ST. CHARLES, Mo. (KMOX) — The story in the local housing market continues to be the low number of homes on the market. And as supply-demand economics would dictate, that means prices are on the rise. There's tight inventory in St. Charles County, where it's down 24% over last year, fueled in part by a hot housing market in the city of St. Louis trickling westward.
Coldwell Banker Gundaker President Jim Dohr tells us those two markets are seeing prices increase by about 7%.
One reason he says there are so few homes for sale is that people are staying put longer than they used to. "Ten years ago, on average, people would stay in their homes (for) about seven years," Dohr says. "Since the Great Recession, that has jumped from seven years to on average 11 to 12 years." Dohr says the demand is being fed by dropping interest rates, which bodes well for the market for the rest of this year and early next year.