Kansas City's Real Estate Market: A November 2024 Snapshot

The Kansas City real estate market continues to show resilience and growth as we approach the end of 2024. November data reveals a market that remains competitive, with rising home prices and low inventory driving buyer activity.

As of November 2024, the median home list price in Kansas City reached $279,786, marking a 3.7% increase from the previous year. This upward trend in prices reflects the ongoing demand for housing in the area. The median price per square foot stood at $163, further emphasizing the market's strength.

Despite the rising prices, Kansas City remains relatively affordable compared to many other major metropolitan areas. This affordability factor continues to attract both local buyers and out-of-state investors looking for value in a growing market.

Inventory levels saw a slight uptick, with 2,931 homes for sale in November, representing a 2.0% increase from the previous month. However, this modest increase in supply has done little to alleviate the competitive nature of the market. Homes are selling quickly, with the average listing age dropping significantly to 86 days, a 36.2% decrease from the previous year.

The market dynamics vary across different property types. One-bedroom homes saw the most substantial price increase at 16.1% year-over-year, while four-bedroom homes experienced a slight decrease of 3.4%. This disparity suggests a shift in buyer preferences, possibly influenced by changing work-from-home trends and family needs.

For potential buyers, the market remains challenging but not impossible. The key is to act quickly and be prepared to make competitive offers. Sellers, on the other hand, continue to benefit from the strong demand and rising prices.

As we look towards 2025, experts predict continued growth in the Kansas City real estate market, albeit at a more moderate pace. With its strong economic fundamentals and relative affordability, Kansas City remains an attractive option for homebuyers and investors alike.