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%.
Buyer vs Seller — whose market is it?
That means a buyer’s money isn’t going as far, making houses stay on the market longer (an average of 38 days).
So whose market is it — buyer’s or seller’s?
”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.”
