Homes on the market in the Kansas City metro area are selling for an average of 99.7 percent of the original list price. That’s a 1.3 percent increase from December 2020. Days on the market decreased to only 26 days—compared to 33 days just one short year ago. Supply from the same time last year decreased: 36.4 percent for existing homes, and 3.4 percent for new homes, for an average of 38.5 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 December home inventory standing at 3,255. This is still only a 0.8-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 prices. 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 2021 housing market was one for the history books. After three consecutive months of increases recently, existing home sales are on pace to hit their highest level in 15 years, with an estimated 6 million homes sold in 2021 according to the National Association of REALTORS®. Sales prices reached new heights, inventory hit rock bottom, and homes sold in record time, often for well above asking price. Mortgage rates, which began the year at historic lows, remain attractive, and homeowners who choose to sell in the coming months can expect to see plenty of buyer activity due to pent-up demand during the pandemic.
Looking ahead, experts anticipate many of the housing market trends of 2021 will continue in 2022, albeit at a more moderate level. Strong buyer demand and inventory shortages are likely to persist over the next year. Home sales are projected to remain strong but will be tempered by the limited supply of homes, higher sales prices, and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year. Price growth is expected to slow somewhat as a result, but affordability will likely remain a top constraint for some homebuyers.
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®.