Statewide market statistics for July of 2021 are in, and there is a notable deviation from the unprecedented numbers of 2021 thus far. For the first time in months, home sales in the state of Missouri decreased from the previous year. This may indicate a return to seasonal norms. Hopefully, after months of decreasing supply and elevated demand, REALTORS® and buyers alike will feel some relief from the highly competitive marketplace.
Here are the numbers behind the July 2021 marketplace.
- Home sales in the state of Missouri decreased since last July. Missouri REALTORS® sold 9,158 residential properties. This was just a 4.7% decrease compared to July 2020, when Missouri REALTORS® sold 9,613 residential properties.
- Of those sales, the average residential property sold for $272,774. Compared to the average sale price of $223,887 in June of 2020, there was a 22.3% increase.
- The median residential sale price also grew substantially, from $196,000 in 2020 to $230,000 in 2021. This is a 17.3% increase.
- In terms of dollar volume, Missouri REALTORS® saw an increase of 11.0%. We brought in over 2.4 billion dollars in July of this year compared to 2.2 billion for the same time period last year.
From a national perspective, REALTORS® across the United States experienced similar trends. According to the July 2021 Monthly Housing Market Trends Report, decreasing median listing prices, driven by an increase in affordable housing in many metro areas, indicate promising change. “New sellers are beginning to enter the market at close to normal levels and while their property values remain elevated, they may have to consider pricing more competitively in the near future.
"Nationally, the inventory of homes actively for sale in July decreased by 33.5% over the past year, a lower rate of decline compared to the 43.1% drop in June.” The report continues, “A deceleration in the decline of inventory means the market is heading in an encouraging direction, but active inventory still remains historically low.”
For additional insight on July 2021 Missouri market statistics, be sure to watch our video breakdown!