Real Estate in Clayton MO
With a population of about 16, 826 people, 5, 633 housing units that include both apartments and homes, and a median house value of close to $681, 592, Clayton has some of the most expensive house prices in Missouri. Also, Clayton has one of the most expensive real estate markets in the whole of the United States. The single most common type of housing in the city includes high rise apartments and apartment complexes, constituting 48.06 percent of Clayton’s housing units. Some of the other common types of housing prevalent in the area include single-family-detached homes (32.98 percent), homes converted to apartments, duplexes, or other small apartment buildings (16.11 percent), and other attached homes, including a few row houses (2.85 percent). In the United States, cities with predominantly high-density buildings remain relatively uncommon, as they are mostly walkable and compact, with a lively downtown.
Clayton residents primarily live in small one-, two-, or no-bedroom units, common in high rise apartments or large apartment complexes. The city features both owner-occupied and renter-occupied housing and 44.51percent of the housing was primarily established before 1939, making the city’s stock one of the oldest in the whole of America. The next crucial housing age in Clayton fell between 1940 and 1969 (25.74 percent), 1970-1999 (18.58 percent), and 2000 and later (11.18 percent).
The Current State of Real Estate Market in Clayton
The Clayton real estate market, and by extension the entire St. Louis, has experienced some of the major setbacks since the onset of the novel coronavirus that was declared a global pandemic by the World Health Organization back in March 2020. The city was affected, just as much as the rest of the country. Pending sales, inventory, new listings, and general sentiments dropped since local governments issued quarantine and lockdown orders and the local housing sector has continued to stall as a result of the same. It is important to note that the St. Louis and even Clayton real estate market was strong at the beginning of 2020.
Currently, the momentum generated heading into 2020 has only helped St. Louis to weather the storm and hopefully the region’s real estate market comes out on the other end looking stronger and more determined to regain control as soon as the pandemic is over. This is attributed to pent-up demand and the historically low interest rates, which will play a central role in placing the St. Louis and Clayton real estate market at the forefront of a global and national recovery. Investors who can take advantage of the current situation to position themselves strategically could benefit more as soon as the situation normalizes and the economy returns to normal.
According to data from NeighborhoodScout, appreciation rates for Clayton homes have been above average over the last decade. The cumulative appreciation rate over the same period has been 33.72 percent, on average, ranking in the top 40 percent nationally. This translates to an annual average appreciation rate of 2.95 percent. St. Louis housing market remains one of the hottest in the nation, thanks to the area’s unique features that include affordability, foreclosure rate, and demand, which all make it a great location for aspiring and avid investors to acquire deals. It is also one of the country’s busiest flipping markets.
Therefore, despite being hit by one of the worst pandemics that almost drove the global economy into a recession, the Clayton real estate market has continued to remain relatively stable and could soon return to its feet once the pandemic is over. It is important to acknowledge that profit margins have taken a major hit in the face of market appreciation during the COVID-19 pandemic.
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