As we reflect on the real estate market in Southeast Missouri in 2022, it is clear that we have seen significant growth and change in the industry.
According to data from the Three Rivers Board of Realtors, home sales in the region increased by 10% compared to the previous year, with the average sale price also seeing a 5% increase.
But the success of the market in 2022 is not the only news worth noting. As we move into 2023, we can expect to see continued growth in the real estate market in Southeast Missouri.
One factor contributing to this projected growth is the low inventory of homes for sale. As demand for housing in the region increases, the limited supply of available homes is driving up sale prices. This trend is expected to continue in the coming year, with the average sale price expected to increase by an additional 3%.
In addition to the low inventory, the Southeast Missouri market is also benefiting from a strong local economy. With unemployment rates remaining low and an increase in new businesses opening in the region, there is a strong demand for housing from both new residents and current residents looking to upgrade their homes.
While the real estate market in Southeast Missouri has seen success in the past year, it is important to note that it is not immune to external factors that could potentially impact the market. The ongoing pandemic and potential changes in interest rates could potentially affect the market, but as of now, the outlook for 2023 is positive.
Overall, it is an exciting time for the real estate market in Southeast Missouri, and the Three Rivers Board of Realtors is confident in the continued success and growth of the industry in the coming year.