Homes on the market in the Kansas City metro area are selling for an average of 97.3 percent of the original list price. That’s a 2.0 percent decrease from November 2021. Days on the market increased slightly to 32 days in November—compared to 23 days just one short year ago. Supply from the same time last year increased 20.0 percent for existing homes, and increased 81.8 percent for new construction homes, for an increase of 41.7 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 5,460 in September, 5,135 in October, and 4,641 in November. More recently, the November 2022 home inventory was at 5,733! We are slowly seeing inventory creep up this year, and we are hopeful that next spring 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
Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.
In the Kansas City metro area, the current average home sales price has risen only 8.1 percent to $331,005 since this time last year. The current KC median home sales price in 2022 is $287,900, 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.
