In June 2018, Forbes announced St Louis as one of six Midwestern cities at the top of the real estate game. This is great news both for homeowners in Brentwood, Maplewood and Richmond Heights as well as those looking to move there. Property in this area is highly desirable and increasing in price. However, this hasn’t stopped entrepreneurial millennials from wanting to relocate to the city. There are plenty of hot homes on sale this July, with owners looking to take advantage of a positive housing market.
As older generations move to the outer suburbs, their first time house-buying children are looking towards more built up, urban areas. Maplewood, Brentwood and Richmond Heights are all within a stone’s throw of the city center, making them attractive areas for young investors. These areas contain plenty of leafy and quiet streets, but younger people like that they are also close to amenities. This gives residents less time spent on commutes and more to do after the work is done.
Average Sale Prices on the Rise
Average house prices in St Louis have risen nearly 5 percent in one year, offering great returns on mortgages. This is brilliant news for local investors, but relatively stable value increases keep the area looking attractive to first time buyers. Securing a house mortgage shouldn’t be too difficult, even for the young who tend to have lower incomes. Bank lenders will be aware that a city gaining in popularity will mean repayments are easy to make.
Still a Bargain
There are over 2200 homes in St Louis under 100K, which means it’s still one of the cheapest areas of the country. Without sacrificing location or quality, young couples can move to the Richmond Heights area and secure a two bedroom, brick house near a good school for less than $100,000. There was a 18.9 percent increase in new builds in 2017, which helped to keep prices down. Although prices are rising as demand increases, it is still very much a buyers’ market, flooded with bargains.
The inner-ring suburbs of St Louis are red hot right now, with buyers taking advantage of fantastic deals and sellers looking to get in on the profits. For young people looking to start a family close to work, there are high quality new builds in beautiful neighborhoods, just waiting to be snapped up.