FOR IMMEDIATE RELEASE
April 27, 2023
COLUMBIA, MISSOURI – Missouri REALTORS® is pleased to share a monthly statistics report highlighting the Missouri real estate market for March 2023, including first-quarter results.
Missouri REALTORS® sold 5,762 residential properties in March. While mortgage rates remained higher in March compared to the same period last year, the median sales price increased 3.5 percent, coming in at $235,000. This increase was likely due to low inventory levels and increased buyer demand. The average residential sale price also increased 2.2 percent from last year to $277,887.
In terms of total dollar volume, fewer home sales resulted in a 10.4 percent decrease in March. Over 1.6 billion dollars was generated in March compared to 1.7 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 6.54 percent nationwide. As of April 1, 2023, that rate decreased to 6.31%. This remains a significant jump from March 2022 (4.17 percent), continuing to reduce the purchasing power for many buyers.
Regarding 2023 first-quarter results, 13,952 homes sold in Missouri from January 1 to March 31. The total sales volume topped $3.7 billion and the median sales price for the first quarter decreased 4.7 percent compared to the same period in 2022, coming in at $225,000.
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.
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