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Ferguson real estate market slow in wake of riots

Property damage from violence $5 million before grand jury verdict

With the grand jury deciding not to indict Police Officer Darren Wilson in the now justified shooting of a suspect who attacked him, many are concerned the protests could turn ugly over the coming days.

How has the shooting and subsequent aftermath affected the real estate market and property values thus far?

The St. Louis Post-Dispatch reported this week that the property damage so far from rioters stands at about $5 million — just 1/24th as much from a hailstorm that hit the Missouri suburb two years ago.

As for the real estate market, home sales have slowed down in Ferguson, but they haven’t ceased.

Real estate agents closed 27 sales between Aug. 9, the day of the shooting, and Oct. 20.

That number of sales compared to 40 in the same period in 2013.

Sales are down 32% in Ferguson since the shooting, MORE Realtors report.

“I was shocked when I pulled the data. It doesn’t really look that bad,” said Dennis Norman, a partner in MORE, told St. Louis Today.

Many homeowners pulled their homes from the market after the summer shooting.

“If you don’t have to sell right now, why would you sell in the midst of this? Let it calm down,” said Norman, who grew up in Ferguson.

Between August and late October, houses in Ferguson sold for an average $61,554.

That’s up from $60,184 in the previous 60 days, according to figures from Coldwell Banker Gundaker Realtors.

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