Missouri REALTORS® has published the monthly statistics report highlighting the Missouri real estate market for the month of January.

According to a news release, in January, Missouri REALTORS® sold 5,419 residential properties. Of those sales, the average residential property sold for $254,195. Compared to the average sale price of $234,973 in January 2021, there was an 8.2 percent increase. The median residential sale price also increased, from $191,788 in 2021 to $209,450 in 2022.

Officials say in terms of total dollar volume, Missouri REALTORS® saw an increase of 8.5 percent. Over $1.3 billion in January of 2022 was generated compared to $1.2 billion for the same period last year.

Additionally, interest rates saw an increase in January but continue to remain historically low.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.45 percent in January compared to 3.10 percent in December. By comparison, the interest rate in January 2021 was 2.74 percent.