Want to learn more about the latest Kansas City real estate trends? Navigating the newest changes might seem challenging, but we’re here to break it all down for you with our complete market update. Here are all the numbers, stats, and facts you’ll need to know.
The National Market
Before we take a look at how things are in Johnson County, it’s crucial to give a national market update. Believe it or not, 2019 was quite the year for the market, and the average home price skyrocketed to the highest it’s ever been. Wondering what to expect for 2020? Check out a few of our predictions.
Mortgage rates will remain low
Can you believe mortgage rates have dropped under 4%? This amazing change has caused a surge in home sales, and we can expect to see rates stay steady throughout the new year. Although they might rise just a little, they likely won’t climb above 4%.
Sellers will have the upper hand
Unsurprisingly, sellers continue to have the upper hand around the country. Low inventory, high equity, and rising prices have prompted many homeowners to list, and now is an excellent time to get your place on the market.
Buyers are eager to enter the market
Did you know that millennials now make up the largest group of homebuyers? Members of this internet-savvy generation now feel financially secure enough to buy a home, and they’re shaking up the market in more ways than one. Expect to see a shift towards virtual tours and an emphasis on features, not home size.
The Johnson County Market
The market is heating up here in Johnson County! We’ve seen record-breaking numbers in the Kansas City area, and we’re excited to see what 2020 holds. Wondering what to expect? Here’s are a few tidbits to keep in mind.
Home prices will continue to rise
In 2019, the average sales price in Johnson County jumped to $351,439—that’s an increase of about 1.4%. Additionally, the median sales price increased by nearly 5%, which is fantastic news for sellers. Buyers are also willing to pay more for their dream homes, as the average list to sale price ratio reached 96.7%.
Supply will keep dwindling
As we enter 2020, it’s crucial to keep an eye on how much supply is available in the market. The latest numbers show that we have about 1.7 months of inventory available, which is down by nearly 20% since last year. Unfortunately, this means that buyers will have to work harder to find the perfect place—but working with the right agent can make all the difference.
Closed sales might increase
We saw an exponential increase in closed sales during the winter season, but the overall number of closed sales during 2019 was 0.8% lower than in 2018. This is good news for buyers who are looking to snag a deal—but you may want to act fast. The Johnson County market is expected to surge again during the spring and summer!
If you’re on the fence about buying or selling, now is the time to make your move. Sellers can expect to see a distinct advantage, especially if you’ve been building equity in your home. Because buyers might have a harder time finding the ideal home, you might want to start your search sooner rather than later. Homeowners are often more motivated to sell during the winter and might be willing to make a deal.
Ready to Buy or Sell?
If our market update has prompted you to buy or sell, the CindyD Team is here to help. We have all the tools you need to enter the real estate market with confidence—and we’re only a phone call away. Feel free to reach out with any questions or let us know if you’re ready to take your next steps.