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Are Property Prices Going Down In Kansas City?

Are Property Prices Going Down In Kansas City?

Many factors contribute to the cost of living in each neighborhood, such as the size and age of the home, the accessibility to amenities like grocery stores and public transportation, the quality of schools, and even crime rates. Kansas City is a large city with many different neighborhoods and communities.

The city had a competitive real estate market before the pandemic, with housing prices rising faster than in many cities in the US. Even after the pandemic, which caused vast unemployment and decreased people’s interest in buying or selling properties, Kansas City’s property prices are rising. The Federal Reserve (CBS) has raised interest rates which is also a factor affecting property prices.

Hike In Property Prices

There have been 7.6% fewer sales this year than last year. However, the average sale price jumped by 13.1% to $333,681 in April 2022. Homes are selling for more than the sellers’ asking prices, as evidenced by the fact that they took an average of 21 days to sell and brought in 103.5 percent of their initial asking prices.

High Demand, Low Supply

Simply put, the property demand in Kansas City, Missouri, is high, and the supply is relatively low. This lack of inventory has driven the prices to where they stand. Since the beginning of 2022, the prices have continued to rise due to the high demand and less supply. Kansas City is Metro Area’s fourth fastest growing city, considering the 2% rent rise and a strong residential market in the Greater Kansas City Region this month.

From the facts above, we can conclude that property prices have increased in Kansas City and surrounding areas. The market will remain hot as long as the demand for houses for sale is high and the inventory is low.

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