Let's imagine a family moving to St. Louis due to a job transfer. Their budget is for a house in the $280,000 range, or they are looking to rent a two-bedroom apartment. We'll follow the October numbers that this family faces.

To get straight to the point, the monthly changes were small. Listing prices decreased slightly, while rents remained nearly the same. What has changed is the sellers' flexibility.

First, regarding listing prices. According to data from Realtor.com published on the Veterans United page, the median listing price for the St. Louis metro area in October is $285,000. In September, it was $285,950, so it dropped by $950 over the month.

Compared to a year ago, the decline is more pronounced. In October 2022, the median was $295,900, which is a decrease of $10,900, or 3.7%.

However, this is not the sale price but the price attached to the listings. This figure also includes the metro area extending into Illinois. Reading it without considering these two factors could lead to incorrect conclusions.

The speed of sales has slowed down. The same data shows that the median days on the market increased from 50 days in September to 51 days in October. Last October, it was 45 days.

The same page notes that 41% of listings in the past month have reduced their prices, and the number of listings has increased by 4.6% to 7,154 compared to the previous month. It is unclear what month these two figures are based on. They should be understood as updated figures as of November 6.

So what should our family do? When looking at a $285,000 listing, the reasons to offer the asking price have decreased compared to last year. I would first check how long the house has been on the market and whether it has a history of price reductions.

Seasonality must also be considered. The same data shows that last December, the median days on the market was 59 days, and this January it increased to 68 days. This indicates that homes typically take longer to sell in winter, so it would be premature to conclude that the market has turned based solely on the 51 days.

It cannot be said that sale prices have dropped either. According to Redfin's data, the average median sale price for the metro area from January to June this year was $283,762, which is a 5.0% increase from last year. The timeframes and metrics differ, so it should not be directly compared to the listing prices above.

I could not find the sale prices for September and October in the public data I checked. Therefore, I will not state what the October sale prices are.

As we move into the city, the price range changes again. Zillow's median home value for St. Louis was $186,625 as of August, which is a 0.2% increase from the previous month but a 0.1% decrease from the previous year. Remember that this is an estimated value indicator, not a listing price.

Now, regarding rents. The October figures I found were only from Trulia. The average rent in St. Louis is reported to be $1,250, which is nearly the same as the previous month.

The figures for the number of bedrooms are based on older data. Trulia's May data shows that a one-bedroom costs $995, a two-bedroom costs $1,350, and a three-bedroom costs $1,700.

Apartments.com's June data is based on apartments. A one-bedroom costs $1,153, a two-bedroom costs $1,375, and a three-bedroom costs $1,626. Since the sources differ, the averages should not be combined.

Still, both sources report that two-bedroom apartments are around $1,300. Our family's rental budget can start from here. However, since the data is from different times, it should be verified against actual listings.

The most pressing issue in St. Louis real estate this October is not actually prices. It is the ongoing housing crisis following the tornado on May 16, 2025.

According to a report from St. Louis Public Radio (STLPR) on October 1, the city's recovery officer, Julian Nix, referred to the current situation as a housing crisis. There are 391 disaster victims receiving rental assistance from the city, with the last payment scheduled for November.

The pace of repairs is frustratingly slow. The same report estimates that there are 2,674 homes needing repairs, but only 2% have been completed. The maximum repair cost per home is $50,000, but many homes exceed this amount.

Demolition has seen some progress. According to STLPR's report on October 27, over 560 homes have been demolished in the first phase. The total number needed is estimated to be between 1,400 and 1,600, with the second phase expected to begin in early 2027.

What worries me most is where those whose assistance is ending will go. I believe this could impact the demand for affordable rentals. This is not yet confirmed by numbers; it is just my assessment.

The issue of vacant homes also needs to be addressed. The city's Department of Development issued a call for proposals on October 2 for up to $300,000, with a deadline of November 20. This is aimed at non-profit organizations and community groups and cannot be used for housing development or repairs.

According to city data, there are over 24,000 vacant lots and nearly 9,000 vacant buildings. Therefore, when looking for cheaper listings, it is not enough to just look at the map. You need to walk the same block in person.

Taxes should not be overlooked either. Missouri homes are reassessed every two years, with the next reassessment scheduled for 2027. In 2025, the city corrected undervalued properties, leading to significant increases in assessed values for some homes.

If the assessed value increases by more than 15%, a notification is sent, and the process for contesting this is outlined on the city assessor's website. Don't just look at the taxes you are currently paying; recalculate based on the purchase price.

To summarize, listing prices have slightly decreased, rents have remained stable, and properties are staying on the market longer. I believe buyers have more room to negotiate compared to last year.

If I were in their position, I would focus on properties that have been on the market for a while and make lower offers. If the neighborhood is still unfamiliar or if there isn't a suitable home, I would consider renting for a year. There were no urgent numbers indicating a need to buy in this October data.