Greater Springfield, Missouri May 2024 Real Estate Market Updates
- Bailey Zahn
- Jun 19, 2024
- 2 min read
The Greater Springfield's housing market remains robust, though it is experiencing a moderate cooling compared to the frenetic pace observed in the past few years. Several factors contribute to this shift, including rising interest rates, economic uncertainties, and evolving buyer preferences. Here is a May 2024 Market Update.
Home Prices and Sales
The median home price in The Greater Springfield area in May 2024 is approximately $282,590, showing a slight increase of 2.9% from the same time last year. The average sale price for May 2024 came in at $314,840, up 5.7% when compared to May of 2023.
Home sales volume has decreased by about 2% year-over-year, largely due to higher borrowing costs and a limited inventory. This decline in sales volume is not unique to The Greater Springfield area and mirrors trends observed in other mid-sized cities across the country.
Inventory Levels
One of the significant trends this month is the level of housing inventory. Springfield currently has about 3.2 months of inventory on the market, which is an increase from the 2.5 months reported in May 2023. While still below the six-month threshold that typically indicates a balanced market, this rise in inventory provides some relief to buyers who have faced stiff competition and bidding wars over the past few years.
Mortgage Rates and Affordability
Mortgage rates are up from last year at an average of 7.22% as compared to a national average of 6.4% in May of 2023.
However, Springfield remains more affordable compared to many other metropolitan areas in the United States, making it an attractive destination for those looking to relocate from higher-cost regions.
As always, staying informed and working with a knowledgeable real estate professional can help navigate this evolving market landscape, ensuring you make the most of Springfield's real estate opportunities.
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