THE INDEXKC- KC METRO MARKET UPDATE
Weekly KC Metro Market Update
Buyers are taking advantage of trending mortgage interest rates (hovering near 4.75%), and with that we see our homes sold numbers climbing 27%, while pending sales climgb 8%.
Buyers, you’re writing offers on your dream homes! Fewer multiple offers writtten means your capturing that dream home with less stress!
Sellers our average sales values are holding strong across the metro, time to bring your home to the market while inventory levels are low and prices remain strong.
The origins of Kansas City date to the early 1800s, when French fur traders arrived by the Missouri River and built rough cabins along the river. The town of Kansas was formed in 1838 and a trail connecting the river landing to the Santa Fe Trail in the town of Westport was established. Several years later commercial buildings were popping up along the river bluffs. The era leading up to the Civil War was a tense and bloody time in Kansas City, as Missouri was a slave state and Kansas a free state. The Battle of Westport–one of bloodiest battles west of the Mississippi–took place in what today is Loose Park and Forest Hill Cemetery. With the Union prevailing, the city remained divided. Northerners preferred to live on the west side of Main Street on streets dubbed Pennsylvania, Broadway and Washington, and Southerners on the east side on streets such as Oak, Walnut and Locust. By 1870 a downtown street grid had been established. (historickansascity.org)
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!