Building Costs Per Square Foot in the State of Missouri, USA

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Under construction and nearing completion in 2022. Newly-built 3 Bedroom Brick House with 2 Bathrooms and 2 x Attached Garages, Gross Floor Area 1492 sqft - on 449 S.Walker LN, Fair Grove, Missouri - Price $245,000

Completed in 2022. Newly-built 3 Bedroom Brick House with 2 Bathrooms and 2 x Attached Garages, Gross Floor Area 1492 sqft – on 449 S.Walker LN, Fair Grove, Missouri – Price $245,000

Residential Construction Market Analysis in the State of Missouri, USA

Building costs are 3% below the national average in the state of Missouri and equivalent to the state of Indiana, Iowa, Montana, Oregon and Utah. The process of building or buying your own home is a challenge no matter where you are or what time you are at, but it is something that in recent years has become more and more difficult. You are probably familiar with the memes or jokes that people in their 30s or 20s make on social media, talking about how difficult it is to buy a house, and everyone always agrees on that.

Although it is true that it is a tedious process, this does not mean that it is impossible. You just have to make sure you are informed about the situation of the real estate market, and above all how it is in your particular case. For this, it is always good to have some sort of guide to the situation in each state.

If you were looking for a guide to learn more about the residential construction market in Missouri, then let me tell you that you are in the right place. Here we will tell you how the construction outlook in the state is, how the Real Estate market, house values, and much more.

Missouri Construction Outlook

The state of Missouri is located in the region known as the midwest of the United States, and it is usually a state that is quite forgotten by people. This is due to the fact that it borders other states that are better known or attract more attention. Anyway, everyone knows its most populous city is Kansas City, and its capital is Jefferson City. In turn, it has other large metropolitan areas such as Springfield or San Luis, which makes it a state with a large population distribution in its different counties, and they are not all crowded into the same region.

Only in some cities, there are large buildings, in the rest of the counties the main characteristics of the residential constructions are small two-story houses for families, and even the buildings are usually not as tall as the skyscrapers that you would find in another city.

The buildings have a quite eighties or seventies style, showing the bricks on the facades or being those typical concrete buildings. Do not expect to see the buildings full of glazed windows that you would find in another city.

If you are on the outskirts of the cities you will see a large number of houses that you could even get confused and think that they are the same, since there are times that it seems that they simply copied and pasted and filled the towns like that. They are the typical wooden plank or brick houses, with light or uniform tones, it is rare to find a luxury house in this part of the country.

Missouri Housing Market Analysis

There’s no easy way to say it, this is simply the time to buy or invest in Missouri. The state is attracting more people than ever before in its history, with an impressive 30% increase in property sales in the last 6 months.

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This increase in sales is correlated with an increase in demand, which also generates an increase in prices, benefiting sellers and not so many buyers. This does not mean that it is an expensive state, on the contrary, the cost of living here is lower than in other states, and most people emphasize that a quiet and safe lifestyle is lived in the different towns of Missouri.

Even with rising values, Missouri remains one of the most profitable states to live in, and one of the cheapest to buy property. Although there was an increase in values, even with that number in mind it is still cheaper than other states. For what you buy a mansion in Missouri is enough for a box of shoes in New York.

Missouri Average House Price (Median Home Price)

The median home price in Missouri is $244,000, which is a fairly similar number to other states in the Midwest region. In any case, this value refers to properties that are located in central, urban areas, or in high demand. If you go outside of Missouri you will find median houses for a standard price of $170,000.

The only problem is that a drop in the supply of properties is expected, which will cause values ​​to increase, and this is negative if you want to buy a house to live in. Now if you want to buy a property to invest in, you should do it now since the context foresees that the values ​​will continue to increase.

Some sellers are joining the trend of bidding to sell it at the best offer, making houses that in a normal context would sell for $140,000 become worth $170,000. This is positive if you are looking to sell, but if you are looking to buy be prepared to enter a competitive market.

Missouri Residential Building Projects

Homestead projects are some of the most found throughout the state. They are currently working in Homestead Hills and Homestead of Liberty, and they are neighborhoods with different houses, in which they still have availability for you to choose what type of house you want to build there.

The Wellington is also an interesting project that consists of 153 Senior housing units, designed for people who need some type of assistance, although older adults who do not require any type of accompaniment can also live in this residential building.

Most of the projects are of residential homes, the typical houses in private neighborhoods, or residential homes for senior citizens. There are not many building projects, and even existing ones take forever to complete, so it is not usually recommended to invest in them if you expect an immediate profit.

Under construction and nearing completion in 2022. Newly-built 3 Bedroom House with 2 Bathrooms and 2 x Attached Garages, Gross Floor Area 1433 sqft - on 2068 Emmy Avenue, Lebanon, Missouri - Price $229,900

Under construction and nearing completion in 2022. Newly-built 3 Bedroom House with 2 Bathrooms and 2 x Attached Garages, Gross Floor Area 1433 sqft – on 2068 Emmy Avenue, Lebanon, Missouri – Price $229,900

Building Costs Per Square Foot for Single Family Homes in the State of Missouri, USA

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Missouri ranges from $334.54 per sqft to $512.84 per sqft, with the average being $394.81 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Missouri ranges from $203.32 per sqft to $311.66 per sqft, with the average being $239.94 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Missouri ranges from $131.44 per sqft to $199.64 per sqft, with the average being $153.88 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Missouri ranges from $95.92 per sqft to $147.10 per sqft, with the average being $113.21 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Missouri ranges from $77.86 per sqft to $119.24 per sqft, with the average being $91.81 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Missouri ranges from $61.41 per sqft to $94.13 per sqft, with the average being $72.44 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

List of 11 Metropolitan Areas/Cities in Missouri – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 1268 municipalities grouped into 114 counties in the state of Missouri. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

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The percentage deviation of building costs from the National Average for each metropolitan area in Missouri is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Missouri:

Missouri Average -3% (3% less than X)

  • Farmington 636 -8%
  • Caruthersville 638 -7%
  • Joplin 648 -6%
  • Cape Girardeau 637 -5%
  • Jefferson City 650-651 -5%
  • Chillicothe 646 -4%
  • Columbia 652 -4%
  • Hannibal 634 -2%
  • East Lynne 647 4%
  • Independence 640 5%
  • Kansas City 641 6%

 

The Metropolitan Area List above as well as the Bar Graphs below shows that Farmington is the cheapest cities to build a private home in the state of Missouri, and Kansas City is the most expensive city to build a home. Building costs are -8% below the national average in the city of Farmington.  You will pay 6% above the national average to build a house in the city of Kansas.

Cheapest Places To Build in Missouri:

Farmington the cheapest to place to build at -8% below the national average, followed by Caruthersville at -7%. The third cheapest places to build is Joplin at -6% below the national average. The fourth cheapest city to build a house is Cape Girardeau and Jefferson City at -5% below the national average, followed by Chillicothe and Columbia at -4% below the national average. The sixth cheapest places to build a house is Hannibal at -2% below the US average. Building costs in the city of East Lynne are 4% above the national average.

Expensive Places To Build in Missouri:

If anything between 5% and 10% is considered expensive, then there is one such metropolitan area in the state of Missouri. Home building costs in the City of Independence are 5% above the US average. Building a home in the City of Kansas will cost you 6% above the national average.

More Expensive Places To Build in Missouri:

If anything between 10% and 15% is considered more expensive, then there is no such metropolitan area in the state of Missouri.

Very Expensive Places To Build in Missouri:

The most expensive places to build a house in the USA are those 15% above the national average. There are no such places in Missouri.

Missouri State Average Costs:

Private home building costs in the state of Missouri are -3% below the US average. Building cost rates in the metropolitan areas of Hannibal, Chillicothe and Columbia are closer to the Missouri state average by a deviation of 1%. Kansas is the most expensive city to build a home in Missouri, and the state of Missouri is number 19 on the national ascending costs scale.

 


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