The median residential property value in St. Louis County declined 7 percent over the past two years, according to preliminary numbers released this afternoon.
St. Louis County Assessor Jake Zimmerman says the numbers show that property values in wealthier areas held steady or only had slight declines, but areas with clusters of foreclosures saw the median property value drop by 12 percent.
(A full chart of how different areas compared is below)
"Foreclosures are bad for communities and they’re bad for neighborhoods, and these values bear that out,” Zimmerman says. “Parts of St. Louis County have been hit disproportionately hard and that shows in the real values of everyone’s property. ”
Zimmerman says even though the numbers don’t look encouraging, there is reason for optimism.
“I think if you talk with any real estate professional, they’ll tell you that transactions are picking up, sales are picking up,” Zimmerman says. “Both real estate and the economy really do seem to be turning around.”
Zimmerman stresses that these property values are preliminary. He encourages residents to go the county assessor’s website to view their preliminary property value.
If a resident spots a problem, Zimmerman says it’s easier to get it corrected now than waiting to file a formal appeal in the future.
Percentage Change in median property value by school district between 2011 and 2013. Based on ‘preliminary data.’