Joplin, Missouri

2024 Housing Market Overview for Real Estate Investors

The housing market in Joplin, Missouri, for 2024 looks pretty promising for real estate investors. The median home price is around $200,000 now. That’s an increase of 18.8% from last year! Joplin’s rental scene is strong, too. A growing population and steady job growth are big factors here—especially jobs in healthcare and manufacturing. 

Homes aren’t sitting on the market long either; they’re selling in about 23 days on average. This overview will dive into trends, stats, population changes, employment growth—all the reasons why investing in Joplin makes sense right now. 

Joplin Real Estate Market Trends and Statistics for Real Estate Investors 2024

Joplin Home Prices Offer Great Value for Investors

In 2024, Joplin’s real estate market is a great deal for investors. The median home price sits around $187,000. That’s way below the national average of about $302,511. So, it’s pretty affordable. Living in Joplin costs 16% less than the national average, too. 

This makes it even more appealing! Homes here are not just cheap; there’s also steady demand, which means prices could go up over time. For anyone looking to invest and get good returns with growth potential, Joplin looks like a solid bet in the real estate sector. 

Joplin Rental Market Shows Consistent Demand

In 2024, Joplin’s rental market is still going strong. Demand for apartments remains high and steady. Rent prices range from $825 for a studio to $1,285 for a two-bedroom place—much cheaper than the national average. This affordability keeps occupancy rates up since most rentals get leased quickly. 

Living costs in Joplin are about 17% below the national average, too, making it even more appealing to renters. With reliable rental income and an increasing population, Joplin stands out as a great spot for real estate investors who want stable demand and affordable housing options. 

Steady Appreciation in Joplin’s Property Values

Property values in Joplin have been steadily going up. Right now, the annual appreciation rate is 6.13%, which matches the national average. Over the past ten years, properties here appreciated at an average of 5.23% per year. 

This shows a stable growth trend for investments in this area! Recently, we’ve seen quarterly rates around 0.85%. If that keeps up all year long, it would mean about a 3.43% increase annually. Looking ahead, the outlook seems bright. 

Limited supply and high demand are driving steady growth. In Joplin, the median home value sits around $189,993 right now. This gives a strong base for future gains in property values. For real estate investors, Joplin looks like a solid bet with its consistent upward trend!

Joplin Population Trends

Joplin’s Population Growth Supports Real Estate Investment

Joplin's population is on the rise. By 2024, it's expected to hit around 53,236 people. That's a steady growth rate of about 0.68% each year since 2020. This uptick in residents means more demand for housing and great opportunities for real estate investors! The local economy gets a boost, too, with strong job markets in the healthcare and manufacturing sectors. As people keep moving to Joplin, both rental properties and homes are hot commodities right now, making it an appealing spot if you are looking into stable yet potentially profitable investments.

Demographic Trends Favor Rental Properties

Joplin's rental market is thriving, thanks to its diverse population. The city has about 53,236 people. Around 26.1% of them are young adults aged 18-34. This age group loves renting. The median household income here is $50,996. That's below the national average and makes renting more attractive for many people in Joplin. In Joplin, the average family size is about 2.35 people per household. Many small families and individuals prefer renting because it's flexible and affordable. This trend boosts demand for rental properties, making it a great opportunity for real estate investors.

Joplin Employment Trends

Joplin’s economy gets a big boost from some major employers. Freeman Health System is at the top, offering lots of jobs and keeping things stable around here. Then, there’s General Mills, which just put $48 million into expanding its frozen dough plant. 

This move created 47 new jobs and gave the local economy a nice lift, too. The manufacturing sector is key in Joplin. Companies like EaglePicher Technologies and Able Manufacturing are boosting job growth and economic development. 

Logistics firms, such as CFI and Americold Logistics, also play a big part by offering many jobs. These companies help shape Joplin’s economy with their diverse industries. This mix ensures steady job creation and keeps the local economy strong. 

Newsworthy Building and Developments in Joplin

Joplin’s New Downtown Revitalization Projects

Downtown Joplin is getting a major makeover. Their goal is to turn it into a lively community spot. One big project focuses on the 20th Street corridor, with the new Joplin Public Library at its heart. This library isn’t just about books; it’s sparking more mixed-use development around it. 

Think of spaces where people can gather and green areas to relax in—it’s all about building that sense of community and bringing people together. The Downtown Revitalization Grant Program involves sprucing up building facades and fixing code violations in rundown areas. 

This makes downtown look and work better. These efforts should help raise property values, attract new businesses, and draw more tourists to Joplin. It’s a big win for the local economy!

Northpark Mall Expansion

Big changes are coming to Northpark Mall in Joplin! The mall is getting a major upgrade. New stores and dining spots will be added, making it even better for shopping and hanging out. This expansion aims to draw more visitors and give the local economy a nice boost.

The whole project should be finished by late 2024. But expect some new places to open their doors throughout the year as they finish them up bit by bit. The mall’s expansion is great news for local businesses and the real estate market. 

More foot traffic means more customers for nearby shops. Also, a spruced-up mall makes the area more attractive, which can boost property values around it. This benefits anyone with investments in local real estate. 

New Healthcare Facilities Enhancing Local Infrastructure

Joplin is making big strides in healthcare. New facilities are popping up all over town. The new Mercy Hospital Joplin just opened, costing $335 million to build. It’s a top-notch place and can withstand storms, too! 

Freeman Health System also built something new—a $10.1 million medical office building. This means that more people get access to care, and patient treatment gets upgraded as well. These changes really boost the quality of life. 

They bring in better medical care, draw new people to town, and help the local economy grow. With improved healthcare facilities, people in Joplin can get top-notch medical services right at home. This makes the city a great place for families and professionals alike. 

Transportation Improvements Boosting Connectivity

Big things are happening in transportation infrastructure right now. In the U.K.U.K., there’s a solid plan called the National Infrastructure and Construction Pipeline. It’s got £164 billion set aside for projects over the next few years, mainly focusing on transport and energy. 

Over in the U.S.U.S., there are big changes, too! The Biden-Harris Administration’s Bipartisan Infrastructure Law is making waves with tons of new projects. Think about 69,000 miles of road repairs plus major investments in public transit—like funding for more than 3,500 clean buses. Exciting times ahead!

Upgrades in transportation are a game-changer for real estate. They make places easier to get to and cut down on travel time, which is great news for both homes and businesses. Better connections can boost property values and draw new companies into the area. This helps local economies grow stronger, too!

Residential Developments Catering to a Growing Population

Joplin is buzzing with new residential projects. These efforts aim to revitalize the area and offer more housing options. Key programs in this movement are the Joplin Housing Assistance Program (JHAP 2.0) and the Housing Revitalization Fund. 

These programs are all about helping homebuyers financially, covering down payments and closing costs. They also fund tearing down old, rundown buildings to make space for fresh homes. The main focus here is on low to moderate-income families—giving them a better shot at owning a home while breathing new life into the community. 

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