County Assessor Says Residential Property Trends ‘Unprecedented’ | Local

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Boone County expert Tom Schauwecker told the Muleskinners on Friday that he sees an unusual trend in Colombia – the convergence of higher home prices and lower home supply.

“The residential real estate market we are in right now is unprecedented,” he said at the weekly county Democrats meeting.

The average price of an existing home in Boone County increased 17% from March 2020 to March 2021, Schauwecker said. This is consistent with nationwide trends in house price increases.

According to the National Association of Realtors, median real estate prices of all types rose 23.6% in May over the same period last year.

The market is also driven by low interest rates, Schauwecker said. According to the Missouri Council of Realtors, the national average was 2.96% in May, down 0.27% from May 2020.

Fluctuations in supply and demand for student housing also affect the real estate situation in Colombia, Schauwecker said. The student housing market, which has seen colossal growth, is currently still recovering after declining university enrollment following the 2015 protests.

“Walkable housing in the city center is fully occupied, but student housing in the suburbs has been badly damaged,” he said. “We may see a return of student housing in the suburbs to a more traditional type of apartment.”

Despite the unprecedented situation, Schauwecker showed trust in his team and took pride in the availability of the data that residents had during his tenure.

“Transparency, being able to see what your home is being judged for, as well as your neighbors, is what Boone County residents are looking for,” he said.

After 30 years as Assessor, Schauwecker will retire this fall. He did not seek re-election, and Kenny More, the elected assessor, will fill this role from September.

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