Mayo Auction & Realty Kansas City Housing Report - December 2021
There has never been a better time to sell your home in the Kansas City Metro! The average home price in Kansas City was $309,821 in December 2021. Prices are at all-time highs, and the number of properties for sale is very limited.
Jan 18, 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.
December 2021 Home Prices in Kansas City
The average home price in the Kansas City area was $309,821, up 10.8% from $279,642 in December 2020. That is according to the Kansas City Regional Association of Realtors December 2021 Report.
Days on market until sale was down 21% from 33 days in December 2020 to 26 days in 2021.
Inventory (the number of homes listed for sale) is very low at 3,255 homes, down 30.5% from 4,685 in December 2020. Supply is also down 38.5% from 1.3 in 2020 to 0.8 in 2021 which means demand for your property is higher than it has ever been.
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 January in Kansas City
According to data from Freddie Mac released on January 13th, the 30 years fixed-rate mortgage stood at 3.45% (up from below 3% in November 2021), and increased 0.25% since last week. This is driven by higher-than-expected inflation rates which have caused the Fed to consider tightening the money supply sooner than expected. In order to control inflation, the fed will end its bond-buying operations and likely increase interest rates this year.
Chart Courtesy of Freddie Mac
What Does This Mean For Home Sellers in Kansas City?
What does this all mean for someone looking to sell their home in Kansas City? There has never been a better time! Home prices are at an all-time high and the supply of homes for sale is very limited. Even though mortgage rates have risen in recent days to 3.45%, we are still at historical lows. These low rates increase the number of potential buyers.
To learn the advantages of selling your home with Mayo Auction & Realty, give us a call at 816.361.2600 or contact us by email.