Kansas City, Missouri has a lot to be happy about, considering how the Chiefs just walked off with a massive Super Bowl win over the Eagles. But that’s not the only thing this fantastic Missouri city has to brag about - it’s got one of the greatest real estate markets around. Here’s what you should know about the Kansas City real estate market!
It’s no joke when we say that overarching economic conditions have had a real impact on the US housing market, to say the least. Rampant inflation and rising interest rates have led to a real shake-up in the real estate sector, and many markets around the country are in turmoil going into 2023. It’s enough to get any real estate agent worried about getting sacked in a sudden blitz.
Thankfully, the Kansas City real estate market is as solid as the Chiefs’ defensive line. A moderately competitive residential market with a median sale price of $242,500, KC’s housing market was actually up by 2.1 percent year-on-year from December of 2022, according to Redfin. Homes sell, on average, for 2 percent below the list price in around 35 days, while the hottest properties typically sell in just 11 days at 1 percent above the asking price.
Part of what makes Kansas City such a great real estate market is because of its location. First, it’s in Missouri, not Kansas, in case you didn’t know (don’t worry, anyone living in KC will be quick to tell you). It’s named after the Kansas River which naturally borders it, and also acts as the border between Missouri and Kansas. It’s also one of the biggest transportation hubs in the midwest, as it’s where Interstate 70 intersects with I-35 and I-29, and that means this is one city that’s always got something happening.
It’s also one of the fastest-growing midwest metropolitan areas around, with great local universities, fantastic job opportunities thanks to major companies like Hallmark, Commerce Bank, and H&R Block, and some of the best barbecue joints around. Kansas City International Airport is yet another major transit hub for the city, it’s got some of the most interesting fine arts museums anywhere, and the jazz culture is amazing. Plus, we hear they’ve got a pretty good NFL team too. You might have heard of them.
Kansas City offers one of the most even playing fields around when it comes to both buyers and sellers looking for great deals on residential property. In today’s uncertain economic landscape, it’s a breath of fresh air to be sure to know that KC has a stable housing market that seems less susceptible to some of the more volatile market fluctuations that were 2022’s parting gift to the real estate community as a whole. Like its namesake AFC West franchise, Kansas City’s real estate market is bringing home bragging rights for the real estate industry!