The Kansas City real estate market is stable but there are concerns nationally about affordability. The August snapshot: prices are up, and inventory is still low making it a great time to sell your home. It’s still a seller’s market!
Affordable Homes in Kansas City
Housing affordability continues to be a concern nationally, as it’s dropped to a ten-year low according to the National Association of Home Builders. Rising home prices, interest rates, and building costs are all culprits. Incomes are just not keeping pace with housing prices.
For example, nationally household income is up 2.6-percent in the last year, yet home prices are up 6-percent. That imbalance leads to concerns about affording a home. Right now, homes for sale in the middle to high-middle price ranges are most affected.
These are national numbers, and with a solid real estate agent, you can still find affordable homes in Kansas City. Our market doesn’t experience the extreme highs and lows that homeowners feel on the coasts.
Plus, there are many Kansas City area down payment assistance programs available to help home buyers.
I encourage you to come out to the Fall Kansas City Parade of Homes tour September 22 through October 7th to see if a new home is affordable for your budget. You may be surprised, as we have neighborhoods with home prices starting in the low to mid $200’s. This includes Brittany Ridge, Springhaven Estates, Robinson Meadows, and Ryan Meadows. That’s for a new home including granite and other nice upgrades!
The Parade gives you a good snapshot of the Kansas City market, design trends, housing availability, and pricing.
Kansas City Market Update
Despite these numbers, housing experts believe it’s still a great time to buy and sell. In fact, in Jackson County, MO closed sales were up nearly 7-percent in August compared to the same time last year. They’re also up for the year! Plus, pending sales are up, so it’s a perfect time to sell!
For sellers, prices are up, and inventory is low so with a good real estate agent you can sell fast! In August, Jackson County homes stayed on the market just 41 days compared with 48 days last year, according to the Kansas City Regional Association of Realtors®.
For buyers, the economy is still stable! That’s important to remember. Interest rates are going up slowly, so buyers should lock in now to save the most money over the long term of your loan.
Kansas City New Construction
Home inventory is down slightly compared to last August. While there are not as many resale homes on the market, there are plenty of new construction options. You can build from the ground up or put the finishing touches on property already under construction.
The Sally Moore Real Estate Team works with builders in six neighborhoods offering new construction in Blue Springs (Brittany Ridge, Sonora Valley, Stone Canyon), Grain Valley (Ryan Meadows and Rosewood Hills), and Kansas City (Springhaven Estates and Robinson Meadows).
Come out to the fall homes tour in the Kansas City area to see the latest design trends and new construction options. It runs from Saturday, September 22 through Sunday, October 7th. We have a Kansas City Fall Parade of Homes Guide showing you how to tour the homes like a pro, so you get the most out of it whether you’re buying, selling, or just looking at the latest trends. Admission is always FREE, and homes are open from 11 AM to 6 PM.