Were We Right about the 2022 Kansas City Real Estate Forecast?
Nine months ago, we gave our projection for what would be happening in the 2022 Kansas City real estate market. As we get ready to enter quarter four, we thought we would check in and see just how well we did with our Kansas City real estate forecast.
Here was our take:
Home Prices Will Continue to Increase
We said: 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.
Update: In Kansas City, the average sales price right now is $340,00+, up 11.5% from last year this time. So, absolutely, prices have continued to increase. Nailed that part of the Kansas City real estate forecast! Whew!
We also said: 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.
Update: Good news for buyers, homes are sitting on the market more around 20 days, on average. This is up 11% from August 2021. So, this gives buyers a little more opportunity to get in to see a house without the stressful rush of, “get in today to see the house and get an offer in right away!”
And we were right about the inventory levels increasing this year. Up 7% from last year, there’s now about a month and a half of inventory on the market. This means that if nothing new were to come on the market, all those houses would be sold by November. (This is unlikely to happen, but it is something for our buyers to consider as the homes on market probably will slow down with cooler weather and the holidays coming up.)
Kansas City is Still Growing
We said: 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.
Update: Nothing new to share here! Kansas City continues to grow and evolve. And if you’re ready to make the move to KC, check out our thoughts on which is a better place to move to: Kansas City, MO, or Kansas City, KS.
You Need a Strong Real Estate Team on Your Side
We said: 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.
Update: Nothing has changed about this section, and we’re proud of that. If there’s been any change, it’s that our team continues to grow! Oh, and now Dani Beyer is a TV star.
In conclusion of our update on our 2022 Kansas City real estate forecast, there are now more homes on the market, still with really strong prices, but with more opportunity for buyers to see the homes without being as rushed as earlier in the year.
To stay up-to-date on the Kansas City housing market, make sure to tune in to our monthly updates by our own, Sarah Montgomery.