December 2023 Real Estate Market Update for Greater Kansas City

Dated: January 15 2024

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December 2023 Market Numbers for the Kansas City area are out and here is what we have according to our Heartland MLS.

December showed signs of a seasonal slowdown hitting our KC Market.  Both our Resale and our New Homes Markets saw a decrease in closed activity in December 2023 compared to December 2022.  Existing home sales were down 134 units or 5.9% overall and New Homes were down just 47 units, but with smaller numbers, it accounted for a 17.7% drop compared to December 2022.  Fortunately, in the second half of the month, we had a lot of buzz and moving parts, even with the holidays.  The dropping interest rates were a big topic of this moving market. 

As the rates continue to slide down, we are expecting to see an increase in those closed units.  Even with the market temporarily cooling a bit, existing home sales continued to show equity positives with a 4.7% increase from December 2022.  The New Homes Market experienced just a slight drop, with prices at 1.5% less in December 2023 than in December 2022.  One thing staying consistent is we have less inventory on both the resale and new home front. 

Going into a Spring market with even less inventory is sure to be a point of frustration for those looking to get into their dream home in the coming months.  However, supply is showing positive numbers in the resale arena.  We believe with the seasonal slowdown and the influx of buyers returning to the market with rate drops (and if rates continue to drop, buyers will continue to inundate the market) will only drive prices up higher than before. 

Spring 2024 is still forecasted to be a strong seller's market.  Buyers will need to work with agents keen on negotiating for them and their interests along with using tactics that will help them get into a home – far and above just raising the asking price; as that is not always best for the seller and certainly not most desired for the buyer.    

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