Mayo Auction & Realty Kansas City Housing Report - April 2022
The average existing home price in Kansas City was $314,957 in April 2022. Prices are at all-time highs, but higher mortgage rates have removed some potential buyers from the market.
May 12, 2022
If you would like to talk about the advantages of selling your home at auction, give us a call at 816.361.2600 or contact us by email.
You can view our past real estate auctions as well.
April 2022 Home Prices in Kansas City
The Kansas City Regional Association of Realtors April 2022 Report shows that the average home price in the Kansas City area was $314,957; up 13.7% from March 2021 for existing homes. New homes were up 11% to $517,753.
Days on market until sale was down 15.8% to 16 days in April 2022 for existing homes, and down 23.9% to 70 days for new construction.
Inventory (the number of homes listed for sale) is still very low at 2,539 existing homes in April. This compares with 3,305 in 2021 and 3,883 in 2020, showing how constrained the supply is. The current home inventory of 2,539 is 65% of what it was back in 2020.
Nationally, existing home sales are down 2.7%. In Kansas City, closed sales were down 7.3% to 3,142 closed sales in April 2022 compared to April 2021.
Chart Courtesy of Kansas City Regional Association of Realtors
Kansas City area home prices are now at an all-time high, as is illustrated by this chart.
Chart Courtesy of Kansas City Regional Association of Realtors
Mortgage Rate Expectations for March in Kansas City
According to data from Freddie Mac released on May 10th, the 30 years fixed-rate mortgage stood at 5.27%, up over half a percent from 4.72% in our last report on April 12th. It was still around 3% in November 2021.
Inflation is still running high. On May 4th, the Fed made a 0.5% rate increase. It ruled out a larger 0.75% rate hike, but more rate hikes are expected this year. The Fed is walking a tight rope of increasing interest rates to rein in inflation while trying not to tip the economy into recession.
Chart Courtesy of Freddie Mac
For Home Sellers in the Kansas City Area
What does this all mean for someone looking to sell their home in Kansas City? There has never been a better time!
While home prices remain high, the Fed's rate hikes will likely cool off the housing market. If you are thinking of selling, now is the time to act while prices are still high.
To learn the advantages of selling your home at auction, give us a call at 816.361.2600 or contact us by email. You can also view our past real estate auctions.