The real estate market in Neosho, MO has seen significant changes throughout 2024. As of June 2024, the median listing home price in Neosho was $275K, reflecting a 13.9% increase from the previous year. This upward trend is coupled with the average home value rising to $205,382, marking a 2.9% boost over the past 12 months.
What stands out in Neosho's market is the variability in how homes are selling. In June 2024, homes were listed at an average price of $210,833, with sales data showing a mix of outcomes: over 11 homes sold for more than the asking price, more than 12 sold for less, and over 9 sold at their listing price. Buyers and sellers may find this mixed market data crucial for making informed decisions.
Key factors driving these trends include increasing demand and a variety of available properties ranging from mid-sized family homes to larger estates. Neosho's housing market overview offers a comprehensive look at the ongoing changes and provides insights into future predictions.
Key Takeaways
- Median home prices in Neosho rose by 13.9% in June 2024.
- Market variability shows homes selling above, below, and at listing prices.
- Rising demand and diverse properties influence Neosho's market trends.
What Is the Current State of the Real Estate Market in Neosho, MO?
The real estate market in Neosho, MO, is seeing notable activity in 2024. The average home value in Neosho is $205,382, showing a 2.9% increase over the past year.
In March 2024, median home prices experienced a sharp rise of 20.1% compared to last year. Homes were selling for a median price of $180,000 and the typical duration on the market was 13 days, faster than the 23 days seen in previous years.
June 2024 data reveals that the median listing home price was $275,000. This represents a 13.9% year-over-year increase. The median listing price per square foot was $132.
List prices in Neosho present another important metric. In June 2024, the average list price stood at $210,833. Understanding this helps both buyers and sellers navigate their strategies based on market trends.
Market Trends:
- Median Home Price: $180,000 (March 2024)
- Average Home Value: $205,382
- Median List Price: $275,000 (June 2024)
- Average List Price: $210,833 (June 2024)
- Median Price per Square Foot: $132
- Days on Market: 13 days
Comparing asking prices with sold prices can provide deeper insights into market health. For instance, in March 2024, the average list price for homes was $210,833, offering a perspective on current market dynamics.
For those interested in buying or selling in Neosho, keeping track of these market indicators is essential.
How Has the Real Estate Market in Neosho, MO Changed Over the Past Year?
The real estate market in Neosho, MO has experienced notable changes over the past year.
Home Values: The average home value in Neosho increased by 2.9%, reaching $205,382. Additionally, the median home price saw a significant rise of 16.4% to $209,500, showing a strong market trend.
Sold Listings vs. Asking Prices: In June 2024, the average list price was $210,833. Some homes sold for more than the asking price, while others sold for less or at the exact listing price. This adds to the complexity of market predictions.
Days on Market: On average, homes in Neosho are selling faster. In March 2024, homes took about 13 days to sell compared to 23 days last year. This faster turnover indicates a competitive market.
In March 2024, the median home price increased to $209,500 from $180,000 in March 2023. Additionally, homes sold faster, with the average days on the market dropping from 23 days to 13 days. The number of homes sold also nearly doubled, rising from 10 in March 2023 to 19 in March 2024.
Market Activity in July 2024:There are currently 85 homes for sale, indicating a healthier supply. This also highlights that there is still significant buyer interest in the area.
For more detailed market trends, you can check out this Neosho housing market report.
The median listing home price reached $275,000 in June 2024, an increase of 13.9% year-over-year. This indicates a growing interest and higher demand for housing in Neosho, MO. For further details on these trends, visit Zillow's home values in Neosho, MO.
What Are the Key Factors Influencing Real Estate Prices in Neosho, MO?
The real estate market in Neosho, MO is shaped by various factors, including economic conditions and local developments. These elements play crucial roles in the rising or falling property values in the area.
How Do Economic Conditions Affect Real Estate Prices?
Economic conditions greatly impact real estate prices in Neosho. When the economy is strong, more people have jobs and can afford to buy homes. This increases demand and drives up prices. For example, businesses thriving can lead to more job opportunities, which makes more people want to move and settle in Neosho.
Interest rates are another important factor. When interest rates are low, borrowing money becomes cheaper, which can make buying a home more affordable. Higher employment rates and lower interest rates usually lead to a buoyant real estate market.
Local real estate agencies like Realtor®, Keller Williams Realty Elevate, and Pro 100 Inc often monitor these economic shifts closely. They provide insights to potential buyers and sellers on the best times to enter the market.
What Impact Do Local Developments Have on Property Values?
Local developments also influence property values. New schools, shopping centers, and parks can make a neighborhood more desirable. An example is when new retail outlets open, creating more convenience and attracting people to move into the area.
Improvements in public infrastructure, such as roads and public transportation, can raise home values. More accessible and well-maintained areas appeal to both current residents and newcomers.
Projects undertaken by real estate firms like Show-Me Real Estate and Realty Executives Tri-States often highlight upcoming developments that may impact property values. These firms keep potential buyers informed about how new projects can affect their investment.
To stay updated on the current averages and trends in Neosho, potential investors can visit relevant websites. This helps them make better-informed decisions on their real estate transactions.
Which Neighborhoods in Neosho, MO Are Most In Demand?
Neosho, MO has several neighborhoods that are highly sought after due to various factors, including schooling options and property prices. This section will highlight what makes these neighborhoods desirable and how property prices differ across them.
What Are the Features of High-Demand Neighborhoods?
High-demand neighborhoods in Neosho often feature excellent schools. Benton Elementary School, for example, is highly rated and draws families to the area. Additionally, these neighborhoods offer convenient access to amenities, such as parks, shopping centers, and healthcare facilities.
Safety is another key factor. Areas with lower crime rates generally attract more residents. Furthermore, the availability of detached single-family homes, which make up about 77% of the housing units in Neosho, is a significant draw for many buyers.
Employment opportunities also play a role. Proximity to job centers within the city makes neighborhoods more attractive to working professionals. Areas like Neosho Township offer a combination of these features, making them highly desirable for homebuyers.
How Do Property Prices Vary Across Different Neighborhoods?
Property prices differ notably between neighborhoods in Neosho. For instance, homes in West Benton Township had a median list price of $210,000 as of June 2024. In contrast, home prices in Neosho Township vary significantly, ranging from $224,900 to $879,000.
The variation in prices can be attributed to the type of housing and proximity to essential amenities. For example, areas with higher-priced homes often feature larger lots and more luxurious amenities. On the other hand, more affordable neighborhoods might lack some of these attractions but still offer good value for money.
Summary of Key Points
- Many high-demand neighborhoods feature excellent schools, safety, and amenities.
- Property prices vary significantly, with West Benton Township and Neosho Township being notable examples.
- Proximity to job centers and the type of housing influence the desirability and price of homes in these neighborhoods.
What Types of Properties Are Available in Neosho, MO?
Neosho, MO offers a diverse range of property types suitable for different buyers and investors. This includes single-family homes, townhouses, and vacant land.
What Are the Most Common Property Types?
In Neosho, single-family homes are the most prevalent property type. These homes come in various sizes and designs, catering to families and individuals alike. Single-family homes can range from historic properties to modern builds, offering a wide spectrum for buyers.
Townhouses also have a notable presence. These properties are ideal for those seeking lower maintenance living. Townhouses often come with shared amenities and are typically more affordable than standalone homes, making them appealing to first-time buyers.
Vacant land is another common property type in Neosho. For those interested in building custom homes or investing in agriculture, these plots provide ample opportunities. Listings often highlight land close to essential services and local attractions.
How Do Property Types Affect Investment Potential?
Different property types in Neosho affect investment potential in distinct ways. Single-family homes generally offer steady rental income and can appreciate over time. These properties are popular with long-term renters, providing consistent returns.
Townhouses are attractive for their affordability and lower maintenance costs. They tend to attract young professionals and small families looking for accessible urban living. Investing in townhouses can be a smart move for those interested in properties that require less upkeep.
Vacant land offers unique investment prospects. These properties can be developed into residential or commercial spaces. Land investors often look for properties near growing areas and local amenities, making them valuable for future development.
For a more detailed view of current homes for sale and property listings, check out the Zillow Neosho real estate listings. Additionally, Realtor.com provides comprehensive IDX listings to explore further.
How Can Landlords Maximize Rental Income in Neosho, MO?
Maximizing rental income in Neosho involves both setting the right rental prices and maintaining the property well. Here's how landlords can achieve that in a straightforward and effective manner.
What Are Effective Strategies for Setting Rental Prices?
To set competitive rental prices, landlords need to research the local market. They should look at the current average rent in Neosho, MO, which is around $1,300 for a house. Understanding local trends helps in setting a price that is both appealing to tenants and profitable.
Another strategy is to consider amenities and location. Properties close to schools, shopping centers, and parks generally fetch higher rents. Adding features like in-unit laundry or upgraded appliances can also justify a higher price.
Comparing listing prices and sold prices can guide landlords in adjusting rental rates according to market demand. Finally, offering flexible lease terms can attract a broader range of tenants, who might be willing to pay a premium for month-to-month leases.
How Can Property Maintenance and Upgrades Increase Rent?
Regular maintenance is crucial. Landlords should address repairs promptly to keep the property in good condition. This helps retain current tenants and attract new ones. Properties that are well-maintained often command higher rents.
Upgrades are another effective way to increase rental income. Investing in energy-efficient appliances, modernizing kitchens, or renovating bathrooms can make the property more attractive. Simple improvements like fresh paint and updated lighting fixtures can also make a difference.
Finally, adding amenities like a fitness center or a community lounge can increase the property's value. Higher quality properties can charge higher rents and attract long-term tenants who appreciate the upgrades, thereby increasing overall rental income.
What Are the Future Predictions for the Real Estate Market in Neosho, MO?
The real estate market in Neosho, MO, is expected to continue its upward trend. The current market data shows a steady increase in home values and listing prices, signaling a strong market for investors and homebuyers alike.
Price Trends:
The average home value in Neosho has risen 3.9% over the past year to $203,651. The median price of homes significantly increased by 20.1% in March 2024, reaching $180,000.
Market Activity:
Homes are selling faster, with the average home spending 13 days on the market compared to 23 days last year. This indicates a high demand among buyers.
Upcoming Listings:
More homes are expected to hit the market soon. Websites such as Zillow's listings for Neosho, MO homes show a variety of properties that will be available, which could satisfy the current demand.
Investment Opportunities:
Neosho presents good opportunities for real estate investors. With numerous homes quickly selling, the area's growth can be a profitable venture.
For a detailed overview, visit Steadily's blog on Neosho, MO real estate market.
The combination of rising prices and strong buyer interest suggests a promising future for the Neosho real estate market.
Frequently Asked Questions
This section provides answers to common questions about the Neosho, MO real estate market in 2024. Topics include current home price trends, rental market performance, housing inventory predictions, emerging investment areas, average time on market, and economic impacts.
What are the current home price trends in Neosho, MO for 2024?
Home prices in Neosho have seen notable increases this year. According to RocketHomes, the median price for homes in Neosho is $209,500, which marks a 16.4% increase from last year. On the other hand, realtor.com reports a median listing price of $275,000 for June 2024, trending up by 13.9% year-over-year.
How is the rental market performing in Neosho, MO this year?
The rental market in Neosho has experienced steady demand this year. While specific data on rental prices was not provided, the increasing home prices suggest a similar trend in the rental market. Prospective tenants should be aware of Southern Missouri Regional MLS listings for the most up-to-date rental properties.
What are the predictions for housing inventory levels in Neosho, MO?
The housing inventory in Neosho is expected to remain tight. With only 85 homes for sale as reported by RocketHomes, supply is limited. This trend aligns with broader state trends, where the average supply is around 2 months. Inventory levels could rise in the latter half of 2024.
Are there any emerging neighborhoods or areas in Neosho, MO to invest in real estate?
West Benton Township and Neosho Township are emerging as desirable areas for real estate investment. The median list price for homes in West Benton Township was $210,000 in June 2024, while Neosho Township featured a wide range of house prices, from $224,900 to $879,000. Interested buyers can monitor listings on Zillow.
What is the average time on market for homes in Neosho, MO?
The information on the average time on the market for homes in Neosho isn't directly available from the provided sources. However, given the competitive market and rising prices, homes in Neosho are likely selling relatively quickly. Interested buyers should consult with local brokerage firms for more precise data.
How have recent economic developments impacted the Neosho, MO real estate market?
Recent economic developments have significantly impacted the real estate market in Neosho. The rising median home prices and increasing demand reflect a growing economy. However, with the housing inventory being tight, it is essential for buyers and investors to stay updated through reliable resources like the Southern Missouri Regional MLS and local listing brokers.
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