Missouri Housing Market Analysis - July 2024

The Missouri housing market in July 2024 presents a nuanced picture with several key indicators showing both positive and negative trends compared to the same period last year.

Price Trends

The median sales price for homes in Missouri stands at $274,100, reflecting a year-over-year (YoY) decrease of 2.8%. Similarly, the median list price has decreased by 1.3% YoY, now at $269,700. Despite these declines, the median price per square foot has increased by 3.9% YoY to $160, and the median list price per square foot has surged by 7.5% YoY to $161. This indicates that while overall home prices have slightly decreased, the value per square foot has appreciated, suggesting a demand for more compact, higher-value properties.

Sales and Inventory

The number of homes sold in July 2024 is 7,521, marking a 4.5% increase YoY. Pending sales have also risen by 4.0% YoY to 3,485. New listings have seen a modest increase of 1.8% YoY, totaling 8,563. Inventory levels have significantly increased by 22.7% YoY, reaching 12,862 homes. The months of supply, a critical measure of market balance, has risen by 20.0% YoY to 1.70 months. These figures suggest a more balanced market with increased availability of homes for buyers.

Market Dynamics

The median days on market for homes in Missouri is now 24 days, which is a 6.0% increase YoY. This indicates that homes are taking slightly longer to sell compared to last year. The average sale to list ratio has improved by 1.1% YoY, now at 100.0%, showing that homes are generally selling at their listed prices. However, the percentage of homes sold above list price has decreased by 3.8% YoY to 27.3%, indicating a slight cooling in competitive bidding.

Price Adjustments and Off-Market Trends

The percentage of price drops has increased by 5.4% YoY to 34.1%, suggesting that sellers are more frequently adjusting their expectations to meet market conditions. Additionally, the percentage of homes going off-market within two weeks has decreased by 8.3% YoY to 44.1%, indicating that fewer homes are selling as quickly as they did last year.

Conclusion

Overall, the Missouri housing market in July 2024 shows a mix of trends. While there are slight declines in median sales and list prices, the increase in price per square foot and the number of homes sold indicate a resilient market. The significant rise in inventory and months of supply suggests a shift towards a more balanced market, providing more options for buyers. However, the increase in price drops and longer median days on market reflect a need for sellers to adjust their strategies in a changing market landscape.