2020 Q2 SWMO REAL ESTATE MARKET REPORT

July 1, 2020

So, it’s been an unusual year, to say the least, but the real estate market is still humming along in Springfield. It’s a great time to be a seller. Prices are in good shape. Interest rates are at or below 3%, an amazing figure that we haven’t seen in a long time. The conditions are excellent for a move. So far in 2020, even with the uncertainty surrounding the Coronavirus, more than 2,400 people have moved into a new home. That’s just 150 fewer transactions than last year in Southwest Missouri as a whole for all real estate companies.  At Murney we’re ahead of where we were last year by 119 transactions. Not bad during a pandemic! Let’s take a look at the numbers for the real estate market for the second quarter of 2020.


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The consensus in the real estate community is that we need listings. Inventory is very low, giving buyers few options to choose from. Chances are good that an agent in SW Missouri has a buyer for you home already if you’ve been considering selling your home. Chances are also good that your agent can get your sold very quickly and help you make a nice profit.
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Time on market is down to one month on average. These totals are almost identical to the same period last year. It’s a fast-paced market right now with many homes going under contracts in a few days or if it’s priced perfectly, a few hours!

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Money is on sale. Interest rates are now at an all-time low, according to Freddie Mac. Getting locked into a rate that low is a dream come true for homeowners right now. For context, 30-year mortgage rates were more than 18% in 1981. This really is an amazing time to buy a home.

Data gathered from MLS data for Greene, Christian and Webster counties for residential properties during the period April 1, 2020, to June 30, 2020.

 

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