Listen up Kansas City metro homeowners, those looking to move to the Kansas City area, and even current KC renters, let’s dive into the Kansas City real estate market trends from July 2023. Make sure you stick around to the end where you’ll find out what’s happening to your equity this year and it pertains to 1st time buyers as well!
All right, overall from a high perspective in July, there were 1.7 months of supply available in the entire Kansas City metro. Months of supply tells us how many months it would take for all the homes currently on market to sell given the average sales volume. We are just barely up from 1.6 last month and exactly the same from last year.
The average sales price for a home in Kansas City is $360,947 but keep in mind, that is the average across all areas. The average sales price in Jackson county, Missouri is $308,000 and the average sales price in Johnson county Kansas is $544,000. That Kansas City Metro average price is down 3 1/2% from last month but up 4% from last year. And Johnson County’s average is actually up 11% from last year.
Moving along, the average list to sale price ratio was 100.1% in July. That simply means that properties were selling over list price on average. That’s down from 101% last month and also down 1.2% from last year.
Of course you may be wondering how long it’s taking properties to sell? On average, in July, Kansas City homes were taking 32 days on market for a property to sell. That is trending up from last month where it took 30 days on average and way up from last year, where it only took 18 days.
If you’re thinking about buying real estate in the near future, mortgage rates are ranging between 6 1/2% to just over 7%, depending on if you’re going with a conventional loan or VHA/VA loan options. If you’re on the Missouri side, there are actually some zero down loan options for first time homebuyers or those of you who have not been on a title for at least 3 years. The consumer price index comes out tomorrow morning and could give a boost in either direction. If inflation is higher than expected, it could push them up or vice versa if inflation is considered lower than what was expected.
So in summary, when you look at July’s market statistics, things are firmly in a sellers market because low inventory is completely behind the wheel. If you were lucky enough to be a homeowner over the last few years, congratulations! You experienced a boosted equity like none other. Although that large boost is most likely at its end, it’s not too late for renters to get in on some equity of their own. The average sales price in the Kansas City area is up 4% over last year 11% in Johnson county. And, those “normal” price increases aren’t going anywhere. Although our current inventory is a little up month-over-month, we are still down almost 20% in closed sales and almost 20% with inventory from last year.
If you’re interested in knowing more about a specific market, such as Kansas City, Missouri or Johnson County, or even your neighborhood, you can request a free, no-obligation Market Evaluation or shedule a call with me to have a no pressure conversation about your options. I simply want you to be informed to make the best decision that’s right for you based on your personal situation. If that would be helpful, you can click the link below. Otherwise, feel free to check out my other videos and I’ll be back next month with an updated report.
Reece Nichols – A Berkshire Hathaway Affiliate
C: 913-948-3918 | O: 913-323-7222
