If you've put a house on the market or attempted to buy a home in 2021, you are probably well aware of the trends.
Home sales, residential property prices and new home construction are all trending upward throughout the Springfield metropolitan area. The housing market is especially hot in Nixa, Ozark and Republic, with Nixa leading the way in total volume and in the average cost of buying a home.
Donna Hartman of the Hartman Group, a RE/MAX real estate agency, presented findings on the Springfield metro area's 2020 housing market statistics to the Nixa City Council at a meeting in March.
The key takeaway is that Nixa's housing market is arguably stronger than it was in 2005, considered to be the height of the U.S. housing bubble.
"The last two years, Nixa has beaten what the record was in 2005, so we continue to go on with that upward spiral," Hartman said.
In 2020, a total of 716 existing homes in Nixa sold, compared to 657 in Ozark and 401 in Republic.
"I don't know if you're aware of how crazy real estate is. I mean, (houses) are on the market one day, and there are multiple offers and they're going above list price," Hartman said.
Nixa outpaced its neighbors by almost double in terms of new construction. A total of 244 new houses sold in Nixa in 2020, representing 25.4 percent of the housing transactions in Nixa. That compares to 129 newly-constructed homes sold in Ozark and 119 in Republic. New home construction represented 22.9 percent of the sales in Republic, where Amazon announced its presence with the construction of a distribution facility.
New home sales made up 16.4 percent of the residential real estate transactions in Ozark in 2020.
Nixa also had the highest average sale price and median sale price of any Springfield suburb in 2020. The average cost of a house in Nixa was $260,255, and the media sale price was $236,000. That's about $14,000 more than Ozark's average of $246,351 and median sale price of $223,000.
"Those numbers are just astonishing, and the majority of homes sold [...] they're between $200,000 and $350,000," Hartman said.
Nixa's home sales in 2020 trended toward higher price ranges. Thirty-six houses sold for more than half a million dollars. Only 107 houses in Nixa sold for $150,000 or less in 2020. There were 109 houses sold in the $225,000-$249,999 price range.
The average cost of a new house in Nixa is $280,000.
"If you've been out looking for a home, that's not surprising at all to you," Hartman said.
The number of sellers considered to be "distressed" fell to 0.6 percent, a far cry from 2011's rate of 31.8 percent, and even a drop from the 2015 rate of 3.4 percent.
"Distressed properties are both short sales and foreclosures, and then private home loans," Hartman said.
Home sales were also up in Springfield, with 4,275 houses sold within the city limits in 2020, up from 3,931 in 2019 and 3,803 homes sold in 2018. Springfield home sales were just shy of a record 4,367 sales set in 2005.