Ferguson Sees Decline in Home Values

More bad news for the city of Ferguson, Missouri. While the city remains reeling from the turmoil surrounding the death of Michael Brown, the city is now experiencing a decline in home values.

Since the shooting death of Brown last August, the average selling price of a home in Ferguson has been on a steady decline. Prior to Brown’s death, the average home sold in 2014 was selling for $66,764, however for the last three and a half months of the year, the average house sold for $36,168. This demonstrates a 46 percent decrease.

Unfortunately the trend has continued in 2015 with the average home selling for only $22,951. According to MARIS home sale data, since the death of Michael Brown the cost per square foot of a home in Ferguson has dropped 47 percent. During the eight and a half months leading up to Brown’s death, the price per square foot average residential square foot $45.82. In the eight and a half months since Brown’s passing, the average price per square foot in the city has dropped to $24.11.

Realtors in Ferguson fear an uptick in foreclosures and short sales. Ferguson native David H. Pope, who has worked as a realtor in Ferguson for 48 years, says the current situation has made it incredibly difficult to attract new families to the area. The city admits that its finances are taking a hit, with no end in sight, due to the events since Brown’s death.

Read more on Fusion.

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