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What does 2019 have in store for the St. Louis real estate market? The 2019 Emerging Trends in Real Estate survey, published by the Urban Land Institute and PsC US, indicates that St. Louis’ housing market should continue on a positive track this year. Many experts are feeling optimistic, though not without conditions. So, what does St. Louis need in order for success to continue, and is it making steps in that direction?
What Does St. Louis Need?
If St. Louis is to see real success, it needs to attract and retain young professionals. If the city can rise to that challenge, the market will reflect the accomplishment. Without this influx of new talent that chooses to stay put, the market could see some trouble.
Signs of Progress
Experts who met recently to discuss the findings of the Emerging Trends study pointed to several examples demonstrating St. Louis’ progress. The first is the growth of the Cortex district. With over 5,000 entrepreneurs, there’s been an increase in surrounding residential and retail growth.
Even projects north and south of the central core are taking off. These changes and developments to make the city more appealing to young professionals aren’t just concentrated in a few select neighbors. They’re expanding throughout St. Louis which is a great sign. The nonprofit Urban Strategies is working on affordable housing on the north side, with a $29.5 million grant to support their project. Other developers note that years of planning and collaboration have paved the ground for rehab and renovation projects in the Lewis Place and Fountain Park neighborhoods this year.
St. Louis doesn’t need to lose its identity to keep its real estate market strong. This isn’t about copying successful major cities. It’s about working in the community to strengthen the city’s appeal. With a startup community and space for entrepreneurs to set up shop, St. Louis can draw and retain the talent it needs to invigorate the market.
There are some great signs and positive trends that will reflect in St. Louis’ real estate market, and experts predict that they’ll continue. How do you think St. Louis is working to attract this younger demographic? Have you seen changes in your own neighborhood? Share your thoughts!