07.24.2023

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Today’s Forecast

40º | Rain/snow mix | 98% chance of rain |
Sunrise: 7:37 a.m. | Sunset: 5:12 p.m.

Keeping it real estate

Kansas City real estate: Here’s where the market stands halfway into 2023

house for sale in kansas city missouri with large mature trees lining the path kc today

Another day, another house waiting for a new owner. | Photo by KCtoday

The Kansas City metro’s housing market has been flaming hot. We’re halfway through 2023, so let’s check in on the trends — assisted by data from Heartland MLS.

📈 State of the market

The KC metro’s average list price is $346,239 — a 3.6% jump from 2022.

Inventory also remains low. In June 2023, there were 4,978 houses for sale, which is a 12.8% decrease year-over-year.

However, 2023’s average purchase prices show price cuts are happening. Plus, interest rates are high. Mortgage interest rates in Kansas and Missouri are hovering at ~7.6%.

chart of mortgage rates pulled july 21 2023 for missouri and kansas kctoday — The good thing is what goes up must come down, right?
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Charts from Consumer Finance Protection Bureau

That means a buyer’s money isn’t going as far, making houses stay on the market longer (an average of 38 days).

🥊 Buyer vs Seller — whose market is it?

”As it stands right now, the Kansas City metro is a seller’s market in my opinion,” Keller-Williams REALTOR® agent Candice McDaniel said.

Ultimately, having low inventory means competition is high, tipping the scale toward a seller’s favor regardless. It’s the age-old law of supply-and-demand.

🔮 Predictions for the rest of 2023

"[...] We genuinely believe that interest rates will likely start to decrease,” Keller-Williams REALTOR® agent Amanda Sitzman said, while acknowledging that forecasting is just a prediction.

Amanda believes when interest rates drop the market will become even more competitive for buyers.

In order for buyers to be best prepped going into 2023’s second half, Candice says to make sure you “understand your budget, research neighborhoods, be patient, and stay up to date on the market.”

Events

Monday, July 24

Tedeschi Trucks Band | Monday, July 24 | 7-11 p.m. | Music Hall Kansas City | $59.50-$350 | Check out this Grammy Award-winning 12-piece powerhouse ensemble led by a husband and wife duo.

Tuesday, July 25

Coffee & Conversations | Tuesday, July 25 | 8:30-9:30 a.m. | The Space by Dolce Bakery, 3924 W. 69th Terr., Prairie Village, KS | Free | Grow your biz network with fellow and future members over coffee and light refreshments.
YUNGBLUD: The World Tour | Tuesday, July 25 | 8 p.m. | Uptown Theater | $39.50-$59.50 | Jam out to songs like “parents” and “Lowlife.”

Wednesday, July 26

POWER of Diversity | Wednesday, July 26 | 7:30-9:30 a.m. | KC Chamber, 30 W. Pershing Rd., Kansas City, MO | $80-$1,000 | Check out the region’s premier celebration of the metro’s culturally diverse business community.

Events calendar here

Click here to have your event featured.

Community

How do I become a Mission Farms insider?

a look down the outdoor corridor of mission farms

The newsletter can help you plan everything from your next brunch, date night, or workout. | Photo by Mission Farms

Great shopping, sophisticated bites + sips, and rich history — that’s what you’ll find at Mission Farms. Once home to sprawling farmland, modern-day Mission Farms is a one-of-a-kind community where you can meet friends for a workout, treat your family to brunch, or take a stroll and take in the local flavor.

Stay up to date with the latest events, upcoming business openings, exclusive deals (like discounted Botox and facials), and more when you subscribe to their newsletter. Sign up below to start getting the scoop.

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News Notes

Development

Back at it again. As of Friday, July 21, the KC Streetcar is fully operational. Repairs to the track on the Main Street Bridge over I-670 were ongoing since Tuesday, July 4. Thermal expansion and degradation ruined the rail, causing certain routes to be temporarily closed.

Coming Soon

Change is a’brewing. Discourse Brewing is opening in September in Overland Park — at 7211 W. 97th St. The locally-owned microbrewery will be half-brewery, half-bar and will feature a gaming corner dedicated to old school Nintendo titles + board games. (Shawnee Mission Post)

Sports

It’s in the game. Patrick Mahomes is now a member of this year’s 99 Club — a player rating system in EA Sports’ Madden video game. This marks his third time receiving the honor.

Shop

As Drink Up Month comes to a close, so does your opportunity to catch this limited edition merch. Plus, check out local businesses offering specials for KCtoday readers through the end of July. Check the list so you can drink up these tasty offers.

Show

Jagged Little Pill, the new musical based on Alanis Morissette’s world-changing music, is coming to Starlight Theatre from Tuesday, Aug. 1-Sunday, Aug. 6. Don’t miss a story about a perfectly imperfect American family, filled with joy, strength, love, courage, catharsis + life. Get tickets.*

The Word

Stereotactic Body Radiation Therapy (okay, actually four words) is a short-course radiation therapy that dramatically reduces treatment time. This innovative treatment is more manageable for patients and reduces the overall dose of radiation.*

Civic

🛋️ Be a changemaker from your couch

Public Improvements Advisory Committee let’s you impact Kansas City from your couch

We never get tired of that view. | Photo by KCtoday

Have you heard of the Public Improvements Advisory Committee (PIAC)? It’s a government committee dedicated to, you guessed it, improving KCMO.

If you see something around the city that needs a little extra love, you can fill out this form by Friday, Sept. 15, 2023, to advocate for adding it to next year’s budget. You will be notified if PIAC chooses your project by April 2024. Project funds will be allocated in May 2024.

The committee is currently receiving improvement requests related to:

Stormwater drainage issues
Bridges
Public properties
Streets + roadways
Municipal buildings
Community centers
Street + traffic lights
Sidewalks, curbs, and gutters
Public park facilities (more dog parks, anyone?)
Monuments
Fountains
Ball fields
Swimming pools

Visit PIAC’s website to learn more about the committee and see projects currently under consideration.

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The Wrap

Today’s edition by:
Charmaine

From the editor

I have a confession to make — I have only ever ridden the KC Streetcar two times and that was just a month ago.

I’m downtown a lot so you would think I would use it but, for some reason, I opt to just walk everywhere.

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