Kirksville, MO - Real Estate Market Overview 2025

Kirksville, Missouri, offers a dynamic real estate market that has captivated investors and homeowners alike. The city saw a notable jump with house values increasing by 49.26% over the past decade, reflecting a yearly rise of 4.09%. This trend indicates a healthy economic environment and a strong demand for properties.

In 2024, Kirksville's housing market continues to show interesting fluctuations. While the median home listing price in March 2024 stood at $151.8K, it marked a -7.8% drop from the previous year. This offers a unique opportunity for buyers to enter the market at more favorable prices.

Despite these shifts, Kirksville remains enticing with its mix of historical charm and modern amenities. Investors and homebuyers should closely monitor the market trends and forecasts to make informed decisions and capitalize on the varying property prices.

Key Takeaways

• Property values in Kirksville rose significantly over the past decade.
• Median listing prices recently decreased, offering buying opportunities.
• Stay updated on market trends for strategic investment decisions.

What Is The Current State Of The Kirksville, MO Real Estate Market?

The real estate market in Kirksville, MO, shows mixed trends as of August 2024. Home values have shifted over the past year, resulting in varied outcomes for buyers and sellers.

House Prices

In June 2024, home prices in Kirksville increased by 18.2% from the previous year. The median listing home price was $151,800 in March 2024, showing a 7.8% decline year-over-year. By July 2024, the median home price dropped to $110,000, a 9.76% decrease from the year before.

Time on Market

Homes in Kirksville sell relatively quickly. In July 2024, the average time a home stayed on the market was 26 days, compared to 28 days in the previous year.

Sales Volume

Sales volume has increased. In July 2024, 17 homes were sold, up from 9 homes sold in July 2023. This indicates a rising buyer interest and market activity.

Home Values

The average home value in Kirksville as of August 2024 is $146,195, reflecting a 2.6% rise over the past year. This shows a steady increase in property values despite recent market fluctuations.

Inventory

There were 104 homes listed for sale as of late July 2024. This provides a fair amount of options for potential buyers looking to enter the market.

For more detailed trends, visit the Kirksville real estate market overview. Additional data can be found on Redfin's housing market trends.

How Has The Kirksville, MO Real Estate Market Changed Over The Years?

The real estate market in Kirksville, MO has seen considerable swings in housing supply and home prices over the years. Key historical trends and significant developments have influenced the market's dynamics.

What Are The Key Historical Trends?

Over the last decade, Kirksville’s real estate market has seen a steady increase in house values, with an average yearly rise of about 4.09%. This is exemplified by a 49.26% increase in house values over the past ten years. Home prices have also seen significant jumps recently. For instance, June 2024 saw an 18.2% rise in home prices compared to the previous year, setting the median home sale price at $175,000.

In contrast, July 2024 experienced a different trend with prices decreasing by 9.76% from the previous year, bringing the median home price down to $110,000. These fluctuations speak to the market's dynamic nature and varying demand over certain periods.

What Major Developments Have Shaped The Market?

Several factors have played a significant role in shaping Kirksville's real estate market. Notable among them are increased housing inventory and the quick turnaround in home sales. As of July 2024, homes stayed on the market for an average of 26 days, a slight improvement from 28 days the previous year. This indicates a strong buyer demand and efficient market operations.

Additionally, there has been a substantial surge in list prices. In July 2024, the median list price was $165,450, which marked a 76% increase from the previous month. Major developments such as new housing projects and economic growth have significantly impacted these trends, making Kirksville a rapidly evolving market for buyers and investors.

The diversity in data indicates robust activity and varying trends, which potential buyers and realtors should consider when planning transactions. The shifting dynamics in housing supply and changes in market behavior underscore the need for updated and accurate information in decision-making processes.

What Are The Average Property Prices In Kirksville, MO?

Property prices in Kirksville, MO show varying trends based on different property types and various influencing factors. These trends impact potential buyers and sellers alike.

How Do Prices Differ By Property Type?

In Kirksville, property prices vary by type. For instance, single-family homes have a different price point compared to condos or townhomes. In July 2024, the median home list price was $165,450, reflecting a 76% increase from the previous month, according to RocketHomes.

Condos and townhomes usually have lower prices compared to single-family homes. Listings for single-family homes are often priced higher due to larger sizes and more amenities. On average, homes in Kirksville sell after 26 days on the market, slightly faster than the previous year, based on Redfin's data.

What Factors Are Influencing Property Prices?

Several factors influence property prices in Kirksville, MO. Economic conditions, local job opportunities, and population growth play significant roles. For example, the average home value in Kirksville rose by 2.6% over the past year, reaching $146,195, as reported by Zillow.

The number of homes for sale, or inventory, also affects prices. As of July 31, 2024, there were 104 homes for sale, with 28 new listings added during the same period. High demand and low supply can drive up prices. Additionally, the median listing home price per square foot was $106 in March 2024, which shows the general cost trend per living area.

What Are The Rental Rates Like In Kirksville, MO?

Renting in Kirksville, MO is notably more affordable compared to national averages. While apartments may cost around $535 per month, houses tend to be more expensive.

How Do Rental Rates Compare To Nearby Areas?

Kirksville's rental rates are significantly lower than larger cities in Missouri. For example, monthly rent in Kansas City is approximately $1,256. Kirksville's average rent is just $535 per month, making it a budget-friendly option. Even compared to smaller cities like Florissant, where rent is about $977, Kirksville remains a more economical choice.

The rental market trends show that affordability is a key advantage. Lower housing costs can attract those looking to save money while maintaining a reasonable quality of life.

What Is The Demand For Rental Properties?

The demand for rental properties in Kirksville appears steady. Factors like local colleges and universities contribute to a consistent need for rentals. Students looking for affordable housing options often choose apartments, where the average rent is around $535.

Zillow reports that the median rent price for July 2024 was $700, showing a minor decrease from the previous year. This suggests a competitive but stable market. Property managers and landlords may find it easier to rent units due to the ongoing demand from the student population.

What Should Landlords Know About Tenant Preferences In Kirksville, MO?

Tenants in Kirksville, MO, have specific preferences for property types and amenities. Understanding these preferences can help landlords attract and retain tenants more effectively.

What Types Of Properties Are Most In Demand?

In Kirksville, apartments and small houses are highly popular. On average, a 1-bedroom apartment in Kirksville costs about $492 per month, while a 2-bedroom apartment fetches around $601. Rental houses usually cost more, with average monthly rents of $750.

Young professionals and small families often seek affordable, conveniently located apartments close to schools, parks, and shopping centers. Families tend to prefer small houses with modest yard space. Properties located near educational institutions like Truman State University are particularly in demand. Centralized heating, air conditioning, and updated kitchens are some features that can make a property more attractive to these demographics.

What Amenities Do Tenants Look For?

Tenants in Kirksville look for modern conveniences and comfort. Essentials such as central heating and air conditioning are highly valued. Pet-friendly policies also attract more tenants, especially those with families or young professionals.

Parking space is another amenity that can influence a tenant's decision. Properties with reserved or covered parking spots are preferred. Safety features like secure entry systems also add value. Access to high-speed internet and cable TV is often considered a necessity, not a luxury, particularly for students and remote workers.

In summary, understanding these specific preferences can help landlords in Kirksville, MO, keep their properties competitive in the local market.

How Can Landlords Maximize Their Investment In Kirksville, MO?

Landlords can boost their returns in Kirksville by following efficient management practices and choosing the right types of properties to invest in. This focuses on maintaining and managing properties well and understanding which property segments are most lucrative.

What Are The Best Practices For Managing Rental Properties?

Effective property management starts with regular maintenance. Keeping properties in good shape helps prevent larger problems down the line. Landlords should schedule routine checks for plumbing, electrical systems, and structural integrity. They also need to respond quickly to tenant requests and repairs.

Setting clear, written agreements with tenants is important. This can prevent misunderstandings about rent, rules, and responsibilities. Clear communication channels, like a dedicated email or phone line, can help manage tenant relationships better.

Utilizing tools like property management software can make tasks easier. These tools offer features like rent collection, maintenance ticketing, and record-keeping. If managing multiple properties, hiring a professional property manager can be beneficial. They can handle tenant issues, maintenance, and rent collection more efficiently.

For those looking for reliable property managers, Zillow offers a list of property management companies in Kirksville, MO.

What Are The Most Profitable Types Of Properties To Invest In?

In Kirksville, different property types offer various degrees of profitability. Single-family homes are popular, especially for families and long-term renters. The median home sale price in Kirksville stood at $175,000 as of June 2024, showing a good return on investment due to price appreciation.

Multi-family homes are another profitable option. These properties often have higher rental income potential. With multiple units, landlords can earn more from a single property. This type of investment is less risky, as the chances of all units being vacant simultaneously are lower.

Student housing is also promising, thanks to Kirksville's educational institutions like Truman State University. Properties near the campus can have high demand, ensuring steady rental income. Investors looking for suitable neighborhoods should check out the best neighborhoods to invest in Kirksville, MO.

By focusing on these strategies, landlords can optimize their investments in Kirksville's growing real estate market.

Frequently Asked Questions

Home values in Kirksville, MO have seen significant changes, and the real estate market has been impacted by various factors including mortgage rates and legislative changes. The demand for different property types and the rental market's performance also play a crucial role.

What is the current trend in home values in Kirksville, MO?

Home values in Kirksville have experienced a substantial increase. In the past ten years, house values rose by 49.26%. Recently, the median home sale price is approximately $175,000. This increase reflects a strong upward trend in the market. More details are available on this Kirksville real estate market overview.

How have mortgage rates affected the Kirksville real estate market in 2024?

Mortgage rates in 2024 have had a significant impact on the Kirksville real estate market. Lower rates have enabled more buyers to afford homes, contributing to the increase in home values. Conversely, any rise in mortgage rates tends to slow down the market activity as borrowing becomes more expensive.

What is the average time on market for homes in Kirksville, MO this year?

The average time on market for homes in Kirksville, MO this year is around 26 days. Compared to 28 days last year, this indicates a slight improvement in the speed at which homes are sold. Quick sales suggest a high demand and an efficient market. Additional information is available on this Kirksville housing market report.

What types of properties are most in demand in Kirksville, MO currently?

Single-family homes are currently the most in-demand properties in Kirksville. The market has seen a boom in this segment, driven by both local buyers and those relocating. Buyers are particularly interested in properties that are well-maintained and located in desirable neighborhoods.

How is the rental market in Kirksville, MO performing in 2024?

The rental market in Kirksville, MO has been performing well in 2024. Increased demand for rental properties, especially by students and young professionals, has pushed rental prices up. The availability of rental units, however, remains stable, indicating a balanced market.

What impact has recent legislation had on the Kirksville, MO real estate market?

Recent legislation has contributed to changes in the Kirksville real estate market. New zoning laws and tax incentives have made it easier for developers to build new homes, which has helped increase the housing supply. For more insights, visit this Kirksville housing market overview.

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