FOR IMMEDIATE RELEASE
October 24, 2023
COLUMBIA, MISSOURI – Missouri REALTORS® is pleased to share with you a monthly statistics report highlighting the Missouri real estate market for September 2023, including third-quarter results.
Missouri REALTORS® sold 6,089 residential properties in September. While mortgage rates remained higher in September compared to the same period last year, the median sales price increased 3.3 percent, coming in at $251,000. The average residential sale price also increased 6.3 percent from last year to $305,437.
In terms of total dollar volume, fewer home sales resulted in a 20 percent decrease in September compared to last year and a 15.2 percent decrease compared to August. Over 1.85 billion dollars was generated in September compared to 2.1 billion dollars for the same period last year.
The Federal Reserve Bank of St. Louis reported the average 30-year fixed mortgage interest rate in September 2023 was 7.20 percent nationwide. As of October 1, 2023, that rate was 7.56 percent. Compared to September 2022 (6.11 percent), buyers continue to experience reduced purchasing power due to increased rates year over year.
Regarding third-quarter results, 19,923 residential properties sold in Missouri from July to September. The total quarterly sales volume topped 6.1 billion dollars and homes sold at a decreased pace during the third quarter of 2023, staying on the market for 31 days. That is five days longer compared to the same three-month period last year. The median sales price for the third quarter increased seven percent compared to the same period in 2022, coming in at $259,000.
Visit Missouri REALTORS® Market Statistics to view a full report of the data presented, including additional resources and information.
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Founded in 1936, Missouri REALTORS® is the largest trade association in the state serving over 25,000 members. As members of organized real estate, REALTORS® subscribe to a strict code of ethics and have access to numerous services and programs to enhance their professionalism within the real estate industry. Through collective strength, influence, and professionalism, Missouri REALTORS® unite to advocate for real property rights in Missouri, deliver comprehensive risk management programs and services, connect members through various media and events and deliver association management services.