Here’s Our Take on the Kansas City Real Estate Forecast
Over the past two years, we have seen some unprecedented time in Kansas City real estate. Homes have sold way over asking, we’ve seen more cash buyers than ever and days on market have been unreal. But each new year there is always an unknown of what the future holds. However, we’re professionals and we have a good idea of what the Kansas City real estate forecast is for 2022. Here’s our take:
Home Prices Will Continue to Increase
Home price appreciation is up year-over-year by 18.5% and the number of available homes for sale have dropped (to an all time low) causing a bit of a deficit! Most experts agree that prices will continue to rise in 2022.
According to the National Association of Realtors, “Supply-chain disruptions for building new homes and labor shortages have hindered bringing more inventory to the market,” said Yun. “Therefore, housing prices continue to march higher due to the near record-low supply levels.”
While there has been some slow down in terms of home sales (like, small – just by days on market), buyer demand remains high relative to the supply of inventory. As we head into 2022, we expect the inventory levels to increase (along with the interest rates). Despite these increases, we still expect buyer demand to outweigh inventory levels, resulting in another sellers market throughout much of the year.
Kansas City is Still Growing
According to a ranking done by Realtor.com that the Kansas City Business Journal shared, Kansas City is ranked 13 out of 100 fastest growing metros. This was measured by projected year-over-year sales change, year-over-year price change and year-over-year combined sales, price change.
A year ago we mentioned that the Mid-America Regional Council, serving the Kansas City metro by promoting regional cooperation through leadership, planning and action, projects that the population will increase by a half million people by 2040.
Kansas City continues to make lists of best places to live, most affordable places to live and more lists that make the Kansas City real estate forecast look pretty great.
You Need a Strong Real Estate Team on Your Side
In order to navigate the competitive Kansas City real estate market, you need a strong, successful team on your side. Our team has consistently ranked in the top 1% of Kansas City real estate teams, and the past two years of wild real estate have been no different. Our team has grown, our client base has grown and our home sales have grown.
Our listings are consistently lower days on market than the average and our negotiation skills for our buyers, in a seller’s market, can’t be beat. Follow us on Facebook and Instagram to get Kansas City real estate market updates, new listing information, open house virtual tour sneak peaks and more.