Local market updates from the Kansas City Regional Association of Realtors (KCRAR) provide a closer look at the Kansas City metro area's current market conditions. Whether you're a buyer or seller, visit Better Homes and Gardens Real Estate Kansas City Homes' Better Living Blog each month to stay updated on the latest home sale trends.
Monthly Indicator Analysis from Kansas City Regional Association of Realtors (KCRAR)
Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3D printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.
Existing Homes Overview
Closed sales decreased 3.9% to 2,641
Pending sales increased 17.1% to 3,745
Average sale price increased 13.0% to $265,277
Median sales price increased 11.2% to $228,000
Percent of original price received increased 2.8% to 99.8%
Days on market decreased 34.9% to 28
Inventory decreased 64.1% to 1,872
Supply decreased 64.7% to 0.6
New Homes Overview
Closed sales increased 9.2% to 426
Pending sales increased 26.8% to 535
Average sales price increased 13.7% to $454,499
Median sales price increased 11.8% to $410,995
Percent of original price received increased 1.9% to 102.5%
Days on market decreased 46.0% to 95
Inventory decreased 60.8% to 643
Supply decreased 68.6% to 1.6
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.