Navigating the Kansas City Real Estate Market: September 2024 Insights
Hello Kansas City! Whether you're planning to buy or sell a home, understanding the current market trends can help you make informed decisions. Here’s a breakdown of the real estate market as of September 2024, along with some guidance to help you navigate it.
Longer Days on Market
With homes now averaging 36 days before selling—a 5.9% increase from last year—buyers have a bit more time to explore options and make decisions. For sellers, this means it might take a little longer to close a deal, so consider enhancing your home's appeal with minor upgrades or staging to attract buyers faster.
Rising Sales Prices
The average sales price has climbed to $365,051, marking a 7.7% increase. If you're a seller, this trend could work in your favor, potentially leading to higher returns. Buyers, on the other hand, might want to act sooner to avoid further price hikes, or explore negotiating tactics to better fit within budget constraints.
Slight Decrease in Price Received
Sellers are receiving 97.3% of their original asking price, which is a slight decrease. This indicates a bit of flexibility in pricing, so buyers might find opportunities to negotiate. Sellers should be prepared to adjust expectations slightly and consider pricing strategically to attract serious offers.
Increased Inventory and Choices
With a 6.8% increase in inventory, totaling 7,321 homes, buyers have a broader selection to choose from. This is a great time to shop around and compare options. Sellers, facing more competition, should focus on highlighting unique features of their property to stand out in the market.
More Balanced Market Conditions
The months supply of homes has risen to 2.5 months, suggesting a shift towards a more balanced market. While it’s still slightly skewed in favor of sellers, buyers are gaining more leverage. Both parties should be prepared for a more level playing field in negotiations.
Fewer Closed Sales
A 4.9% drop in closed sales points to potential challenges in sealing deals. Buyers should ensure their financing and paperwork are in order to avoid delays. Sellers might need to be more flexible or creative in terms of closing terms to ensure successful transactions.
In summary, the Kansas City real estate market is evolving. Buyers have more options and time, while sellers might need to adopt competitive strategies. By staying informed and adaptable, you can navigate these changes effectively, whether you're looking to buy or sell. Happy house hunting or selling!
