ST. LOUIS – Most homes in the City of St. Louis have increased around 10% in value compared to just two years ago.
That’s the key finding from the 2023 City of St. Louis reassessment report released Thursday, aligning with a trend of rising home costs around Missouri.
“Based on recent sale prices, most homes in the City are worth up to ten percent more than they were since our last reassessment in 2021, and some are even higher” said City Assessor Michael Dauphin. “That means for most homeowners, if you were to sell your home today, it would be worth more than it was two years ago.”
The assessor’s office is required to conduct reappraisals every odd-numbered year for all real property, such as houses, within St. Louis City limits.
Dauphin says the commercial market has been more challenging since the last reassessment. However, home prices around the United States have steadily risen since the early stages of the COVID-19 pandemic three years ago and have been met with strong demand.
The City assessed around 135,000 real estate properties ahead of its findings. The assessor’s office uses a mass appraisal system to value real estate and then compares the results with recent real estate sales.
Even with rising home prices, some research considers St. Louis to be one of the most affordable large metropolitan areas in the nation.