Kansas City Market Update: July 2023

Kansas City Real Estate Market Update: July 2023

The Kansas City real estate market is still hot in July 2023, with low inventory and high demand driving up home prices. The median home price in the metro area is now $269,958, which is an increase of 8.0% since last year.

Home sales are down slightly from last year, but that's mostly due to the lack of inventory. There are currently only 1,401 homes for sale in Kansas City, which is a 30% decrease from last year. This means that homes are selling quickly, with the average home on the market for just 19 days.

Interest rates are also rising, which could start to cool the market in the coming months. However, for now, the Kansas City real estate market remains a seller's market.

Here are some of the key trends to watch in the Kansas City real estate market in July 2023:

• Low inventory: The lack of inventory is the biggest factor driving up home prices in Kansas City. There are simply not enough homes on the market to meet the demand from buyers.
• High demand: The demand for homes in Kansas City remains strong, despite rising interest rates. This is due to a number of factors, including the city's strong economy, its central location, and its affordable cost of living.
• Rising home prices: Home prices are expected to continue to rise in Kansas City in the coming months. With big developments happening all across the greater metro area, this should be no surprise! However, the rate of increase is expected to slow as interest rates continue to rise.

Overall, the Kansas City real estate market remains a seller's market in July 2023. However, there are some signs that the market may start to cool in the coming months. If you're thinking about buying a home in Kansas City, it's important to act quickly.

If you're a buyer, here are a few tips for navigating the hot Kansas City real estate market:

• Be prepared to act quickly. Homes are selling quickly, so you need to be ready to make an offer as soon as you find a home you like.
• Be flexible with your expectations. You may need to be willing to compromise on your ideal home in order to find something that's available.
• Work with a good real estate agent. A good agent can help you find the right home and negotiate the best possible price.

If you're a seller, here are a few tips for maximizing your sale in the Kansas City real estate market:

• Get your home ready to sell. This means making repairs, decluttering, and staging your home.
• Price your home competitively. You want to price your home high enough to get a good offer, but you don't want to price it so high that it doesn't sell.
• Market your home effectively. Get the word out about your home by listing it on multiple websites and advertising in local newspapers and magazines.

The Kansas City real estate market is a great place to invest in 2023. With its strong economy, central location, and affordable cost of living, Kansas City is a desirable place to live. If you're looking for a home in Kansas City, be sure to act quickly. The market is hot and homes are selling quickly.