Here’s a look at some of the key performance indicators for the real estate market in Southwest Missouri for 2018. We’ll be taking a look at data from Greene, Christian and Webster counties.
Average home prices rose overall this year, reaching nearly $190,000. The monthly totals seemed to fluctuate every month, largely due to a wide variety of price ranges throughout the year.
Inventory was low for most of 2018. We measure this by the total months of supply we’d have if no new homes came on the market. For most of the year, the number was below 3 months! This made it a competitive market for buyers, requiring them to act fast to secure the home they wanted, and a very quick, active market for sellers.
Interest rates were a significant talking point in 2018. Rates did increase a handful of times during the year, but still remain historically low. Some prominent economists have predicted that in 2019 rates will eclipse 5% for the first time in nearly a decade.
Rates topped out in November, after steadily rising throughout the year. Right now, you can still get a traditional mortgage for right around 4.75% and a 15-year mortgage for around 4.2%!
It was a seller’s market out there in 2018. Homes sold fast for nearly the entire year. If you listed your home, you could count on it being sold in under two months in most cases.