By Brandon Glascock

South County Realty would like to send a huge

THANK YOU to all of our clients who allowed us to serve you last year.  Just over 200 properties sold in the Southern Boone School district in 2020 and we were thrilled to represent 45% of those Buyers and Sellers.  Again, Thank You!

Residential sales in the Southern Boone school district totaled $42.8 Million in 2020 (up from 36 Million in 2019), and the average home price was up 7% year over year to $272,639.  Homes in the area move relatively quickly with a home only staying on the market for an average of 57 days.

There is no doubt 2020 was a good year for the real estate market in Southern Boone County.  If you have visited with us throughout the year, at this point we sound like a broken record – demand continues to remain strong and housing inventory continues to be lacking.  Mortgage rates are still at historic lows which is incredible for buyers and current homeowner’s wishing to refinance.  A few trends in our local market you have likely noticed…

• Refinancing is Still Relevant. Existing homeowners are refinancing to take advantage of historically low interest rates and staying put.  With homeowners content to remain in their current homes, buyers must rely on new construction for houses to shop for.  The lack of homeowners putting their existing homes up for sale
• Climbing Construction Costs. With lumber prices up and distributors recovering from supply chain issues, the cost of new homes has remained elevated.  Builders had no choice but to reprice new homes based on the additional costs.  As compared to a year ago, the same house built in SoBoCo has seen a significant increase in list and sales price.
• In Demand Land. The cost per acre in SoBoCo is up steadily and again, the inventory is limited.  At costs pushing as much as $40,000 per acre for small tracts, coupled with the increase in construction costs noted above, buyers must dig deeper and deeper in their pockets for an investment here.

If you are an existing homeowner relaxing in your current home with no plans to move, perhaps you are pleased to see the value of your biggest asset continue to rise.  If you are a first-time homebuyer you are likely forced to explore areas outside of Southern Boone to stay within your budget, or continue to rent.  Rentals, it seems, are just as tough to come by as residents of our growing community are willing to rent or buy to get in the SoBoCo School district.

As we look for these trends to continue in 2021, let us help you achieve your buying and selling goals.  Find out what your home is worth, schedule a showing, or view all of the area listings and more at SouthernBooneRealty.com