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March 2021 Market Statistics

By Missouri REALTORS posted 04-26-2021 02:02 PM

  

Statewide market statistics for March 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. This continues to indicate a dangerous decrease in inventory across the state, driving competition among buyers and prices 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 March. Missouri REALTORS® sold 7,001 residential properties. This was a 12.1% increase compared to March 2020, when Missouri REALTORS® sold 6,245 residential properties. 
  • Of those sales, the average residential property sold for $244,940. Compared to the average sale price of $205,035 in March of 2020, there was a 19.5% increase.
  • The median residential sale price also grew substantially, from $172,500 in 2020 to $200,413 in 2021. This is a 16.2% increase.
  • In terms of dollar volume, Missouri REALTORS® saw an increase of 33.9%. We brought in over 1.7 billion dollars in March of this year compared to 1.2 billion dollars for the same time period last year.

From a national perspective, REALTORS® from all over the United States experienced similar trends. Demand for housing remains incredibly high and inventory dangerously low, declining by 52.0% over the last year. This continues to drive competition and high prices. Missouri REALTORS® will keep a close eye on decreasing inventory and affordability within the industry at large.

“Total housing inventory at the end of March amounted to 1.07 million units, up 3.9% from February's inventory and down 28.2% from one year ago (1.49 million),” according to the National Association of REALTORS®. “Inventory numbers continue to represent near-historic lows.”

For more insight on the market statistics from March 2021, be sure to watch the breakdown video with our Missouri REALTORS® CEO John Sebree.

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