Homes on the market in the Kansas City metro area are selling for an average of 101.2 percent of the original list price. That’s a 1.3 percent decrease from July 2021. Days on the market held steady at only 18 days in July—the same number as one year ago in July 2021. Supply from the same time last year decreased 7.7 percent for existing homes, and increased 100 percent for new homes, for an increase of 7.1 percent combined. That leaves KC with a 1.5 months supply of homes on the market.
With that said, there is a greater 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 4,662 in June. More recently, the July 2022 home inventory was at 5,459. We are slowly seeing inventory creep up this year, and we are hopeful that this fall will bring even more homes on the market in Kansas City.
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.
NATIONAL NEWS
The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out some home buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.
At a time of year when home buying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.
In the Kansas City metro area, the current average home sales price has risen 11.5 percent to $347,194 since this time last year. The current KC median home sales price in 2022 is $290,000, which hits well below the national median of $428,700, keeping homeownership affordable in Kansas City.
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®.
