THE INDEXKC- KC METRO MARKET UPDATE
‘The Shift” continues to be a big topic in for THE INDEXKC; check out the swing in Homes Listed, up 39% over last week, while Homes Sold drops 8%, week over week. Buyers are seeing more favorable terms as inventory climbs, while sellers see both a rise in Days on Market of 19%, as well as a drop in Average Sales Value of 1.8%
Is the market set to crash? Nope, inventory levels completely control market volatility. Inventory levels were expected to rise with interest rates and inflation; what we’re seeing is exactly as expected. The big number to watch is the 32% rise in Price Reductions as sellers revise expected sales expectations to reflect a more conservative perspective.
From our friends at bestplaces.net…
ECONOMY
The unemployment rate in Kansas City Metro Area is 4.2% (U.S. avg. is 6.0%). Recent job growth is Positive. Kansas City Metro Area jobs have increased by 1.4%. More Economy
COST OF LIVING
Compared to the rest of the country, Kansas City Metro Area’s cost of living is 11.0% lower than the U.S. average. More Cost of Living or Compare Kansas City Metro Area’s Cost of Living
WEATHER & CLIMATE
September, May and June are the most pleasant months in the Kansas City metro area, while January and December are the least comfortable months. Today’s Weather | Climate Averages
VOTING
In the last Presidential election, the Kansas City metro area flipped moderately Democratic, 51.6% to 46.0%. More Voting Stats
POPULATION
Kansas City Metro Area’s population is 2,173,212 people. Since 2020, it has had a population growth of 5.8%. Learn More…
TRANSPORTATION
Average Commute time is 23.0 minutes. The National Average is 26.4 minutes. Learn More…
REAL ESTATE
The median home cost in Kansas City Metro Area is Real Estate: $247,700. Home appreciation the last 10 years has been 9.0%.
Check out the number of price reductions and the watch the days on market continue to extend as the market shifts….The shift is driven by several factors; rising mortgage interest rates, falling numbers of new build permits, buyer pool exhaustion/contraction….and the wild card, inflation.
If you’ve got questions regarding the impact of the shift on your search or the value of your home, we’ve got answers!
