Homes on the market in the Kansas City metro area are selling for an average of 98.1 percent of the original list price. That’s a 1.5 percent decrease from October 2021. Days on the market increased slightly to 28 days in October—compared to 22 days just one short year ago. Supply from the same time last year increased 8.3 percent for existing homes, and increased 78.1 percent for new construction homes, for an increase of 30.8 percent on all of the residential supply combined. That leaves KC with a 1.7 months supply of homes on the market.
With that said, there is a greater quantity of homes available now compared to fall of last year. Looking at the total number of homes on the market in 2021, there were 4,300 in August, 5,460 in September, and 5,135 in October. More recently, the October 2022 home inventory was at 6,008! 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
Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.
The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.
In the Kansas City metro area, the current average home sales price has risen 10.9 percent to $337,039 since this time last year. The current KC median home sales price in 2022 is $290,000, which hits well below the current national median of $454,900, keeping homeownership affordable in Kansas City.
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®, except the national median home sale price, which is courtesy of the Federal Reserve Economic Data.
