Homes on the market in the Kansas City metro area are selling for an average of 100.6 percent of the original list price. That’s a 2.9 percent decrease from May 2022. Days on the market increased slightly to 34 days in May—compared to 19 days just one short year ago. Supply from the same time last year increased 10.0 percent for existing homes, and increased 56.8 percent for new construction homes, for an increase of 15.4 percent on all of the residential supply combined. That leaves KC with a 1.5 months supply of homes on the market.
Currently, there are less homes available in our market now than compared to this time last year. Looking at the total number of homes on the market last spring, there were 3,947 in March, 4,408 in April, and 4,800 in May of 2022. More recently, the May 2023 home inventory was at 4,640. In general we have seen inventory gradually increase in the past year, and we are hopeful that this coming 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
Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets (such as Kansas City) continue to see price gains.
While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.
In the Kansas City metro area, the current average home sales price is $338,318, and the median is $285,000, 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.
