Homes on the market in the Kansas City metro area are selling for an average of 98.7 percent of the original list price. That’s a 0.4 percent increase from September 2022. Days on the market increased slightly to 33 days in September—compared to 24 days just one short year ago. Supply from the same time last year increased 6.7% for existing homes, and remains the same for new construction homes, for an increase of 11.1 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 summer, there were 6,266 in July, 6,322 in August, and 6,685 in September of 2022. More recently, the September 2023 home inventory was at 5,854. In general we have seen inventory gradually increase in the past year, with a downshift this summer. However, with the September inventory up from 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
National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).
Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.
In the Kansas City metro area, the current average home sales price is $349,597, and the median is $295,950, 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®.
