Homes on the market in the Kansas City metro area are selling for an average of 97.1 percent of the original list price. That’s a 0.3 percent decrease from November 2022. Days on the market increased slightly to 37 days in November—compared to 32 days just one short year ago. Supply from the same time last year increased 21.4 percent for existing homes, and decreased 4.8 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 6,685 in September, 6,735 in October, and 6,437 in November of 2022. More recently, the November 2023 home inventory was at 5,956. In general we have seen inventory gradually increase in the past year, with a downshift over the summer. However, with the November inventory up from September and October, 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
Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% year-over-year as of last measure, as prospective buyers, faced with rising homeownership costs, wait for mortgage rates, and home prices, to drop.
Inventory remains at historically low levels nationwide, with only 1.15 million homes for sale heading into November, a 5.7% decline compared to the same time last year, for a 3.6 months’ supply at the current sales pace. The shortage of available properties for sale has kept pressure on home prices, which have continued to climb despite the slowdown in sales. According to NAR, the U.S. median existing-home sales price increased 3.4% from a year ago to $391,800, an all-time high for the month, with annual price gains reported in all four regions of the country.
In the Kansas City metro area, the current average home sales price is $350,585, and the median is $295,325, 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®.
