Homes on the market in the Kansas City metro area are selling for an average of 96.2 percent of the original list price. That’s a 3.2 percent decrease from January 2022. Days on the market increased slightly to 41 days in January—compared to 29 days just one short year ago. Supply from the same time last year increased 42.9 percent for existing homes, and increased 103.1 percent for new construction homes, for an increase of 55.6 percent on all of the residential supply combined. That leaves KC with a 1.4 months supply of homes on the market.
Currently, there are more homes available in our market now than compared to the winter season last year. Looking at the total number of homes on the market a year ago, there were 4,641 in November and 3,958 in December of 2021; and 3,584 in January 2022. More recently, the January 2023 home inventory was at 4,757! We have seen inventory gradually increase in the past year, and we are hopeful that this coming spring will bring moderating interest rates and 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 US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.
As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.
In the Kansas City metro area, the current average home sales price is $311,814, and the median is $264,500, which hits well below the current national median of $467,700, 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.
