A former bank chairman who’s studied trends in Columbia and Boone County for more than 35 years says affordability in the housing market is way down. Former Landmark Bank chairman Jeff MacLellan spoke to 939 the Eagle’s Fred Parry:
“I don’t see that getting much better anytime soon. I’m hopeful that interest rates will come down in the low 6’s, maybe mid-5’s sometime in the next year or two. And I don’t think that’s impossible, I really don’t,” Mr. MacLellan says.
The Columbia Board of Realtors says single-family home prices in Columbia/Boone County have increased 20 percent from this time last year, with the average price at $392,000. The median price has increased 21 percent to about $340,000, according to the Board of Realtors. Some of that is attributed to a 43 percent sales increase in homes priced at $300,000 and above.
Mr. MacLellan also says Columbia’s economy is much more diversified now than it was when he moved to town in 1987. Columbia’s three economic pillars used to be education, healthcare and insurance. That’s still the case in many ways, but there’s many more new employers now, according to MacLellan:
“You know when you think of companies like VU (Veterans United) and EquipmentShare and you know there are a bunch of others. 3M, Kraft Heinz, Quaker Oats, Midway,” says MacLellan.
Mr. MacLellan also notes State Farm’s headquarters are no longer in Columbia. 2024 statistics from Columbia Regional Economic Development Incorporated (REDI) show that Veterans United is the largest private employer in Columbia/Boone County, with more than 2,900 employees. EquipmentShare now has 588 employees, according to the REDI numbers. EquipmentShare is building its $100-million new headquarters in Columbia, along with 555 new jobs. They’ve added about 78 new jobs in the past year, based on REDI numbers.
Mr. MacLellan will join Fred Parry in-studio tomorrow (Saturday) morning from 7-8 on 939 the Eagle’s “CEO Roundtable” program.
