Home sales rise in Ferguson 2 years after shooting

FERGUSON, Mo. -- Kathie Harnacker's search for a new suburban St. Louis home took her to a three-bedroom, brick ranch with a lush patio garden, an updated kitchen and neutral decor.

At $112,000, she knows she'd pay twice the price if the home was in Webster Groves, Kirkwood or other upscale suburbs.

But this one is in Ferguson. Two years after the unrest that followed the shooting death of 18-year-old Michael Brown by a police officer, Ferguson's real-estate market is on the rebound, St. Louis Public Radio reported.

In June, 24 homes sold in Ferguson, with a median house price of $66,500. That was double the number of sales from June 2015, and a steep increase in the median price, which was $39,200.

Brown, who was black and unarmed, was shot fatally by white officer Darren Wilson on Aug. 9, 2014, touching off months of sometimes violent protests. A grand jury and the U.S. Department of Justice declined to indict Wilson, who resigned in November 2014.

Harnacker, who wants to sell her home in south St. Louis, said she was drawn to Ferguson by its affordable prices.

"They have the best deals on property right now, and the property values can only go up," she said. "The recent incidents in Ferguson certainly do affect my decision. I think that as time goes on, there will be less of a negative impact. That would be my hope. That would be my expectation."

Real-estate agents say the recovery largely is because of the city's quality and affordable housing stock and the residents of Ferguson.

"It's a great place to live," said Hubert Hoosman, who owns Haywood Hoosman Realty with his wife, Andreal.

Andreal Hoosman said coverage of the protests missed a major part of the Ferguson story: the community spirit of its residents.

"They didn't embrace how this community stood together," she said.

Another Ferguson real-estate agent, Pearce Keikirk, agreed.

"I think about all the things we've been through, but it's also something that I find some real strength in," Neikirk said. "We were tested in a way that I don't think any other small community in the United States has been tested."

One concern is some buyers have been investors buying homes to rent out.

"When you shift from a stable residential to a larger rental community, then you have problems in the long run," Hubert Hoosman said.

Real-estate agent Terry Gannon said Ferguson's homes always have been a good deal for buyers, and that hasn't changed.

"If you are interested in big, historic Victorian houses, but you can't afford Webster or Kirkwood, where are you going to go? Ferguson? Normandy? Florissant? You get as nice a house, but not at the price you pay in other municipalities," she said.