Chesterfield, MO Housing Market Prices, Trends, & Forecasts 2023

Chesterfield, MO Housing Market Prices, Trends, & Forecasts 2023

Chesterfield, Missouri, in St. Louis County, is a large suburb south of St. Louis. Relatively new, Chesterfield was formed in 1988 and now features many shopping areas, public art, businesses, and even a butterfly sanctuary. The Katy Trail, a mid-Missouri staple, runs through Chesterfield. Outdoorsy folks delight in the vast trail on which they can hike, bike, and take in natural Missouri. The residents of Chesterfield are friendly, and the properties for sale are fetching. Chesterfield real estate can be anything from cozy little Midwestern enclaves to grand, luxurious tutors.

On average, Chesterfield homes are pricier than real estate in the greater St. Louis area. The suburb is half the size of the city and is likely to follow housing market trends for St. Louis. Housing in the area is in high demand, but supply has been low in the past few years. This is subject to change, however, as values are expected to rise, and interest rates are expected to drop. Investing in this suburban Missouri city could be fruitful for private investors as well as individuals looking to move.

Chesterfield, MO, housing market trends

Demand for single-family housing in St. Louis County has consistently been rising. Many people are moving to the Midwest for its charming lifestyle. The Midwest is friendly, offers a relaxed pace of life, and has a relatively low cost of living, allowing an investor or buyer in the region to spend their well-earned cash on real estate or for other pleasures. Housing prices in St. Louis County are on the rise. Demand is high, prices are high, and so supply must be low. These factors dance with one another. If supply rises, demand and price should both drop.

Median home prices in the St. Louis area

On the rise from 2022, the median home price in the greater St. Louis area was reported in May of 2023 as averaging $231,100. While prices are up from 2022, price growth is reported to be slowing. This slow growth means that while prices may continue to go up, they likely will not continue on that path for long. However, steadying growth does not necessarily mean a price drop. Other factors would have to come into play for such an outcome.

Because of its relationship with the greater St. Louis area, Chesterfield, Missouri, follows the city’s market trends, though Chesterfield homes are above the St. Louis average at $410,107. The suburb is smaller than the city, so it features less variety in housing. The higher average means Chesterfield has many pieces of real estate on a higher-end side. Luxury homes in the suburb can reach a price of up to three million, though those luxury prices in the area are subject to change along with all other Chesterfield housing costs as the real estate seasons change.

Foreclosure statistics for St. Louis County

Chesterfield, Missouri, is not a great contributor to United States foreclosure statistics. The foreclosure rate in the St. Louis area has been static for 2021 to 2023 at just under 0.5%. Not many homes are being foreclosed on, and so long as there is no abrupt and unforeseen change in the market, this will likely not change for some time.

Chesterfield, MO housing market forecast

Real estate investors and individuals hunting the housing market should consider the St. Louis area. Chesterfield, Missouri homes are desirable real estate, as they are suburban, classy, and conveniently located in a city so full of business opportunities and day-to-day pleasure.

Market prices are rising, while interest rates are subject to drop. The housing market is an ever-moving escalator. Depending on the season, the economy, and the supply and demand of single-family real estate, prices will change. While real estate experts have a knack for making market estimations, sudden shifts in the industry can still occur and are out of the experts’ control. Using their expertise, however, experts have a forecast for the Chesterfield, Missouri, housing market.

Home values rising

As we know, Chesterfield houses are more costly than the average St. Louis home. While the price difference is small, it is worth noting as Chesterfield and St. Louis operate in a symbiotic relationship. Even though Chesterfield homes are sold on average for a higher price than St. Louis homes, Chesterfield’s market trends most commonly follow those of the greater St. Louis area.

This means that when St. Louis prices rise or fall, Chesterfield prices do the same. The two cities never even out in terms of monetary value, but they follow each other. More specifically, Chesterfield follows St. Louis. In recent years, property prices have steadily been on the rise in all of Missouri. The St. Louis area follows this trend as purchase prices for St. Louis real estate are predicted to continue to rise. This rise, which for a while had been rapid, is subject to slow without dropping. The same goes for values in Chesterfield.

Interest rates dropping

Interest rates in Chesterfield today are currently the highest they have been in 16 years at 6.693%. These high rates follow the nationwide trend, as national rates are high at this time. However, this rate is above that of the country’s average. As a result of these high-interest rates, there has been a downward spike in real estate inventory.

Experts, however, expect rates to drop. Decreased interest rates would likely incentivize more potential sellers to put their houses on the market. Because of this, supply in the housing market is subject to rise. More supply means that sellers will likely sell at a lower price. This does not mean the homes’ values would decrease, just that sellers would follow regional trends. A price drop could also be expected because lower interest rates mean more competition in the market. If rates drop, buyers will have access to more variety in the Chesterfield, Missouri, suburb.

Should you invest in Chesterfield, MO, real estate?

For prospective landlords or homebuyers, investing in Chesterfield real estate is a smart move. With interest rates dropping, potential buyers should begin their search soon to ensure they are keeping up with the market. Once rates have dropped, a buyer has a better opportunity to negotiate for a lower price even though home values in the St. Louis area are on the rise. This loophole comes from an outside factor which is competition. For more information on Chesterfield, Missouri’s real estate market trends, contact Missouri agent Kim Jones today!

*Header photo courtesy of Unsplash


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