Statewide market statistics for May of 2021 are in, and Missouri’s housing market remains red hot. Yet again, we have seen a significant increase in residential properties sold, residential sale price and total dollar volume across the state. Consequently, the decrease in inventory and the surge in pricing and competition remain just as prevalent as they did in April.
A look at the numbers reveals a marketplace where buyers still have to act swiftly to lock down the American Dream of homeownership.
- Home sales in the state of Missouri increased since last April. Missouri REALTORS®
- sold 8,247 residential properties. This was a 27.2% increase compared to May 2020, when Missouri REALTORS® sold 6,481 residential properties.
- Of those sales, the average residential property sold for $261,341. Compared to the average sale price of $214,764 in May of 2020, there was a 21.7% increase.
- The median residential sale price also grew substantially, from $182,000 in 2020 to $220,000 in 2021. This is a 20.97% increase.
- In terms of dollar volume, Missouri REALTORS® saw an increase of 54.8%. We brought in over 2.1 billion dollars in May of this year compared to 1.3 billion for the same time period last year.
From a national perspective, REALTORS® across the United States experienced similar trends. According to realtor.com, “Nationally, the inventory of homes actively for sale in May decreased by 50.9% over the past year, a lower rate of decline compared to the 53.0% drop in April, but it remains far from the trajectory needed to relieve the historically tight home supply.” To put this into perspective, realtor.com revealed that there are 523,000 fewer homes for sale on a typical day in May compared to last year.
“In May, the share of newly listed homes compared to active daily inventory hit a historical high of 44.4%, 17.3 percentage points higher than last year and 15.1 percentage points above typical levels seen in 2017 to 2019,” according to Senior realtor.com Economic Research Analyst Sabrina Speianu. These numbers reflect just how quickly buyers will need to move when new listings are posted across the United States in this highly competitive marketplace.
For more insight on the market statistics from May 2021, be sure to watch the breakdown video with Tristan Asbury Director of Strategic Communications.