Homes on the market in the Kansas City metro area are selling for an average of 98.3 percent of the original list price. That’s a 0.6 percent decrease from March 2023. Days on the market increased to 50 days in March—compared to 42 days just one short year ago. Supply from the same time last year increased 12.5 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 spring, there were 5,268 in February, and 5,252 in March 2023. More recently, the March 2024 home inventory was at 5,155. 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 improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.
The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.
In the Kansas City metro area, the current average home sales price is $335,023, and the median is $285,000, 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®.
