KCRAR Housing Market Update Shows Rise in Price and Supply

Posted December 12, 2023

The Kansas City Regional Association of Realtors released its November local market update for Heartland Multiple Listing Service, showing a decline in year-over-year sales but an increase in sales prices that continues to favor home sellers.

Year-to-date closed sales through November 2023 were 31,986, a 15.6 percent decrease compared to November 2022 total closed sales of 37,890.

Meanwhile, average and median sales prices for homes have grown in the past year. Average sales prices increased by 4.2 percent to $350,585 and median prices rose 2.7 percent to $295,325 over a year.

The market update continues to stay unbalanced when examining supply going forward. Total inventory for the month of November reached 5,956. However, there is a 2.1 month supply of homes for the future. Experts say a 4-month supply indicates a balanced market, indicating a market that is still tilted toward home sellers.