Local market updates from Kansas City Regional Association of Realtors (KCRAR) provide a closer look at the current market conditions in the Kansas City metro area. 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)
Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.
While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.
Existing Homes Overview
Closed sales increased 22.0% to 3,808
Pending sales increased 21.7% to 3,654
Average sale price increased 17.8% to $271,043
Median sales price increased 19.1% to $237,000
Percent of original price received increased 3.1% to 98.9%
Days on market decreased 27.8% to 26
Inventory decreased 52.3% to 3,479
Supply decreased 54.2% to 1.1
New Homes Overview
Closed sales increased 46.0% to 400
Pending sales increased 65.0% to 490
Average sales price increased 6.8% to $439,451
Median sales price increased 2.4% to $394,225
Percent of original price received increased 0.4% to 101.1%
Days on market decreased 6.4% to 131
Inventory decreased 45.4% to 1,068
Supply decreased 51.6% to 3.0
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.