Columbia, home to the University of Missouri, has experienced steady growth without significant fluctuations, thanks to demand from school districts and a stable employment base. Recent market trends show a flow that is close to the national average.

According to Zillow data, the average home value in Columbia is currently around $310,000. This represents an increase of about 35% over the past five years compared to the low $220,000 range at the beginning of 2021. The most recent median sale price reported by Redfin is $350,000, showing a double-digit increase compared to the previous year.

Looking at the years, there was a double-digit increase during the pandemic period from 2021 to 2022, fueled by low interest rates, while the rate of increase noticeably slowed from the second half of 2022 to 2023 due to the impact of rising interest rates. From 2024 to the present, a lack of inventory combined with stable demand has led to a resurgence in price increases.

Compared to the national average increase rate of 35% to 45% during the same period, Columbia has generally recorded a rate of increase that is similar to or slightly lower than the national average.

The reasons for this increase include the presence of the University of Missouri and related medical and research jobs, Columbia being considered a relatively stable economic city within Missouri, and the fact that new supply has not fully kept up with demand.

Looking ahead, the recent decrease in transaction days and the rapid depletion of inventory suggest that a gradual increase may continue for the time being. However, there remains the possibility that buyer sentiment could be dampened again depending on interest rates.

For Korean households, given the characteristics of a college town, there is a steady demand for relocation for academic and research purposes, so if the goal is to live there, it would be wise to consider school districts and commuting conditions.

The Columbia market is expected to continue its stable trend centered around the university and local economy, and we will keep an eye on related indicators.