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Keepin’ it real estate 🏡

2023 predictions for Kansas City real estate
Photo of a two-story blue house for sale
Going once? Going twice? | Photo by KCtoday
There aren’t enough flame emojis to describe KC’s housing market. In 2022, the median home in the metro sold for $335,918, an 11% jump year-over-year. For context, normal yearly appreciation is ~6%. Yowza. 🔥

For those hoping to dip their toes in the home buying waters soon, it helps to know what trends to expect.

The 2023 buying trend

To counteract rising rents, there’s a new trend where people are buying homes with their friends at record rates.

“People are pooling together, kind of crowd sourcing, buying homes with friends or non-family members,” Christian Barnes, president and CEO of Better Homes and Gardens Real Estate Kansas City Homes, said.

Barnes said 18% of home purchases in the last six months were like this. She expects that to increase.

Another trend in 2023 will likely be less competition.

“Buyers are not going to have to get quite as aggressive,” she said.

Waiting on interest rates?

Industry leaders tend to agree on the big picture, according to Forbes; interest rates look about ready to level off. Some expect 6-7% by the end of 2023, while others hope for slightly better. Barnes predicted 2023 will get under 5%.

However, the market is still acting a bit like the Mamba at Worlds of Fun — especially compared to those 3% rates we saw a couple years ago — so potential buyers and sellers are holding off.

Interest rates may still make mortgages seem scary, but how do they compare to renting?

Renting

Right now, Barnes said it’s actually more expensive to rent long-term than it is to buy. That’s backed up by data from the Mid-American Regional Council: local average incomes grew 12% from 2019 to 2022, while rent grew 20%. Meanwhile, the Kansas City Association of Realtors reported the annual home price grew ~15%.

Realtor.com reported average KC rent prices fell slightly the past few months. However, they are still up 8.7% year-to-year.

Although it may be scary for first-time owners to make the plunge (and there’s certainly more upkeep in owning), Barnes said it might be a smarter financial decision.

But that’s not all.
HOT SUBURBS + HEAT MAPS

Give us your predictions: Over the next six months, the real estate market here will…

A. Heat up even more
B. Level off and stay about the same
C. tart to cool off a bit
D. I have no earthly idea
CALLING ALL ZILLOW STALKERS
6AM City In-house

Click here to have your event featured.

Today, Dec. 13
  • Class: Macramé Wall Hanging | Tuesday, Dec. 13 | 6-8:30 p.m. | Arts & Heritage Center, Art Studio, 8788 Metcalf Ave., Overland Park, KS | $40-$44 | Learn braiding + knot techniques, resulting in your own custom macramé wall hanging.
  • Madball | Tuesday, Dec. 13 | 7:30 p.m. | recordBar, 1520 Grand Blvd., Kansas City, MO | $20 | This metal concert is presented by the promotion group Kansas City Hardcore. 🤘
Wednesday, Dec. 14
  • KCK WCN Holiday Gift Exchange Luncheon | Wednesday, Dec. 14 | 11:30 a.m.-1 p.m. | Hilton Garden Inn, 520 Minnesota Ave., Kansas City, KS | $20 | Bring a $20-$25 wrapped gift to mix and mingle with the Women’s Chamber Network. 🎁
  • Jam Night | Wednesday, Dec. 14 | 8 p.m.-12 a.m. | Jerry’s Bait Shop, 13412 Santa Fe Trail Dr., Lenexa, KS | $0+ | Bring your whole band or go solo at this open jam night.
Thursday, Dec. 15
  • Christmas Festival | Thursday, Dec. 15-Sunday, Dec. 18 | Times vary | Kauffman Center | $44-$103 | Take a musical sleigh ride with the KC Symphony Chorus. 🎄
  • Local Movie Night at the Leavenworth Local | Thursday, Dec. 15 | 7-8:30 p.m. | 600 Shawnee St., Leavenworth, KS | Free | Grab your popcorn and unwind at this family friendly movie night.

We have a calendar filled with events and activities you can plan for in advance. Click the button below to bookmark ideas for upcoming date nights, family outings, and time with friends.

100+ MORE EVENTS

Weather
  • 59º | Rain | 100% chance of rain
Travel
  • Cue the Hallelujah chorus. Road crews plan to reopen I-35 northbound at 12th Street, reconnecting the downtown loop at the northwest end. These lanes have been closed since March. Crews will also reopen the westbound I-670 closure. 🚧
Biz
  • The boot is back. Great-great-grandson Zach Lawless is bringing back his family’s business legacy after a 45 year hiatus. Hyer Boots started out in Olathe in 1875 — making quality boots for real cowboys + cowgirls. The new line will launch in 2023. 🤠 (Kansas City Business Journal)
Development
  • The Kansas City Current detailed their new stadium’s timeline (with a little eye candy to boot). New renderings show the east stands with “Current” inscribed in the seats. As for the construction, we can expect to see vertical steel in spring 2023 + pitch installation in August. (Startland News)
  • A Lenexa-based distributor plans to build a 1,188,660-sqft factory in Olathe. Heartland Coca-Cola was already planning a 640,000-sqft facility, but revised documents now include a phase two. The project — near 167th Street + Hedge Lane — could be finished by 2025. 🏗 (Kansas City Business Journal)
Concert
  • Janet Jackson is coming to Kansas City, bringing her “Together Again” tour to the T-Mobile Center on Tuesday, May 2. Oh, and she’ll have her friend Ludacris with her as well. Tickets to see the duo go on sale Friday, Dec. 16 at 11 a.m. 🎤
Shop
  • A locally made Apple app is hoping to take some pressure off your holiday shopping list — small business style. Afloat App lets you shop from 30 metro stores, which are curated especially for gifting. Once the store receives the order, they wrap + ship it the same day. (FOX4)
Arts
  • Talk about buying local — 12th Street Post has curated a new mixed-use retail space featuring 80+ local artisans within two weeks of its grand opening. Unlike the area’s antique shops, this store features new items, plus rentable studios + work spaces. 🛍
  • Applications are open for Boulevardia’s 2023 makers market. Kansas City creatives can now apply to have their wares at this local music + beer festival, scheduled for Friday, June 16-Saturday, June 17. Fees start at $500, and applications are due by Saturday, April 15.
Civic
  • Kansas City officials reached a deal with KCT Railway to split the cost of a warning curtain ahead of the Independence Avenue Bridge. The underpass is a common crash spot for semis that are too tall — totaling 32 since January. 💥 (KCTV5)
Outdoors
Travel
  • You haven’t seen turquoise until you’ve seen this Turks and Caicos oceanfront pool. Top it off with walks on the beach, horseback riding, locally-caught seafood, and a five-star review for the property, and you’ve got yourself a dream Vrbo vacation. 🐬*
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If you’re still working on your gift list...

Shipping deadlines for Christmas
Four presents outside a front door.
Snail mail may be faster than Santa. | Photo by Element5 Digital via Pexels
Grab your packing tape. If you have a package that must arrive by December 25, we’ve got the details on when and where to ship your presents. 🎁

FedEx deadlines

  • Wednesday, Dec. 14 | FedEx Ground
  • Tuesday, Dec. 20 | Express Saver
  • Wednesday, Dec. 21 | FedEx 2Day
  • Friday, Dec. 23 | FedEx SameDay
Locate your nearest FedEx location.

UPS deadlines

  • Tuesday, Dec. 20 | UPS 3 Day Select
  • Wednesday, Dec. 21 | UPS 2nd Day Air
  • Thursday, Dec. 22 | UPS Next Day Air
Find your nearest UPS location.

United States Postal Service deadlines

  • Friday, Dec. 16 | USPS Priority Mail Express Military service
  • Saturday, Dec. 17 | USPS Retail Ground service, First-Class Mail service, First-Class packages
  • Monday, Dec. 19 | Priority Mail service
  • Friday, Dec. 23 | Priority Mail Express service
Find your nearest Post Office.
6AM City In-house
THE WRAP

Today’s issue was written by Travis.


Editor’s pick: Yesterday, I biked from downtown to Roeland Park — don’t ask why. The 7-mile trip was surprisingly easy (other than one steep hill), and I was pleased to see nearly the entire stretch of Southwest Boulevard had a bike line. The more you know.


Missed yesterday’s newsletter? Gift local experiences, not closet clutter.
Connect with us.

Editorial: Bella Rainey, Travis Meier, Dayten Rose, Josh Kranzberg, Emily Shea | Send us a scoop, question, or feedback.

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