63461, Palmyra, MO

The Palmyra home equity and home prices in the 63461 zip code are reflective of the overall market conditions in Missouri. The average home value in this area is $139,000, which is lower than the Missouri state average of $167,500. However, Palmyra's median home value is higher at $156,000. This indicates that there are a greater number of homes in this area worth more than the median price.

There has been an increase in home values over the past five years in Palmyra. In that time frame, the average home value has increased by 21%. This rate of growth is slower than the national average but faster than many other areas within Missouri. It may be that buyers are attracted to Palmyra's location - it is only about an hour from St Louis - or it may be that there are more quality homes available for sale here than elsewhere in Missouri.

One reason for slower growth rates nationally could be a shortage of available properties for sale due to high demand and low inventory levels. In some cases this could lead to bidding wars and higher prices; however, it appears as though this hasn't been a problem in Palmyra so far. There may be other factors at play here (such as economic stability or interest rates), but it's difficult to say for certain what's driving prices up or down locally.