Foreclosure Trends and Home Prices in Springfield and Greene County, Missouri

With foreclosure processes at their normal levels, recent figures from Realtor.com for June indicate that in Springfield and Greene County, homes were selling at higher prices than the previous month’s median of $240,380, as the median home price for June reached $254,312. This represents a 5.8% increase compared to May. In comparison to June 2023, the median home sale price increased by 1.7%, from $250,000 to $254,312.

Realtor.com collects data from real estate sales deeds, which causes a slight delay in the data. As a result, these statistics exclude homes currently on the market and are not directly comparable to house listing data. Nevertheless, it is an excellent analysis that serves as a guide to understanding the current real estate market in Springfield and the county in general.

Focusing on single-family homes, the median sale price in Greene County was $254,556 in June, a 5.9% increase from the $240,380 of the previous month. Since June 2023, the sale price of single-family homes has risen by 1.9% from an average of $249,909. Of these single-family homes, 14 sold for $1 million or more in June, compared to seven such sales in June 2023.

The sale prices of condominiums and townhouses fell by 18.8% in June, with a median price of $192,812, down from $237,500 in May. Compared to June 2023, the sale price of these properties plummeted by 62.6%, from $515,262. No condominium or townhouse sold for $1 million or more in June. The number of recorded sales in Greene County decreased by 16.7%, from 663 in June 2023 to 552. Total residential home sales amounted to $125.4 million.

Statewide in Missouri, homes sold for a median price of $275,000 in June, a 4.7% increase from May’s $262,543. In June, 7,155 sales were recorded across the state, a 51.6% drop compared to 14,793 in June 2023. The total recorded value of residential home sales in Missouri decreased by 7.8%, from $1.9 billion in May to approximately $1.7 billion in June.

Statewide, the sale price of condominiums and townhouses increased by 7.6%, from a median of $215,000 in May to $231,250 in June. The median sale price of these properties rose by 21.7%, from $190,000 in June 2023.

The median sale price in this report represents the midpoint of all homes or units listed during the specified period. The median provides a more accurate picture of the market than the average sale price, which can be skewed by particularly low or high sales.

Available Foreclosures:

Greene County: 25 homes available.
Missouri: 150 homes available.

By Elias DaSilva | September 30, 2024