Homes on the market in the Kansas City metro area are selling for an average of 103.5 percent of the original list price. That’s a 1.6 percent increase from April 2021. Days on the market decreased to only 21 days—compared to 26 days just one short year ago. Supply from the same time last year decreased 30.0 percent for existing homes, and increased 61.1 percent for new homes, for an average decrease of 18.2 percent. That leaves KC with only a 0.9 months supply of homes on the market.
With that said, there is in fact a similar quantity of homes available now compared to spring of last year. Looking at the total number of homes on the market in the spring of 2021, there were 3,845 in March, and 3,499 in June. More recently, the April 2022 home inventory was at 3,448. We are slowly seeing inventory creep up, and we are hopeful that the spring season will bring more homes on the market as we come into what is typically the busier season.
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 average 30-year fixed rate mortgage exceeded 5% in April, the highest level since 2011, according to Freddie Mac. The recent surge in mortgage rates has reduced the pool of eligible buyers and has caused mortgage applications to decline, with a significant impact on refinance applications, which are down more than 70% compared to this time last year. As the rising costs of homeownership forces many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas (such as the Kansas City metro) that offer a more affordable cost of living.
Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat. Nationally, existing home sales are down 2.7% as of last measure, while pending sales dropped 1.2%, marking 5 straight months of under contract declines, according to the National Association of REALTORS®. Inventory remains low, with only 2 months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets.
In the Kansas City metro area, the current median house sales price has risen 13.7 percent to $273,750 since this time last year, which hits well below the national median listed above!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®.