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The demise of the real estate market is greatly exaggerated right now. In fact the Rolla/ St. James area is actually doing quite well. I wrote an article discussing some of this. One of the things to be encouraged by is the fact that interests rates are VERY strong right now. With the market being saturated by listings, this is an excellent time to be a buyer. Combine a little longer time on market for your average listing, plus great rates, and what you get is a chance to get in a home for less than you have been able to for probably the past 4-5 years.
With that being said, the average sales price for a home has not exactly plummeted in this area. Places on the east and west coast are hurting quite a bit more than your average home owner around Rolla and St. James, MO. Sellers should be encouraged by this quite a bit.
Take some time to search the listings available and see if there is the perfect home waiting for you to make an offer.