Missouri Housing Market: September 2024 Analysis
The Missouri housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $265,100, reflecting a decrease of 1.4% year-over-year. This decline in sales price contrasts with the Median List Price, which has increased by 1.7% to $271,700. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions.
In terms of Price Per Square Foot, the median price has risen to $159, marking a 2.2% increase from the previous year. Similarly, the Median List Price per square foot has seen a significant rise of 7.3%, reaching $162. These increases indicate a growing valuation of property space, despite the overall decrease in sales prices.
The volume of Homes Sold in Missouri has decreased by 1.9% year-over-year, with a total of 6,457 Homes Sold in September 2024. Pending Sales have also seen a slight decline of 1.3%, totaling 3,016. New Listings have remained relatively stable, with a marginal decrease of 0.1%, amounting to 7,959 New Listings. However, inventory levels have surged by 16.6%, reaching 13,646, which may contribute to the increased Months of Supply, now at 2.1 months, a substantial 30% rise from the previous year.
The Median Days on Market for homes in Missouri have increased by 7%, now averaging 29 days. This suggests a slower market pace, potentially due to the increased inventory and the gap between list and sales prices. The average sale to list ratio has slightly decreased by 0.4%, now at 98.3%, indicating that homes are selling closer to their list prices, albeit with less frequency than before.
The percentage of Homes Sold above list price has dropped by 4.6%, now at 22.1%, reflecting a cooling in competitive bidding scenarios. Price Drops have become more common, with a 0.9% increase, now affecting 31.3% of listings. Additionally, the percentage of homes going off the market within two weeks has decreased by 5.6%, now at 40.4%, further highlighting the slower market dynamics.
Overall, the Missouri housing market in September 2024 is characterized by a mix of rising list prices and declining sales prices, increased inventory, and a slower pace of sales. These factors suggest a market in transition, with potential opportunities for buyers to negotiate better deals amidst a backdrop of increased supply and moderated demand.
