Southeast Missouri's Real Estate Market: Insights from realtors and mortgage bankers

In late July, I led a roundtable discussion with three area realtors and two mortgage bankers about the current state of residential real estate in Southeast Missouri. We covered everything from home prices to supply to how the market has responded following the pandemic.

Southeast Missouri in some ways follows the national trends, but it’s also somewhat insulated. Our highs and lows are often muted, one realtor said. We don’t see the big swings in the market. Despite the challenges posed by elevated mortgage rates, limited inventory, and rapidly rising home prices, our region has demonstrated resilience. This resilience is bolstered by a robust healthcare industry — and some other major employers like Southeast Missouri State University and Procter & Gamble — and strategic positioning in middle America, factors that have helped insulate our local market from the more severe fluctuations seen elsewhere.

One topic that didn’t make the story but has stuck with me over the last few days is a comment from broker Jacob Fish about Airbnbs. Fish, his wife and their business partner were recently researching Airbnbs in Cape Girardeau.

“It is vacancies for months, Fish said. “There's very few spots filled. Everything is available right now. I don't know. That's not my world. … I don't know a lot about the Airbnb market. But I know that right now when we're looking at it, thinking about putting an Airbnb in, we're seeing nothing but vacancies.”

Airbnb's stock plunged nearly 14% in early August after the company issued a warning about potential signs of a demand slowdown in the U.S. and shorter booking lead times globally. The Wall Street Journal reported this comes as investors closely monitor economic trends, particularly concerning American consumers.

Financial website Nerd Wallet wrote in July that the number of short-term rental listings in small-town and rural areas could be hit hard — and this was before the recent stock drop. They wrote that from May 2019 to May 2022, short-term rentals doubled for these areas. That worked during the pandemic. But now, they say, maybe not so much.

In this edition, you’ll also find a story by Bob Miller looking at the water treatment plant in Cape Girardeau, and addressing a ballot issue for voters in November that could raise water rates. Mary Koeberl Rechenberg writes about some of the ways kids can learn about money and why it matters now more than ever. You’ll discover that American consumers lost $10 billion in 2023 through financial fraud, as Christopher Borro shares how you can protect yourself from scams. And Amanda Flinn talks with a Marble Hill native who now makes cigar box guitars as part of his outside the office hobby.

As always, thanks for reading. And if you have a story idea for a future edition, send us a note.

Lucas Presson is the publisher of B Magazine and assistant publisher and general manager of the Southeast Missourian.