Missouri real estate by the numbers

Missouri real estate by the numbers

The National Association of Realtors (NAR) reports a record-low housing inventory and a surge in homebuying interest as 2021 comes to a close.

NAR said the U.S. built 276,000 fewer homes per year, on average, between 2001 and 2020, compared to the 1971-2001 period.

NAR said had the pace of production not dropped over the last two decades, there would be 5.5 million more homes in existence today.

The Chicago-based NAR said the United States would need to construct more than two million homes per year for the next 10 years in order to close the gap.

In Missouri, the homeownership rate is 72.2%. The homeowner vacancy and rental vacancy rates are 0.7% and 6.9%, respectively.

Looking for more business news? Check out B Magazine, and the B Magazine email newsletter. Go to www.semissourian.com/newsletters.