Missouri Realtors recently shared a monthly statistics report highlighting the Missouri real estate market for the month of March.
In the month of March, Missouri Realtors sold 7,001 residential properties. Of those sales, the average residential property sold for $244,940. Compared with the average sale price of $205,035 in March 2020, there was a 19.5 percent increase. The median residential sale price also grew substantially, from $172,500 in 2020 to $200,413 in 2021.
In terms of total dollar volume, Missouri Realtors saw an increase of 33.9 percent. More than $1.7 billion in March 2021 was generated, compared with $1.2 billion for the same time period this past year.
Regarding first quarter results, 17,834 residential properties sold in Missouri from January to March. The total quarterly sales volume topped $4 billion, and homes sold at an increased pace during the first quarter of 2021, staying on the market for 44 days. That is 25 days less, compared with the same three-month period this past year. The median sales price for the first quarter increased 18.1 percent, compared with the same time period in 2020, coming in at $195,734.
From a national perspective, Realtors from all across the U.S. experienced similar trends. Demand for housing remains incredibly high and inventory dangerously low, declining by 52 percent during the past year. This continues to drive competition and high prices.
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