Metropolitan Statistical Area (MSA):
There are many factors influencing real estate trends in the Springfield, MO MSA. The economy is a big one. When the economy is good, people feel more confident about buying a home and prices tend to go up. The opposite is true when the economy is struggling. Another factor affecting real estate trends is interest rates. Low interest rates make it cheaper to borrow money for a mortgage, so people are more likely to buy a home when rates are low.
The Springfield, MO MSA has seen some ups and downs in the housing market in recent years. After hitting a low point in 2011, prices have slowly been creeping back up. In 2016, the median sales price for a home in the Springfield MSA was $144,000, which was up 4% from 2015 (“Springfield Housing Market Update”). This trend looks likely to continue in 2017 as the economy continues to improve and interest rates stay low.
If you’re thinking of buying a home in the Springfield area, now is a good time to do it! Prices are on the rise but they’re still relatively affordable compared to other parts of the country. And with interest rates still near historic lows, it’s a great time to get a mortgage. Whether you’re looking for your first home or your forever home, now is a great time to buy in Springfield!
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