents in just a couple of minutes. These matches are unbiased and based solely on an agent’s specialties, past sales, and local expertise, ensuring you’re paired with the best professionals for your specific home sale.

When choosing an agent, one important factor to consider is their sale-to-list ratio. This ratio compares a home’s final sale price to its original listing price, expressed as a percentage. A high sale-to-list ratio is a good indicator that the agent accurately prices their listings and secures top dollar for their clients on a consistent basis.

It’s recommended to interview at least three agents before making your final decision. Here are some example questions to ask:

How long have you been in business?
How well do you know this neighborhood?
What types of homes and price ranges do you specialize in?
What’s your average number of days on market?
What is your commission rate?
What would your marketing plan look like for this property?
Could you provide me with a few client referrals?

By utilizing HomeLight’s agent match tool and some basic interviewing skills, you’ll be more than prepared to find a real estate professional who knows the St. Louis market inside out and can help you achieve the best possible outcome.

Get a free preliminary home estimate today

Whether you’re planning to sell your St. Louis home soon or are just exploring options like refinancing or getting a home equity loan, understanding local home values can help you make informed decisions about your largest financial asset. With HomeLight’s free home value estimator, you can quickly get a preliminary estimate of your home’s worth in just minutes and start your home-selling journey on the right foot.

HomeLight can also connect you with top agents who are well-versed in maximizing St. Louis homes for their best sales price. Or, if you’re looking to purchase a new home, we can help you explore options to buy before you sell. By staying on top of local market trends and using the tools outlined above, you’ll be well-positioned to take full advantage of your St. Louis home’s potential.

Header Image Source: (sepavone/DepositPhotos)

Article Sources (12)