01/01/25
Weekly Kansas City Metro Real Estate Market Update

Happy New Year from all of us at New Heights Kansas City (formerly known as TEAMre)! We hope you had a wonderful holiday season and are ready to kick off 2025 with fresh goals and a renewed perspective. As we head into the first week of the year, the real estate market has seen some typical seasonal fluctuations. Many of the numbers from last week are likely skewed due to the holidays, but just like after Thanksgiving, we expect things to rebound over the next week or two.

Here’s a look at the real numbers for last week:

New Listings: Down 28% to 233 Homes

With the holidays in full swing, it's no surprise that the number of new homes being listed dropped by 28% to just 233. Many sellers are taking a break from listing their homes, choosing to wait until after the New Year celebrations have wrapped up. If you’re a buyer, this means there are fewer homes to choose from right now, but we expect the number of new listings to increase in the coming weeks as people get back into the swing of things.

Homes Sold: Down 35% to 520

The number of homes that sold also saw a sharp decline of 35%, totaling 520 for the week. Again, this drop is typical for the holiday season, as fewer buyers are actively closing deals during this time. Many buyers and sellers are taking a breather after the hustle and bustle of the holidays, but don’t worry—this dip is temporary, and the market should pick up again soon.

Average List Value: Up 6% to $331,577

On a positive note, the average list value has increased by 6%, now sitting at $331,577. This is a sign that sellers are holding steady on pricing despite the holiday slowdown. For buyers, this means that properties that are listed are still holding strong in terms of value, and as new listings hit the market, we could see that trend continue.

Average Sold Price: Up 3% to $362,921

The average sold price also rose by 3%, now reaching $362,921. This increase suggests that homes that are selling are still commanding solid prices, even with the lower number of transactions. If you’re a seller, this is encouraging news, as homes that are well-priced and in good condition continue to perform well.

Price Reductions: Down 21% to 245 Homes

Listings with price reductions have decreased by 21%, bringing the total to 245 homes. This suggests that fewer sellers are needing to lower their prices right now, likely because many homes are still holding their value or because sellers are simply waiting until after the New Year to make any adjustments.

Homes Going Back on the Market: Down 9%

The number of homes going back on the market has decreased by 9%, which is a good sign that buyers and sellers are sticking to their commitments during this time. It’s always encouraging when fewer deals fall through, and this trend could mean that things will stabilize as we move into the new year.

Pending Sales: Down 27% to 331 Homes

Pending sales were also down by 27%, with only 331 homes currently under contract. As we’ve seen in the past after the holidays, it’s not unusual for this number to be lower at the beginning of the year. Once the holiday season wraps up and people get back to their regular routines, we expect pending sales to rise again.

Average Days on Market: Down 6% to 47 Days

Interestingly, the average days on market have decreased by 6%, now standing at 47 days. This suggests that even with the slower activity, homes that are listed are selling a little faster than they did earlier in the fall. This could be a sign of pent-up demand, and as we move further into the year, we may see homes selling even more quickly as buyers return to the market in full force.

 

What Does This Mean for You?

While the numbers may appear slow right now, keep in mind that these holiday fluctuations are nothing new. Historically, the real estate market experiences a dip during the last few weeks of the year, and we expect things to bounce back in the coming weeks—just as they did after Thanksgiving. If you're looking to buy or sell, now is still a great time to plan and prepare for the months ahead.

At New Heights Kansas City, we are here to help you navigate the shifting market. Whether you're looking to list your home, find a new one, or just want some advice on timing, our team of experts is ready to guide you.

Here's to a successful and prosperous year ahead in the Kansas City real estate market!

Happy New Year! We’ll see you soon for more updates!