Missouri REALTORS Releases January Property Sales January Report

Missouri REALTORS reported sales of 3,969 residential properties in January. While mortgage rates remained slightly higher in January compared to the same period last year, the median sales price increased 6.8 percent, coming in at $234,900. The average residential sale price also increased 5.0 percent over January 2023 to $278,841.

The total dollar volume increased 9.4 percent in January compared to last year but saw a 22.6 percent decrease compared to December. Over 1.1 billion dollars was generated in January compared to 1.0 billion dollars for the same period last year.

The Federal Reserve Bank of St. Louis reported the average 30-year fixed mortgage interest rate in January was 6.64 percent. As of February 1, 2024, that rate was 6.68 percent. Compared to January 2023 (6.27 percent), buyers continue to experience reduced purchasing power due to increased rates year over year.