COLUMBIA, Mo. – Missouri REALTORS® has released its monthly statistics report highlighting the Missouri real estate market for the month of March, including the entire first quarter of 2022.
In March, Missouri REALTORS® sold 6,572 residential properties. Of those sales, the average residential property sold for $271,846. Compared to the average sale price of $244,940 in March of 2021, there was an 11 percent increase. The median residential sale price also grew substantially, from $200,413 in 2021 to $226,950 in March of 2022.
In terms of total dollar volume, Missouri REALTORS® saw an increase of 4.2 percent. Over 1.78 billion dollars in March of 2022 was generated compared to 1.71 billion dollars for the same period last year.
Regarding first-quarter results, 17,133 residential properties were sold in Missouri from January to March. The total quarterly sales volume topped 4 billion dollars, and homes sold at an increased pace during the first quarter of 2022, staying on the market for 36 days. That is 8 days less compared to the same three-month period last year. The median sales price for the first quarter increased 9.8 percent compared to the same period in 2021, coming in at $215,000.
Interest rates in March saw a slight increase but continue to remain historically low. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.17 percent in March compared to 3.76 percent in February. By comparison, the interest rate in March 2021 was 3.08 percent.
Visit Missouri REALTORS® Market Statistics to view a full report of the data presented, including additional resources and information.
Founded in 1936, Missouri REALTORS® is the largest trade association in the state serving over 25,000 members. As members of organized real estate, REALTORS® subscribe to a strict code of ethics and have access to numerous services and programs to enhance their professionalism within the real estate industry. Through collective strength, influence, and professionalism, Missouri REALTORS® unite to advocate for real property rights in Missouri, deliver comprehensive risk management programs and services, connect members through various media and events and deliver association management services.