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…
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
WEATHER & CLIMATE
In the last Presidential election, the Kansas City metro area flipped moderately Democratic, 51.6% to 46.0%. More Voting Stats
Kansas City Metro Area’s population is 2,173,212 people. Since 2020, it has had a population growth of 5.8%. Learn More…
Average Commute time is 23.0 minutes. The National Average is 26.4 minutes. Learn More…
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!