The Missouri housing market in February 2025 presents a complex landscape characterized by rising prices and declining sales activity. The Median Sales Price has increased to $258,100, reflecting a year-over-year (YoY) growth of 3.0%. Similarly, the Median List Price has risen to $270,300, marking a 4.3% YoY increase. These figures indicate a continued upward trend in property values, albeit at a moderate pace.

Price Per Square Foot metrics further underscore this trend, with the median Price Per Square Foot reaching $158, a 5.5% YoY increase. The Median List Price per square foot has also climbed to $167, representing a 6.8% YoY rise. These increases suggest that while buyers are paying more per unit area, sellers are also adjusting their expectations upward.

Despite the rising prices, the market is experiencing a contraction in sales activity. The number of Homes Sold has decreased by 6.9% YoY, totaling 4,556 units. Pending Sales have also dropped significantly by 10.6% YoY, with 2,538 transactions in the pipeline. New Listings have seen an 11.1% YoY decline, amounting to 6,176, indicating a potential tightening of available options for buyers.

Conversely, inventory levels have increased by 10.7% YoY, reaching 11,402 homes. This rise in inventory, coupled with a 40.0% YoY increase in Months of Supply to 2.5 months, suggests a shift towards a more balanced market. However, the Median Days on Market have extended by 8.0% YoY to 51 days, indicating that homes are taking longer to sell.

The average sale to list ratio has decreased by 1.9% YoY to 96.2%, suggesting that buyers are negotiating more aggressively. The percentage of Homes Sold above list price has also declined by 3.5% YoY to 17.5%. Meanwhile, Price Drops have slightly increased by 0.5% YoY to 22.5%, reflecting sellers' willingness to adjust prices to meet market demand.

Additionally, the percentage of homes going off the market within two weeks has decreased by 3.8% YoY to 38.4%, indicating a slowdown in the pace of transactions. This trend may be attributed to the combination of higher prices and reduced buyer urgency.

Overall, the Missouri housing market in February 2025 is characterized by rising property values amidst declining sales activity. While inventory levels are increasing, the extended time on the market and reduced sales ratios suggest a more cautious buyer sentiment. This evolving dynamic may lead to further adjustments in pricing strategies as the year progresses.