July 2024 Greater Springfield, Missouri Real Estate Market Update
Curious about the current market in the Springfield, Missouri area? Here is a real estate market update with data drawn from July 2024.
Home Prices and Sales
The median home price in The Greater Springfield area in July 2024 was approximately $276,000, showing an increase of 8% from the same time last year. The average sale price for June 2024 came in at $308,330 also up 4.4% since last year.
Total June home sales volume is up about 4.2% year-over-year, which is an encouraging change as compared to previous months.
Inventory Levels
There were 416 new listings for Greene County in the month of July, down 14% from last year. This trend could indicate a slowing of the market as well as caution due to the current economic climate and upcoming election.
Mortgage Rates and Affordability
Mortgage rates are down from last year with an average rate of 6.23% for a 30 year mortgage with 20% down. Dropping rates could encourage sidelined buyers to enter the market, making for more robust than typical fall market.
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.
Citations:
Comments