Metropolitan Statistical Area (MSA):
There are many factors influencing real estate trends in the Kirksville, MO metropolitan statistical area (MSA). The economy, job market, interest rates, and demographics all play a role in housing market trends.
The economy has been slowly improving since the Great Recession of 2008. This has led to more people moving into the area in search of jobs. The increased population has put pressure on the housing market, causing prices to rise and rental rates to increase.
Interest rates have remained low in recent years, making it an attractive time to buy a home. However, with prices rising and incomes not keeping pace, many people are being priced out of the market. This is especially true for first-time home buyers who often don’t have the same level of savings as older buyers.
The aging of the Baby Boomer generation is also having an impact on real estate trends. As Boomers retire, they are downsizing or leaving their homes altogether. This has led to an increase in inventory levels and a decrease in demand for larger homes.
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