Statewide market statistics for February of 2021 are in. Across the board, Missouri’s housing market continues to see an increase in residential properties sold, residential sale price and total dollar volume. However, this also indicates a major decrease in inventory across the state, driving competition among buyers way up.
A quick look at the numbers reveals that the unprecedented and increased demand for housing in February had major implications on the marketplace.
- Home sales in the state of Missouri increased since last February. Missouri REALTORS® sold 5,430 residential properties. This was a 15.3% increase compared to February 2020.
- Of those sales, the average residential property sold for $234,948. Compared to the average sale price of $194,921 in February of 2020, there was a 25.2% increase.
- The median residential sale price also grew substantially, from $164,900 in 2020 to $195,000 in 2021. This is a 18.3% increase.
- In terms of dollar volume, Missouri REALTORS® saw an increase of 44.3%. We brought in over 1.3 billion dollars in February of this year compared to 918 million dollars for the same time period last year.
From a national perspective, you’ll observe that REALTORS® from all over the United States are experiencing these trends. Demand for housing is incredibly high and inventory is decreasing daily, dropping 48 percent nationwide. This, of course, will continue to drive competition and, consequently, high prices.
According to realtor.com, “With home shoppers active and sellers still lacking, this upward pressure on prices is likely to remain. Still, low mortgage rates in 2021 have helped offset the pain of higher prices, but mortgage rates are expected to rise later in the year, thus affordability is likely to become a top-of-mind consideration for buyers.”