Homes on the market in the Kansas City metro area are selling for an average of 101.4 percent of the original list price. That’s a 2.0 percent increase from August 2020! Days on the market decreased to only 18 days—compared to 39 days just one short year ago. Supply from the same time last year decreased 28.6 percent for existing homes and 30.3 percent for new homes, for an average of 31.3 percent.
With that said, there are many more homes available than there were in early spring. The total number of homes on the market increased from 2,515 in March, to 3,499 homes in June, with the August home inventory standing at 4,300. This is still only a 1.1-month supply of homes on the market, but we are seeing inventory and supply gradually gain more ground.
The majority of the Kansas City metro is still in a seller’s market, but not all areas are alike. Exact data varies from county to county, and for different home price points. Always consult with your agent for personalized information! Email Miles Rost or Nicole Laufenberg with questions about the market in your current or future neighborhood. You can also call us at 913-451-4888.
The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®.