Homes on the market in the Kansas City metro area are selling for an average of 96.6 percent of the original list price. That’s a 0.1 percent decrease from December 2022. Days on the market increased slightly to 41 days in December—compared to 37 days just one short year ago. Supply from the same time last year increased 7.7 percent for existing homes, and decreased 7.7 percent for new construction homes, for an increase of 5.9 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 6,735 in October, 6,437 in November and 5,782 in December of 2022. More recently, the December 2023 home inventory was at 5,267. 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 rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.
Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from. Going into December there were 1.13 million units for sale, down 1.7% from the previous month but up 0.9% from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing-home price rose 4% annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains. Homebuyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.
In the Kansas City metro area, the current average home sales price is $349,646, 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®.
