To sell or not to sell, that is the question. The KC metro’s housing market has been one hot potato over the last several years. However, according to data from Heartland MLS, it seems the steam might be starting to clear.
State of the market
The average sale price jumped 3.6% from 2023, coming in at $368,471. But, don’t let that number fool you, there’s a few more figures to factor in.
For the first time in several years, the amount of houses available to purchase increased a whopping 8.5%. Houses are also starting to sit slightly longer before being sold. Last year, houses sold within an average of 41 days; as of May 2024 that pace has slowed down to 44 days.
“What does this mean?” you ask. Well, before we only had a small amount of potatoes to feed the masses. Now, spuds are sprouting all over the place. It’s the very early roots of it all, but this is the first sign that the KC housing market could be cooling off.
TLDR — It looks like the supply is rising to meet demand. A great feast may be on its way.
But that’s just what the numbers say, here’s what experts tilling the ground think.
Is the market changing?
“Yes, the market is beginning to shift. But it is very locationally driven. Some areas are very low on inventory and [...] some areas have more options.”
— Krishon Harris, ReeceNichols
Is KC’s market currently a buyer’s or seller’s market?
“Well, I’d say it’s still a seller’s market, but [...] with the recent increase in inventory, buyers have more options. This means they’re not afraid to walk away if the property isn’t quite right for them. But don’t worry, sellers! Prices are still relatively high. The market is slowly becoming a more balanced [one].”
— Stephanie Mulaosmanovic, Sanctuary Real Estate
Your predictions for the rest of the year?
“As interest rates continue to fall, more buyers are able to enter the market and more sellers that were holding on to low interest rates will decide to sell their homes, creating even more inventory.”
— Krishon Harris, ReeceNichols
“Inventory levels will continue to increase and prices may stabilize in certain neighborhoods or price ranges [...] I see both demand and supply increasing.”
— Stephanie Mulaosmanovic, Sanctuary Real Estate
Any tips for those braving the housing market?
Mulaosmanovic had five steps for you brave soldiers:
1. Get pre-approved so you can have a clear understanding of your budget.
2. Be prepared to negotiate as buyers have more options.
3. Research neighborhoods + learn trends before making an offer.
4. Don’t rush.
5. Work with a knowledgeable agent that you trust.
