01/08/25
What's Happening in Kansas City Real Estate This Week

As we settle into January, the Kansas City real estate market is showing some interesting shifts. After the holiday slowdown, we’re seeing more activity, though the numbers are a bit of a mixed bag. With more homes hitting the market and some price adjustments happening, let’s break down what’s going on and what it could mean for buyers and sellers in the weeks ahead.

New Listings Up 64% to 382 Homes

Great news for buyers! The number of homes being listed this week has increased by a massive 64%, with 382 homes now on the market. This jump shows that sellers are getting back into the game after the holidays, offering more options for buyers to choose from. If you’ve been waiting for the right moment to start looking, this surge in new listings might be just what you’ve been waiting for.

Homes Sold Down 21% to 412

While there are more homes available, the number of homes that sold this week has decreased by 21%, bringing the total to just 412 homes. This drop is typical as we transition out of the holiday season and into the new year. Many buyers and sellers may still be in wait-and-see mode, but with more listings coming on the market, we expect this number to start ticking back up soon.

Average List Value Up 23% to $406,903

In a surprising shift, the average list value has skyrocketed by 23%, now sitting at $406,903. This significant increase could be due to more higher-priced homes hitting the market, or it could be a result of sellers adjusting their prices to match current market conditions. If you’re a buyer, be prepared for some homes at a higher price point, but with more variety in listings, there should still be options in various price ranges.

Average Sold Price Up 2% to $369,165

The average sold price has also risen by 2%, reaching $369,165. This suggests that, despite fewer homes selling overall, the homes that are selling are holding their value. This is a good sign for sellers who may be concerned about getting top dollar for their homes. Buyers, however, should be prepared for some competition in certain price segments.

Listings with Price Reductions Up 43% to 351 Homes

An interesting trend this week is the 43% increase in listings with price reductions, now totaling 351 homes. This could be a result of sellers adjusting their prices after realizing that they may have overestimated the market’s readiness post-holidays. If you’re a buyer, this could be an opportunity to find homes that have become more competitive in price, giving you a chance to negotiate.

Homes Going Back on the Market Up 28%

The number of homes going back on the market has also increased by 28%. This could indicate that some deals fell through or that buyers are taking longer to make decisions. It’s not unusual for the market to have a few bumps early in the year as both buyers and sellers adjust to new circumstances. If you’re interested in one of these homes, make sure to do a thorough review to ensure everything is in order.

Pending Sales Up 6% to 351 Homes

On a positive note, the number of homes that are pending sale has increased by 6%, now standing at 351 homes. This is a sign that some buyers are still actively moving forward with deals, despite the seasonal slowdown. With more homes under contract, it’s likely that the market will pick up speed as we move into February.

Average Days on Market Down 6% to 44 Days

The average number of days on market has decreased by 6%, now at 44 days. Homes are selling a bit faster compared to previous weeks, which could be a sign that buyers are beginning to take action again. As we continue into January, we expect this trend to continue as more listings come on the market and more buyers start making decisions.

What Does This Mean for You?

Overall, the market is showing signs of life with more homes hitting the market and prices adjusting in response to current conditions. Buyers have more choices than they did over the holidays, and sellers who are pricing their homes right are still seeing success. If you’re a seller, it may be time to review your pricing strategy and consider making adjustments based on recent market trends. For buyers, now could be a great time to dive into the market and find that perfect home before the competition picks up.