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 3.5 percent decrease from April 2022. Days on the market increased slightly to 38 days in April—compared to 21 days just one short year ago. Supply from the same time last year decreased 10.0 percent for existing homes, and increased 79.4 percent for new construction homes, for an increase of 16.7 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 early spring season last year. Looking at the total number of homes on the market a year ago, there were 3,515 in February, 3,947 in March, and 4,408 in April of 2022. More recently, the April 2023 home inventory was at 4,419. 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
U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.
Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure. Competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.
In the Kansas City metro area, the current average home sales price is $328,002, and the median is $275,000, which hits well below the current national median of $436,800, 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.
