Local home prices, inventory up

According to St. Louis-based Mid America Regional Information Systems (MARIS), the median sale price for a residential property in Cape Girardeau, Scott, Bollinger and Stoddard counties has gone up 2.6% since June 2021.

Interest rates are helping to put upward pressure on prices.

Freddie Mac statistics show interest rates rose significantly from 3.1% in December to 5.3% on July 7.

Sold Sign In Front of a Bungalow

Rate hikes have a notable impact on buying power,

Analysts say a buyer who could afford a $1,000 house payment Dec. 30 had the ability to purchase a $243,000 home.

By July 1, to keep the monthly payment at the same level, the buyer could only afford a $178,000 mortgage.

Local housing inventory, a term used to describe houses available for sale in Cape Girardeau County, stood at 166 on June 30, up from 140 a year earlier.

The market remains tight, however, with local housing inventory numbers in previous years significantly higher: 495 in 2017, 496 in 2018, 484 in 2019 and 280 in 2020.

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