All Real Estate

Mayo Auction & Realty Kansas City Housing Report - March 2022

There has never been a better time to sell your home in Kansas City. The average existing home price in Kansas City was $305,580 in March 2022. Prices are at all-time highs, and the number of properties for sale is very limited.

Mayo Auction & Realty Kansas City Housing Report - March 2022 photo


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.

 

March 2022 Home Prices in Kansas City

 

The Kansas City Regional Association of Realtors March 2022 report shows that the average home price in the Kansas City area was $305,580; up 15.7% from March 2021 for existing homes. New homes were up 12% to $514,227.

 

Days on market until sale was down 27.8% to 21 days in March 2022 for existing homes, and down 21.3% to 74 days for new construction.

 

Inventory (the number of homes listed for sale) is still very low at 2,159 existing homes in March, but up from 1,807 existing homes in February. This compares with 3,125 in March 2021 and 5,520 in March 2020, showing how constrained the supply is. The current home inventory of 2,159 is roughly 1/3 of what it was back in 2020.

 

Nationally, existing home sales had dropped to a 6-month low, falling 7.2% due to high prices and low inventory. However, in Kansas City, sales were up 5.6% to 2,870 closed sales in March.



Kansas City March 2022 Average Home Sales Price


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.

 

Historical average sales pricer by month in Kansas City

 

Mortgage Rate Expectations for March in Kansas City

 

According to data from Freddie Mac released on April 12th, the 30 years fixed-rate mortgage stood at 4.72%, up almost 1% from 3.76% in March. It was still around 3% in November 2021. 

 

The Consumer Price Index (CPI) is at a 40-year high. The Fed will likely have to take a more aggressive stance in raising rates. We may seem some 0.5% increases instead of the expected 0.25% increase, with several more increases expected this year.

 

FreddieMac Mortgage rate chart as of April 7th, 2022

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! 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 4.72%, we are still at historical lows. These low rates increase the number of potential buyers.

 

To learn the advantages of selling your home at auction, give us a call at 816.361.2600 or contact us by email.


Figures and charts are taken from The Kansas City Regional Association of Realtors March 2022 Report and Freddie Mac.

Recent Articles

Oh You Do That Too? cover photo

Real Estate, Business Liquidation

May 10, 2022

Oh You Do That Too?

Read More