Missouris housing market in 20182023 underwent dynamic changes, especially for budget-conscious homebuyers earning under $250,000 annually.
Annual home sales reached near-record levels around the end of the 2010s.
In 2018, nearly 102,000 properties were sold statewide about a 40% jump from 2015s volume.
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Sales dipped slightly in 2019 and 2020 but then surged again in 2021 during the pandemic housing boom.
Price Appreciation
Home prices climbed dramatically in this period.
This far outpaced income growth, squeezing budgets of many sub-$250k households.
By early 2025, the median hovered around $252,000, reflecting continued though slower growth.
Despite these gains, Missouri homes remained relatively affordable compared to national figures.
This affordability attracted many first-time and budget-conscious buyers to the market during 20182023.
LouisandKansas Cityareas, condos/townhouses form a small but notable segment often as affordable starter homes or urban dwellings.
This suggests condos have been a somewhat cheaper alternative for city-based buyers.
In university towns likeColumbia, condos also attracted some younger buyers (e.g.
Townhomes are not very common in most Missouri markets but have modest presence in newer suburban developments.
They offer a middle ground on price and maintenance.
Buyer Behavior: Demographic Trends
Buyer behavior in Missouri has been split by life stage.
Missouri reflects this trend.
The Lock-In Effect
Another notable trend, especially by 20222023, was homeownersstaying putlonger.
Turnover slowed as more people held onto their homes, which contributed to low inventory for new buyers.
Urban vs. ## Post-Pandemic Rebalancing
However, the urban exodus narrative was not absolute.
By 2021, urban homebuying rebounded as cities reopened.
In Missouris biggest cities,St.
LouisandKansas City, many buyers stayed in the metro area but often chose outer neighborhoods or suburbs.
Small City Surge
Smaller cities like Springfield and Columbia also benefitted from shifting preferences.
With remote work, some buyers opted for rural properties small acreage or country homes seeking privacy and space.
Lending data confirms an uptick in non-metropolitan home purchases during the pandemic years.
Suburbs and smaller cities gained relative to the big-city cores.
Homebuying here from 20182023 saw rising prices but steady sales relative to inventory.
The city also saw considerableinvestor activity, which impacted first-time buyers.
This meant that many budget-conscious households could comfortably buy homes well below the $250k income affordability cap.
Buyers in Springfield were often first-time homeowners or retirees from around the region.
Most Springfield buyers purchased single-family houses, as the inventory of condos/townhomes is limited.
This affordability made Springfield a refuge for moderate-income families during the overheated 20202022 national market.
Missouris lake regions e.g.
Lake of the Ozarks and Branson benefited from this trend.
This signifies heightened interest in affordable vacation spots in Missouri during the pandemic.
Investor Impact
Investment properties particularly single-family rentals also played a growing role.
In some neighborhoods, this made it challenging for local buyers with limited budgets to win bidding wars.
Price Trajectories
Home price trajectory differed as well.
In contrast, 20182023 brought rapid appreciation, especially 20202022 when annual price gains of 815% became common.
Demographic Shifts
Buyer demographics and preferences also shifted.
In 20182023, those Millennials finally entered en masse, often looking for suburban houses for their growing families.
This contributed to the upsizing trend noted earlier.
Location Preferences Then and Now
Location trends also flipped.
St. Louis built apartments downtown; Kansas City launched hip urban districts appealing to young professionals.
Interest Rate Impact
Finally, interest rates underline the contrast.
This whiplash in financing cost created urgency and then hesitation.
