Homes on the market in the Kansas City metro area are selling for an average of 96.9 percent of the original list price. That’s a 0.4 percent decrease from February 2023. Days on the market increased to 53 days in February—compared to 46 days just one short year ago. Supply from the same time last year increased 6.3 percent.
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 5,782 in December 2022, 5,471 in January 2023, and 5,268 in February 2023. More recently, the February 2024 home inventory was at 4,982. 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 grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.
Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.
In the Kansas City metro area, the current average home sales price is $330,173, and the median is $280,000, which hits well below the current national median of $417,700, 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.
