Homes on the market in the Kansas City metro area are selling for an average of 100.1 percent of the original list price. That’s a 1.2 percent decrease from July 2022. Days on the market increased slightly to 32 days in July—compared to 18 days just one short year ago. Supply from the same time last year decreased 7.1 percent for existing homes, and increased 14.0 percent for new construction homes, breaking even on all of the residential supply combined. That leaves KC with a 1.7 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 summer, there were 4,800 in May, 5,711 in June, and 6,266 in July of 2022. More recently, the July 2023 home inventory was at 5,107. 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.
NATIONAL NEWS
Affordability constraints have continued to limit home buying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.
Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.
In the Kansas City metro area, the current average home sales price is $348,778, and the median is $295,000, 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®.
