KC Makes Zillow’s 2023 Hottest Real Estate Markets Top 10 List
Should we chalk it up to being the most recent Super Bowl Champs (Go Chiefs!)? Or is it the fact we have amazing barbeque and jazz? Or perhaps it’s because of our amazing history, architecture and shopping? All of these great perks of Kansas City make it a desirable place to live, but what made us number seven in Zillow’s Hottest Real Estate Markets list?
Photo by matthew deltoro on Unsplash
According to Zillow, “2023’s hottest [real estate] markets all boast strong forecasted home value growth, solid economic fundamentals, relatively fast-moving inventory and plentiful likely buyers.” The economic fundamentals they’re referring to are projected changes in the labor market, home construction activity and number of homeowner households.
Another characteristic of living not just in Kansas City, but the Midwest in general is affordability. We’re not just talking about housing affordability either. With inflation numbers the way they are, in comparison to the coasts, the Midwest is still more affordable in gas, groceries and home prices.
This is another reason Kansas City is listed as one of the hottest real estate markets. In Kansas City, the average home sales price is around $311k. To compare to a west and east coast market, right now, the average sales price in Denver, Co., is $565k. In Boston, Mass., the average sales price this year is almost $850k. Ain’t nobody got time for that.
Home Buyer Demographics
The Zillow article also tells us “Baby boomers and millennials represent two enormous generations, and both are very active in the housing market. Baby boomers are hardly exiting the market as they age, a departure from previous generations at the same age, and millennials are just beginning to age into their prime home buying years as they hit their early-mid thirties.”
According to the US Census, Millennials and Baby Boomers represent almost half of the Kansas City population. This means our market is stacked with home buyers (and sellers) ready to make a move. And the good news for these buyers is that inventory is up 33% from last year, giving our buyers more time and hopefully less competition to look for homes. In addition, the average days on market for a home right now are 41, on average. This is also good news for buyers (and a message to sellers to price your homes competitively!).
The good news for our sellers is that Dani Beyer Real Estate is always above average, and right now, our listings’ days on market average are 12 days.
If you’re considering a move, and you’re wondering if Kansas City is a good place to live, check out some of our blogs on this very topic:
At Dani Beyer Real Estate, we live, breathe and absolutely love our city – Kansas City. We were recently named the #1 Real Estate agent out of 16,000+ agents in the Metro. If you’re ready to make Kansas City your home, contact us today to get your customized home search started.