Professional musician, semi-retired, searches for peaceful country retreat outside St. Louis
Former urbanite searched for a place to relax — and a location for an occasional rock concert
'American Dream Home': St. Louis, Missouri
FOX Business host Cheryl Casone assists homebuyer Tom in finding his dream home where rock and roll meets country in St. Louis.
This week on "American Dream Home," we introduced Fox Business viewers to Tom, a semi-retired professional musician and sometime rock star who was ready to jam to his heart's content in a new country home.
Like many of us, Tom had experienced some rough patches and tough years before finally being able to afford his "American Dream Home."
So it was exciting to watch him find the perfect place — not just for himself but for his daughters and grandchildren to enjoy for years to come.
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For only the second time, we headed to St. Louis, Missouri, and its surrounding areas.
What impressed me most was that despite record prices, bidding wars and overheated valuations, St. Louis is still a reasonably affordable place to buy a home.
Tom of St. Louis, Missouri, was determined to find a relaxing country retreat both for himself and his children and grandchildren. His journey is revealed on the latest episode of "American Dream Home" on Fox Business Network. (Fox Business / Fox News)
The housing market is undergoing a major shift, not just locally but on a national level as well, according to the St. Louis Realtors Association.
Existing home sales fell 1.5%, with sales down nearly 24% from the same period last year.
Affordability continues to be an obstacle for buyers and sellers.
Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations.
Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.
This is one of the homes that musician Tom examined in the greater St. Louis area. On average, homes in St. Louis are selling after 15 days on the market right now, compared to 25 days last year. (Fox Business / Fox News)
Affordability continues to be an obstacle for buyers and sellers.
Mortgage rates have doubled since March — and home prices remain elevated due to a limited supply of homes, although price gains are slowing quickly.
Many homeowners are waiting until market conditions improve to sell homes, while other sellers are increasingly cutting prices and granting concessions to attract more buyers, the St. Louis Realtors Association said.
In October 2022, St. Louis home prices were up 11.8% compared to last year, selling for a median price of $209K.
The St. Louis housing market is very competitive, Redfin reports.
Homes in St. Louis receive three offers on average and sell in around 16 days.
The average sale price of a home in St. Louis was $210K last month — up 5.0% since last year. In October 2022, St. Louis home prices were up 11.8% compared to last year, selling for a median price of $209K.
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On average, homes in St. Louis sell after 15 days on the market compared to 25 days last year. There were 614 homes sold in October this year, down from 775 last year.
Still, many homes get multiple offers, some with waived contingencies.
The hottest homes go into contract within four days.
On "American Dream Home," the kitchen area of a home outside St. Louis is shown here. Tom, a musician, already called St. Louis home, but wanted to get away from the urban center for more space and quiet. (Fox Business / Fox News)
Another positive data point for this market: 82% of homebuyers looked to stay within the metropolitan area.
Tom was one of those buyers. He already called St. Louis home but wanted to get away from the urban center for more space and quiet.
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Nonetheless, Redfin notes that "more St. Louis home sellers are lowering prices in another sign of a cooling market."
To learn more, watch the video at the top of this article, or click here to access it.
"American Dream Home," hosted by Cheryl Casone, airs every Wednesday at 9 p.m./9:30 p.m. Eastern time on Fox Business and streams on Fox Nation.