Homes on the market in the Kansas City metro area are selling for an average of 98.0 percent of the original list price. That’s a 0.1 percent decrease from October 2022. Days on the market increased slightly to 36 days in October—compared to 28 days just one short year ago. Supply from the same time last year increased 6.7 percent for existing homes, and decreased 1.7 percent for new construction homes, for an increase of 10.5 percent on all of the residential supply combined.
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 fall, there were 6,322 in August, 6,685 in September, and 6,735 in October of 2022. More recently, the October 2023 home inventory was at 5,937. In general we have seen inventory gradually increase in the past year, with a downshift this summer. However, with the October inventory up from September and August, 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
U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.
Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.
In the Kansas City metro area, the current average home sales price is $349,662, and the median is $296,000, 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®.
