As of December 2024, Jefferson City, Missouri, has experienced notable shifts in its housing market, reflecting broader economic trends and local dynamics.
Median Home Values and Trends
The average home value in Jefferson City reached $247,435, marking a 6.1% increase over the past year. Homes typically go pending in around 12 days, indicating a brisk market pace.
In December 2024, the median sale price was $249,900, an 11.1% rise compared to the previous year. Homes sold after an average of 23 days on the market, up from 10 days the previous year. A total of 61 homes were sold in December 2024, up from 49 in December 2023.
Market Competitiveness
Jefferson City is characterized as a very competitive housing market. Many homes receive multiple offers, some with waived contingencies. On average, homes sell for about 3% above list price and go pending in approximately 8 days. The Redfin Compete Score™ rates Jefferson City at 87 out of 100, underscoring its competitiveness.
Inventory and Days on Market
The number of homes for sale in Jefferson City decreased by 10.3% from November to December 2024, with 52 homes available in December. Despite this decline, the number of homes sold increased by 61.5% during the same period, totaling 21 in December 2024. The average time a home remained on the market was 38 days in December 2024, a 65.7% increase from 23 days in November 2024.
Price Per Square Foot
The median sale price per square foot in Jefferson City was $95 in December 2024, a 27.5% decrease from the previous year.
Neighborhood Insights
In Downtown Jefferson City, home prices experienced a slight decline. In November 2024, the median sale price was $135,000, a 3.6% decrease compared to the previous year. Homes in this area sold after an average of 23 days on the market, compared to 10 days the previous year.
Rental Market Trends
Alongside rising for-sale prices, median gross rent has also increased, having risen by 12% since 2011. The number of rental units priced above $500 has grown, indicating a shift toward higher rental costs in the area.
Conclusion
Jefferson City’s housing market in late 2024 reflects a dynamic environment with rising home values, increased sales activity, and a competitive landscape. Both buyers and sellers should stay informed about these trends to make strategic decisions in this evolving market.
