Homes on the market in the Kansas City metro area are selling for an average of 96.0 percent of the original list price. That’s a 0.2 percent decrease from January 2023. Days on the market increased slightly to 46 days in January—compared to 41 days just one short year ago. Supply from the same time last year increased 8.3 percent for existing homes, and decreased 10.4 percent for new construction homes, for an increase of 6.3 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 winter, there were 6,437 in November 2022, 5,782 in December 2022, and 5,471 in January 2023. More recently, the January 2024 home inventory was at 4,988. In general we have seen inventory gradually increase in the past year, with a downshift over the summer. However, with interest rates finally shifting downward, 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. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

In the Kansas City metro area, the current average home sales price is $324,307, and the median is $275,000, 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®.