Missouri Housing Market 2023 Report

Hannah Griffith
14 min read
January 17, 2023
Housing Market Missouri

What’s the Missouri Housing Market Like?

Home prices in Missouri have appreciated 74.0% higher than the national level from last year. Looking back three years at the median price in October 2019 compared to October 2022, prices have increased 32.1% in Missouri VS 35.8% nationwide.

As of October 2022, the median price for a home in the state was $240,100, which is up 8.7% above last year’s median price. Comparing prices over the last three years, we can see they have decreased -7.0% from the peak of $258,300 in Jun-2022.

Sales volume has also decreased recently. In October 2022, there were 6,720 homes sold in the state of Missouri, a decrease of -17.4% from the previous month.

Comparing year-over-year, we saw a decrease of -18.9% sales from October 2021, when there were 8,282 home sales.

 The number of sales peaked at 11,111 sales in Aug-2022; compared to October 2022’s numbers, we are down -39.5% in the number of homes sold from the height of sales activity of the last three years.

It is clear that the recent steep rise in mortgage rates has curved sales activity and shrunk affordability, and the result has been a drop in home prices in Missouri.

Missouri Housing Market

How Does The Missouri Housing Market Compare to the National Housing Market?

The Missouri housing market is similar to other markets because supply and demand drive housing prices. Mortgage rates also impact Missouri in a similar way as the rest of the nation.

Missouri’s home prices and sales numbers have begun to slow down along with the rest of the country. Differences in the regional economy of some of Missouri’s metro areas make those markets more vulnerable and others more resilient to the current economics.

The current median price of homes in Missouri is $240,100 compared to the national median sales price of $397,549. Over the past three years, the median price of homes in Missouri has increased by 32.1% compared to the national average of 35.7%

Missouri Metro Areas With The Hottest Housing Markets

The state of Missouri has seen an average growth in housing demand in recent years. Consequently, prices had also gone up at a good pace.  Some areas within the state have outperformed others though.  We will look at the cities with the highest increase in the median price year over year.

The top markets with the highest appreciation rate:

  1. Lemay
  2. Cape Girardeau
  3. Parkville
  4. Arnold
  5. Waynesville


Lemay is a suburb of St. Louis with a population of 16,645 at the 2010 census. It has a total area of 4.5 square miles, of which 4.3 square miles is land and 0.2 square miles, or 4.19%, is water.

Lemay people enjoy a minimal suburban vibe, and the majority own their homes. Also, the city offers a wide range of fun things, including dining, shopping, and sightseeing.

Lemay’s home prices have been doing quite well over the last few years; in fact, Lemay topped the list of cities in Missouri with the largest increase in prices in 2022 with an increase of 33.0% from the prior year.  For 2022, October’s median price was $160,950.

In October of 2022, there were 28 homes sold in Lemay, up -51.9% from the same period in 2021.

The median days on the market in October 2022 was 13, which indicates a seller’s market by today’s standards. Compared to October 2021, the median days on the market is down -51.9% compared to October 2022.

Cape Girardeau

It is a city in Cape Girardeau and Scott Counties with a population of 39,540, according to the 2020 census. Cape Girardeau is located 100 miles southeast of St. Louis and 150 miles north of Memphis. It has a humid subtropical climate with four seasons.

Residents appreciate short commute times, various educational, entertainment, and cultural options, a stunning setting, an affordable cost of living, and a friendly small-town atmosphere. The perfect alternative to living in a big city is Cape Girardeau.

The Cape Girardeau Real Estate market is currently a somewhat competitive market. In October 2022, there were 49 homes sold with a median price of $225,000. The median home price in Cape Girardeau has increased 32.4% from October of 2021, while the number of homes sold was 49, a 0.0% no change compared to the same month the year before.

The median days on the market in October 2022 was 31, and it’s up 82.4% compared to Sept 2021.


in Platte County is a part of Kansas City, and the population was 7,177 at the 2020 census. The city comprises around 15.41 square miles and more than 6900 residents. The Missouri River, woodland panoramas, and limestone-carved bluffs provide an enchanting backdrop for Parkville. Connecting with the community is a way of life in Parkville.

Parkville is one of the Midwest's most forward-thinking and exciting cities, with roots in the past and a culture of creativity and civic pride today.

Parkville is considered a somewhat competitive market right now. In October 2022, there were 21 homes sold with a median price of $225,000. The median price in Parkville was up 32.4% over October of 2021, while the number of homes sold was down -19.2% compared to the same period in 2021.

The median number of days on the market for October 2022 was 39 days which is down -2.5% from October of 2021. 


Arnold Line is a census-designated place in Lamar County. According to the 2020 census, it had a population of 2,333. Residents of Arnold Line enjoy a suburban/rural mix lifestyle, and the majority own their homes. Arnold Line has a large population of young professionals and a generally moderate political climate.

The real estate market in Arnold is considered very competitive. There were 29 homes sold in Oct 2022, with a median price of $267,500.The median price in Arnold had an increase of 25.8% from Oct 2021, while the number of homes sold was down -23.7% compared to the same period last year.

The median number of days on the market for Oct  2022 were 18 days which is up 28.6% to the same month in 2021.


is in the county seat of Haywood County and the largest town in North Carolina, west of Asheville. Waynesville has excellent environmental conditions, a developing cultural environment, many recreational facilities, and educational opportunities for all ages. It is a paradise for outdoor enthusiasts. Moreover, the town has numerous wonderful tourist attractions, including fishing, biking, and water hiking.

Waynesville is currently a somewhat competitive market. In Oct  2022, 22 homes were sold with a median price of $187,450. The median price in Waynesville saw an increase of 17.4% over Oct 2021, while the number of sales was down -8.3% compared to the same month in 2021.

The median number of days on the market for Oct 2022 was 32, which is an increase of 17.4% compared to the same month last year.

Higher Mortgage Rates Could Slow Price Growth in Missouri

How will interest rates affect the Missouri housing market? We are already experiencing the impact of rising interest rates across the nation. Price growth in Missouri has been flattening or on a slight decline for several months in 2022. However, Missouri is such a high-demand destination that it may very well fare better than many other areas of the country.

 As of mid-October 2022, the 30-year fixed rate mortgage is above 7% on average. That represents a 133% increase in mortgage rates in less than nine months. The Feds are on a “no holds barred” approach to curve inflation, and interest rate hikes have become the norm over the last several Fed meetings. Unfortunately, it seems that rate hikes are not done. We anticipate at least another rate increase before the year ends.

Key Market Stats for the Missouri Housing Market:

As of the latest compiled housing report for October 2022.

 Current ValueLast YearChange YOY
Median Sales Price$240,100$220,900up by 8.7%
Number of sales6,7208,282down by  -18.9%
Median Days On The Market2330down by -7.0%
Number of homes available22,03122,303down by -1.2%
Months supply of inventory21up by 100.0%
% of homes sold above list27.1%34.3%down by -21.0%
% of home with price drops32.4%16.8%up by 92.9%
New Listings73877895down by  -6.4%

Missouri Historic price changes & affordability

The Missouri housing market has seen relatively moderate appreciation over the years. The last 3 years have been particularly favorable to homeowners as they saw their homes appreciate by 32.1% in 36 months.   

The steep rise in home prices and mortgage rates has shrunk affordability to record lows in the state. A 32.1% spike in home prices and a sharp increase in mortgage rates in the last 12 months does not spell good news for the Missouri Real Estate market.

We know that the average person’s wages do not increase by 32.1% in three years, so we can see why affordability is a problem. The gap between rising home prices and wages keeps getting wider.

Key Takeaways

  1. The housing market is clearly shifting, and Missouri housing market predictions for the short term seem to point to a declining market along with many areas of the US. 
  2. The next 18 to 24 months will be an adjustment, especially for home sellers and Real Estate professionals. Adjusting to a normalized market that is not heavily skewed in favor of sellers will take time.
  3. Real Estate markets are highly local and even within the same state, there will be areas that are projected to be hit hard by the market shift and others will fare better.
  4. Timing the market for buying or selling is a big gamble. If it makes sense for you to buy, go ahead and buy a home. For sellers, if you have to sell in the next 12-24 months, you may want to consider doing it sooner than later, especially if you are in an area that may be considered overvalued and has a high potential for house prices to drop.

2023 Missouri Housing Market FAQ