Kansas City home values, rent prices up in August

In the Kansas City metro, August data shows that the typical home value rose 6.3 percent year over year while rent prices rose 4.3 percent in the area from last year’s 3.9 percent year over year.

Over the course of the last few months, U.S. home values have made a notable jump forward in several years, including homes in the Kansas City metro.

Typical home value in Kansas City for the month of August was $214,639, up 6.3% year over year and 0.9% month over month, according to a report from Zillow

Rent prices also climbed, up 4.3% from last year to $1,251. Earlier in the year in February, before data shows that rent was up 3.9% year over year.

This contrasts with nationwide reports, which show that low demand pushed rents lower, the typical rent dropping 0.3 percent in August from July.

As in other regions of the country, potential buyers in the Kansas City area having fewer homes to choose from has become commonplace in the market. According to Zillow, as of the week ending Sept. 12, the number of homes on the market was down 42.4% from last year.

Current housing demands continue to outpace supply in Kansas City, Zillow’s report showing that total inventory fell 29.4 percent lower than in 2019 during the week ending Sept. 12.

The majority of homes on the market quickly went under contract after an average of 14 days.