FOR IMMEDIATE RELEASE
April 29, 2024
COLUMBIA, MISSOURI -- Missouri REALTORS® is pleased to share a monthly statistics report highlighting the Missouri real estate market for March 2024, including 2024 first-quarter results.
Missouri REALTORS® sold 5,686 residential properties in March. While mortgage rates remained higher in March compared to the same period last year, the median sales price increased 5.5 percent, coming in at $247,850. The average residential sale price also increased 5.2 percent from last year to $292,427.
In terms of total dollar volume, over 1.66 billion dollars was generated in March compared to 1.60 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 March was 6.82 percent nationwide. As of April 1, 2024, that rate increased to 6.93 percent. Compared to March 2023 (6.54 percent), buyers continue to experience reduced purchasing power due to increased rates year over year.
Regarding first-quarter results, 14,164 residential properties sold in Missouri from January to March. The total quarterly sales volume topped four billion dollars and homes sold at a decreased pace during the first quarter of 2024, staying on the market for 49 days. That is two days longer compared to the same three-month period last year. The median sales price for the first quarter increased 4.4 percent compared to the same period in 2023, coming in at $235,000.
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.