Homes on the market in the Kansas City metro area are selling for an average of 99.9 percent of the original list price. That’s a 1.4 percent decrease from August 2021. Days on the market increased slightly to 20 days in August—compared to 18 days just one short year ago. Supply from the same time last year decreased 15.4 percent for existing homes, and increased 85.2 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 summer of last year. Looking at the total number of homes on the market in 2021, there were 4,352 in July, and 4,300 in August. More recently, the August 2022 home inventory was at 5,371. 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
Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new-home sales and construction to slow.
Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.
In the Kansas City metro area, the current average home sales price has risen 11.5 percent to $342,046 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 $435,050, keeping homeownership affordable in Kansas City.
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®.
