House prices continue to be RIDICULOUS! 😔🤬

In this episode, John dives into the pressing issue of skyrocketing house prices. We'll explore why home prices have become unaffordable for many and discuss the factors driving this trend. Join us as we examine three real-life examples of overpriced homes and analyze the implications for buyers, sellers, and the overall housing market.

Example 1: A house in Maplewood, MO, listed for $440,000 and sold for $455,000. Despite being severely dated, with a low basement ceiling and no direct access to the backyard, this home sold for $15,000 over the asking price. Five years ago, this house would have struggled to sell for $300,000.

Example 2: A house in University City, MO, with a tiny 8x8 kitchen and an outdated upstairs with no master suite bathroom. Once selling for $350,000 four years ago, it was listed at $549,000 and sold for $600,000.

Example 3: Example 3: A house in Webster Groves, MO, bought in 2021 for $375,000, received a $6,000 basement tile drain system upgrade. Now, just over 1,000 square feet, it is listed for $500,000. The sellers and their agents even provided a list of "updates" on the property, taking credit for major work such as the roof and HVAC, which were actually done by the previous owner.

According to a chart shared by Lance Lambert, home prices in the St. Louis market are now 40% higher on average than in 2020. This data, sourced from Zillow, highlights several key metrics for the 50 largest metro housing markets in the U.S., including month-over-month (MoM), year-to-date (YTD), year-over-year (YoY) changes, the shift since the 2022 peak, the decline from the peak, and changes since March 2020.

#expensivehomes #HousingMarketTrends #RealEstateInsights

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