Homes on the market in the Kansas City metro area are selling for an average of 98.8 percent of the original list price. That’s a 1.1 percent decrease from April 2023. Days on the market increased to 42 days in April—compared to 38 days just one short year ago. Supply from the same time last year increased 18.8 percent.
Currently, there are more 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 5,252 in March, and 5,177 in April 2023. More recently, the April 2024 home inventory was at 5,376. In general we have seen inventory gradually increasing, but with interest rates continuing to fluctuate and buyer demand high, the market will continue to have a lower inventory than buyers would prefer. As we swing into warmer weather, we are hopeful that more homes will soon be 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 recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.
Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.
In the Kansas City metro area, the current average home sales price is $343,113, and the median is $292,000, which hits well below the current national median of $420,800, keeping homeownership affordable in Kansas City.
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®, except the national median home sale price, which is courtesy of the Federal Reserve Economic Data.
