Homes on the market in the Kansas City metro area are selling for an average of 101 percent of the original list price. That’s a 2.1 percent decrease from June 2022. Days on the market increased slightly to 30 days in June—compared to 16 days just one short year ago. Supply from the same time last year decreased 7.7 percent for existing homes, and increased 34.9 percent for new construction homes, for an increase of 6.7 percent on all of the residential supply combined. That leaves KC with a 1.6 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 4,408 in April, 4,800 in May, and 5,711 in June of 2022. More recently, the June 2023 home inventory was at 4,978. In general we have seen inventory gradually increase in the past year, but we are seeing a downshift this summer. However, we are hopeful that the coming months will bring 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.
Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer home buying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.
In the Kansas City metro area, the current average home sales price is $346,239, and the median is $292,000, which hits well below the current national median, keeping homeownership affordable in Kansas City.
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®.