Homes on the market in the Kansas City metro area are selling for an average of 98.4 percent of the original list price. That’s a 1.7 percent decrease from September 2021. Days on the market increased slightly to 24 days in September—compared to 20 days just one short year ago. Supply from the same time last year saw no change for existing homes, but increased 86.2 percent for new homes, for an increase of 14.3 percent combined. That leaves KC with a 1.6 months supply of homes on the market.
With that said, there is a greater quantity of homes available now compared to summer and fall of last year. Looking at the total number of homes on the market in 2021, there were 4,352 in July, 4,300 in August, and 5,460 in September. More recently, the September 2022 home inventory was at 5,894. 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. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of abating, the Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month.
Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continue to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead.
In the Kansas City metro area, the current average home sales price has risen 8.2 percent to $333,531 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®.
