Town and Country is a growing real estate market with steady price appreciation over the past few years. The area offers easy access to St. Louis City, employment opportunities, and recreational activities, making it an attractive option for homeowners. In addition, the area's high-quality schools and a strong sense of community make it a welcoming and popular choice.
While the market has seen prices rise in recent years, the Town and Country market appears primed to stabilize in the coming year. This guide will help you to better understand market conditions affecting homes for sale in Town and Country, explain factors that drive housing prices, and give you insights into the future of the local market.
Overview of the Town and Country housing market
The Town and Country real estate market is dynamic, offering housing options for every budget, although the majority of homes are priced well above the national median home price. The area also has a growing population of young professionals, making it an ideal home for those seeking urban living with easy access to both nature and culture. With housing prices on the rise, homeowners are investing in properties of higher standards and making the area home to more luxurious housing complexes with swimming pools and other amenities.
The market is supported by an abundance of job opportunities in the financial and technology sectors. However, mortgage rates have a significant bearing on prices as well. However, despite a general cooling of housing markets following increases to interest rates at the end of 2022, Town and County is still experiencing year-over-year increases across price ranges.
Current housing prices in Town and Country
The Town and Country median home price is currently $779,805, placing it well below some major metro areas such as New York or Los Angeles but well above the $211,546 median home price for St. Louis as a whole. In addition, while less than 2% of St. Louis homes are priced above $1 million, closer to 30% of Town and Country homes exceed that price point. This is largely driven by the proliferation of luxury homes among houses for sale in Town and Country.
Overall, Town and Country housing prices are approximately 266% higher than in the general St. Louis metropolitan area, which experiences housing prices more in line with the national average. In addition, the average market rent in Town and Country — $2,215 — is nearly double that of St. Louis. However, Town and Country also has a homeownership rate of almost 82%, with a shallow vacancy rate of only 3%.
Factors affecting prices of Town and Country property
Factors affecting Town and country home prices include the local economic climate, job market, interest rates, government policies relating to real estate investment, and new construction and development projects.
The local real estate market in Town and Country has been booming in recent years, thanks in part to the growing presence of major employers such as Monsanto and Centene. The area’s median home prices have increased steadily since 2013, and home prices have appreciated over 100% since 2000. In addition, the majority of homes in Town and Country are existing construction, with only a little less than 12% having been built since 2000. Almost 90% of all residences are single-family homes, with townhomes accounting for another 3.5% and all apartment buildings and complexes accounting for just under 7% of housing in the community.
Town and County is also a relatively high-income area compared to the rest of the state and the nation, and the median household income as of 2020 was $202,974, which is more than three times the median household income for the nation. In addition, just over 4% of residents reported living below the national poverty rate, which represented a more than 15% decline from the previous year. Income and housing prices interact directly, and as an area becomes more desirable to high-earners, housing and real estate prices in the area rise, attracting more high-earners.
Current market trends for Town and Country
Recent market trends for Town and Country real estate are positive, with steady sales and prices. The housing market in the area is stable, with a price appreciation of 1-2% year-on-year. The housing market is also bright at present, with new home construction ongoing and sales of existing housing remaining strong. Although the area may not see as much growth as during the previous two years, overall, the real estate market in Town and Country is strong, with prices expected to continue to rise in the coming years.
Forecast for the Town and Country housing market
In the last few years, the market of Town and Country real estate has seen tremendous growth. This has been fueled by factors such as economic recovery, price appreciation, and housing market recovery. The real estate market in Town and Country is backed up by economic factors. The housing market is also seeing a resurgence, which will lead to an increase in the neighborhood's housing demand as buyers continue to be attracted to the area for its upscale housing options.
In addition, although interest rates are currently significantly higher than were seen in recent years, they are leveling out between 5% and 6%. This will lead to slightly higher mortgage payments for homebuyers, but with rates holding steady, buyers can feel greater confidence in their decisions to buy a home rather than waiting for interest rates to fall. The market is expected to see prices appreciate at a moderate pace over the next few years as these trends continue.
Seek an agent who knows Town and Country
Regardless of market conditions or how trends evolve, the one thing that remains constant is the value of an experienced real estate agent. While market prices may fluctuate and trends come and go, a knowledgeable agent such as those at The Benes Group can help you navigate the market and ensure you secure sale terms that meet both your personal and financial goals.
