Homes on the market in the Kansas City metro area are selling for an average of 99.6 percent of the original list price. That’s a 0.8 percent decrease from May 2023. Days on the market was 35 days in May 2024, which is equal to the previous year in May. Supply from the same time last year increased 16.7 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 5,177 in April 2023, and 5,745 in May 2023. More recently, the May 2024 home inventory was at 6,229. 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 even 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. There are now some price points and/or areas that are coming into a balanced or buyer’s market. 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 fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.
In the Kansas City metro area, the current average home sales price is $345,067, 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®.
