Local Market Trends in Kansas City, MO

We might be biased here, but we firmly believe Kansas City, Missouri is one of the greatest places to live and buy a home in the United States today – and not just because Patrick Mahomes is our quarterback. 

I mean, let’s be honest – there’s a reason they call it the ‘Heart of America.’ 

For starters, Kansas City is home to more barbecue restaurants per capita than any other city, and there are more than 40 jazz and fine-dining venues located throughout the city – which only adds to the culture. 

And the water fountains – who could forget about the water fountains?

There’s certainly a lot to like about living in Kansas City, but the one thing everyone wants to know is what the real estate market looks like – and whether or not buying a home in this city is financially responsible.

Don’t worry – we hear you loud and clear!

Kansas City Housing Market Overview

According to the Redfin Compete Score™, the Kansas City real estate market is ‘Somewhat Competitive’ with some homes receiving multiple offers and nearly 30% of homes receiving a price drop in April 2024. 

That’s an increase of roughly 12 points year-over-year. 

Some of the more expensive neighborhoods in Kansas City can be found in River Market (which is nestled just south of the Missouri River), while some of the cheapest homes can be found in the Northest Industrial District. 

Here’s a look at some of the local real estate market trends to keep an eye on: 

Median List Price. According to Rocket Homes, the median list price in Kansas City for April 2024 is $275,024 – which represents a difference of +$6,156 (+2.3%) since this time last year. 

Median Sale Price. According to Redfin, the median home value in Kansas City for April 2024 is $285,000 – which represents an increase of 14% since last year. This is the highest it has been since August 2023.

Housing Supply. According to Rocket Homes, the Kansas City real estate market had 2,844 homes for sale in April 2024, which represents a 15.2% increase compared to March 2024 (2,469 homes for sale).

Homes Sold. According to Redfin, 674 homes were sold in Kansas City in April 2024, which represents an increase of 9.2% over the past year. This is the highest it has been since August 2023 (687 sold). 

Median Days on Market. According to Rocket Homes, homes in Kansas City had an average listing age of 78 days in Apr 2024, down by 38.2% compared to the previous year (when it was as high as 127 days). 

As of right now, the Kansas City housing market is favoring sellers who want to take advantage of rising home prices and a high demand, but don’t let that fool you – it’s still a good time to buy in Kansas City. 

Home values are showing no signs of slowing down – showing a steady incline since February 2024 (when the median sale price was $250,000). It has never reached $300,000, but it could happen soon.

Kansas City Migration & Relocation Trends

Recent insights by Redfin suggest that a strong majority of Kansas City homeowners – 71% to be exact – who moved over the past three months (since February) chose to stay within the KC metropolitan area. 

With that said, roughly 29% searched to move out of Kansas City. 

Likewise, roughly 0.38% of homebuyers across the nation searched to move into Kansas City from outside metros – with most of those incoming people moving from other major cities in the United States. 

Here’s a look at where people are leaving KC for and moving to KC from: 

People are leaving Kansas City for: Little Rock, AR; Omaha, NE; Fayetteville, AR; Milwaukee, WI; Springfield, MO; Sarasota, FL; Hot Springs, AR; Tampa, FL; Branson, MO; and Cape Coral, FL

People are moving to Kansas City from: Los Angeles, CA; Denver, CO; New York, NY; Seattle, WA; Salt Lake City, UT; Wichita, KS; Washington, DC; San Diego, CA; Chicago, IL; and Portland, OR

As of 2024, Kansas City has a population of just over 510,000 people – for reference, the population was around 440,000 people in 2000 – and more than 2.2 million people call the KC metropolitan area home. 

Reasons Why People Are Moving to Kansas City

Kansas City has become an attractive destination for people looking to relocate over the past few years. While that could be influenced by three Super Bowls over the past five years, there’s more to it than that.

Here’s a look at some of the benefits of living in Kansas City: 

• Kansas City has a relatively low cost of living (6% lower than the national average)
• Affordable and diverse housing market that’s fit for both families and individuals
• Lower cost of living compared to other major metros, such as New York and Los Angeles
• Kansas City is home to some of the best high schools in the nation
• The University of Kansas is roughly 40 miles away
• Easy access to both Kansas and Missouri – giving you the best of both worlds
• And, of course, the barbecue, jazz music, water fountains, and overall culture

With that said, there are several cons to living in Kansas City – including extreme weather fluctuations, limited public transportation, limited outdoor recreation opportunities, high humidity, and high crime rates.

Are You Trying to Sell Your Kansas City Home for Cash? 

Do you currently own a home in the Kansas City metropolitan area? Are you surprised by the lack of interest you’re getting from prospective buyers? Are people passing on your home due to its condition? Are mortgage rates too high for you?

If you answered ‘yes’ to any of those questions above, contact Troy Kearns right away. 

At Sell Your House Fast KC, we understand how unpredictable the home-selling process can be. One day people are showing a lot of interest in your home, and the next day your phone is as dry as a desert. 

Don’t worry – that’s what we’re here for. 

We like to take the frustration out of the home-selling process by giving homeowners the option of selling their home fast, easy, and for cash. Contact us today and you could receive a free, no-obligation cash offer in as little as a few days. We can’t wait to connect with you!