Missouri Housing Market: A Comprehensive Overview for November 2024

The Missouri housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased to $262,900, marking a 2.6% decline year-over-year. Similarly, the Median List Price has fallen by 2.3% to $254,300. Despite these declines, the market shows resilience in other areas.

Interestingly, the median Price Per Square Foot has increased by 4.6% to $155, while the Median List Price per square foot has risen by 6.1% to $159. This indicates a growing demand for smaller, more affordable homes, as buyers are willing to pay more per square foot.

The number of Homes Sold has seen a modest increase of 1.2%, totaling 6,073 units. Pending Sales have experienced a more significant rise of 6.5%, suggesting a potential uptick in future sales activity. However, New Listings have decreased by 2.8%, with only 5,993 properties entering the market, which could lead to tighter inventory conditions in the coming months.

Inventory levels have increased by 13.0% to 13,409 homes, providing more options for buyers. The Months of Supply have also risen by 20.0% to 2.20 months, indicating a shift towards a more balanced market. The Median Days on Market have increased by 6.0% to 33 days, reflecting a slower pace of sales.

The average sale to list ratio remains stable at 98.3%, with a slight year-over-year increase of 0.2%. However, the percentage of Homes Sold above list price has decreased by 2.7% to 20.5%, suggesting that buyers are gaining more negotiating power. Price Drops have decreased by 3.7% to 26.0%, indicating that sellers are adjusting their expectations to align with market conditions.

Finally, the percentage of homes going off the market in two weeks has decreased by 4.6% to 33.6%, further highlighting the slower pace of transactions. Overall, the Missouri housing market in November 2024 reflects a mix of declining prices and increased inventory, with some positive signs in sales activity and Price Per Square Foot metrics.