Kansas City Real Estate
A SNAPSHOT OF MARKET TRENDS AND INSIGHTS
words by Judith Fertig
Kansas City has been fortunate to weather the real estate upheavals that can occur on either coast. We don’t get the high-highs or the lowlows. Our homes consistently retain—and increase—their value.
According to the Federal Housing Finance Agency (FHFA), metro area home values appreciated 5.45 percent in 2024. That’s holding steady, even in uncertain times.
The Center for Real Estate, an academic program at Wichita State University, still finds that the best time to buy and sell real estate in the
metro area is when the weather is good, basically April through October. Homes in our area sold for about 96 percent of asking price in 2024, spending from 30 to 54 days on the market, on average.
Yet there’s still a big contrast by area and by state, according to information from realtor.com
For example, the median home-sold price in Kansas City, Missouri, is around $250,000 with 2,695 homes for sale versus 1,603 for rent, a higher own-to-rent ratio. Go a little farther northwest to Parkville, and the median home price jumps to $633,500 with 148 homes for sale and only 22 for rent.
On the Kansas side, the median home-sold price in Lenexa is $493,000, and a whopping $1.1 million for Mission Hills, where higher-priced homes tend to sell for 76 percent of asking price.
But the good/bad news is that we’re still in a seller’s market, according to Andrew Mall, president of the Kansas City Regional Association of Realtors. A seller’s market happens when the supply of homes for sale is less than the demand. This is a good situation for the seller, obviously, but more challenging for the buyer.
Yet one of the most desirable areas that doesn’t make the statistics online is Prairie Village, a suburb of ranch and Cape Cod-style houses constructed in the 1950s. It doesn’t hurt that it is Mission Hills-adjacent. Today, you can still—barely—find a tiny two-bedroom, one-bath for $225,000, but it is more likely to be snapped up by a developer to expand to a six-bedroom mini-mansion. In 2024, the median home-sold price was $593,800. Residents and prospective buyers love the walkability of the neighborhoods centering around schools, churches, and the amenities of Prairie Village Shopping Center. Prairie Village is most definitely in a seller’s market.
Not every area conforms to the seller’s market designation. According to realtor.com, Lenexa has been in a buyer’s market since December 2024, meaning the supply of homes outpaces the demand. This is also reflected in the average number of days—92—that a Lenexa home is on the market.
Lee’s Summit is also a buyer’s market, with the median home-sold price at $383,100. Homes in Lee’s Summit have, surprisingly, sold for 100 percent of their asking price.
Leawood, where the median home-sold price is $722,000, is in a balanced market, meaning supply and demand are fairly even. Liberty is also in a balanced market, with a median home-sold price of $332,700.
‘‘Overall, buying a home is still a good investment. It
is still the best way to build wealth. It’s still the American dream. We just have to find ways to make home ownership more accessible to more people.”
Andrew Mall, president of the Kansas City Regional Association of Realtors
Every area market is different. You can check out your geographic area of interest on realtor.com and drill down for the local details. It pays to do your homework.
“Overall, buying a home is still a good investment,” says Mall. “It is still
the best way to build wealth. It’s still the American dream. We just have to find ways to make home ownership more accessible to more people.”
THE SECRET TO SUCCESSFUL HOME BUYING IN A SELLER’S MARKET
Much of the Kansas City area is in a seller’s market, with demand for homes greater than the supply of homes for sale. It can be easy to sell but more difficult to buy, whether you’re a first-time buyer or have just sold your home and are looking for another.
‘‘
If you’re a seller, your big question should be ‘where am I going next?’ We have an increased number of potential cash buyers who sold their homes and are now living in rental properties. They just haven’t found their next property yet.”
Andrew Mall, president of the Kansas City Regional Association of Realtors
“If you’re a seller, your big question should be ‘where am I going next?’” says Mall. “We have an increased number of potential cash buyers who sold their homes and are now living in rental properties. They just haven’t found their next property yet.”
Another factor in the seller’s market is caution. Since the economic downturn of 2008, when an oversupply of houses met a market collapse, people are not selling and buying houses as often as they used to, explains Mall. “Nationwide, we are five million units [houses] short of where we need to be.”
Even the fixer-upper is hard to come by. “The lower the price point, the greater the competition,” says Mall. “And you’re up against cash buyers.”
If you are trying to buy a home, what should your strategy be? “Employ a Realtor,” he suggests. Realtors have contacts and might know when a house is coming on the market, so you can get in there first. Realtors also help potential buyers compete with multiple offers, suggesting ways to negotiate with sellers by offering generous terms, a no-fuss closing, buying the property as-is, or even writing a heartfelt letter.
Home Improvements That Pay Off. . . or Don’t
words by Judith Fertig
If you’re thinking about selling your home in a seller’s market, relax. Don’t worry about making sweeping home improvements.
But if you’re in a buyer’s or balanced market, you might consider making a home improvement or two to distinguish your home from the competition. Although updating your kitchen and bath will give you a great return on your investment (about 70 percent)—plus a better quality of life for you—the best way to add value to your home is to increase the livable square footage, according to bankrate.com. That means adding a bedroom or a bath, perhaps finishing the basement.
First impressions also matter. A garage door replacement, averaging around $4,302, can give you a surprisingly good return on investment (ROI) of 102.7 percent. According to HGTV, an entry door replacement, averaging around $2,355 can result in a whopping ROI of
188.33 percent when you go to sell. Put on a deck for around $14,596 and you could recoup 83 percent of that in resale.
Home improvements that may not pay off include an inground pool, taste-specific decorating in bold colors, new carpeting, or an extremely high-end kitchen.
“Know your buyer” is still good advice. Your two-bedroom townhouse might fit a single professional or a couple, while your four-bedroom with a two-car garage would be perfect for families. Not everyone is into gourmet fare, outdoor living, or a look that could be right at home in Architectural Digest . In previous real estate markets, we might have been advised to install that new carpeting as buyers did not want to move in and do work, but in a seller’s market, it’s more important to make the home affordable rather than trying to anticipate a buyer’s tastes.
BLUEPRINT
OF EXCELLENCE IN KANSAS CITY REAL ES TAT E
“Don’t Buy This
House”
Peter focuses on transparency and trust. By thoroughly dissecting homes for clients, he ensures they make informed decisions they’ll feel confident about for years to come. 250 fivestar reviews prove it.
From Trading Floors to Open Doors
A former San Francisco stock trader, Peter brought a fast-paced, high-energy work ethic to KC real estate. He dove headfirst into the industry and mastered the market.
Follow the Leader
Learning from Kansas City’s top agents and leveraging KC’s most trusted brand, Peter’s relentless drive and sharp instincts propelled him to top producer status in no time.
“We’ve got a great leadership team guiding the ship,” Peter says. Their proactive approach allows him to focus on his clients without worrying about the noise of constant industry changes.
Working for ReeceNichols gives Peter access to exclusive partnerships that are only available to the market leader. He leverages those to give his clients’ listings maximum visibility.
Peter Colpitts Real Estate Consultant
Real Estate IN
1925GeorgianColonial
1925GeorgianColonial
4beds,3.1baths,ChefsKitchen,beautifullyupdatedthroughout
4beds,3.1baths,ChefsKitchen,beautifullyupdatedthroughout
DavidCostello JulanaHarper-Sachs
David:816-591-3186
DavidCostello JulanaHarper-Sachs
David:816-591-3186
Julana:816-582-6566
Office:913-652-0400
Julana:816-582-6566
Office:913-652-0400
DavidCostello
David Costello
JulanaHarper-Sachs
Julana Harper-Sachs
David:816-591-3186
Julana:816-582-6566
Office:913-652-0400
THE SECRET TO SELLING YOUR HOME QUICKLY AND FOR
MORE MONEY
words by Judith Fertig
DECLUTTERING, deep-cleaning, and de-personalizing your home help you to emotionally move out and a potential buyer to mentally move in.
A recent survey from the International Association of Home Staging Professionals shows that staging helps sell homes three to 30 times faster than the nonstaged competition. Further, staging can help increase the sale price by up to 20 percent on average.
Rebecca Dickinson of Lemondrop Home has staged many homes on the Home Builders Association of Greater Kansas City’s Parade of Homes, and she sees the difference it makes. “Staging helps present the property in its best light, making it stand out in a crowded market,” she says. “Additionally, staging can distract a buyer from deferred maintenance issues by drawing attention away from imperfections and highlighting the home’s potential. For homes with challenging floor plans, staging can be especially beneficial, as it provides clarity on how the rooms
will function and flow, making the space feel more inviting and livable.”
She suggests “creating a bright, open atmosphere.” Buyers react to how your home looks, feels, and smells. “Many homes can feel dark and closed off, so using light-colored, lightweight furniture helps open up the space and make it feel airy,” she says. “Repainting walls with neutral, light-colored paint can brighten up the home, making it feel more inviting and spacious. Refreshing worn or outdated carpet gives the home a cleaner, more modern feel. A fresh, clean scent is key—removing heavy drapery and old pillows can help eliminate lingering odors that can trap scents.”
If you want someone to notice a room’s potential, arrange furniture in a way that creates a natural flow. Keep spaces uncluttered, which makes a room feel more spacious and allows buyers to realize how a room can function.
only home that matters is yours.
Success in the Business
21 years in Residential and Land Sales
• Consistently Exceeding Top Percentage of List Price. I am always negotiating for you.
Consistent Kansas City’s Best Agents List Planning to move? As a licensed professional in both Kansas and Missouri, I’m ready to assist with all your local or out-of-state relocation needs!
words by Judith Fertig
“GOOD SCHOOLS are still the biggest factor in determining a desirable area in which to buy a home,” says Andrew Mall, president of the Kansas City Regional Association of Realtors. “Good schools mean a good quality of life.” Property values are also better in areas with good public schools. And that attracts local business and services, creating neighborhoods.
Even if you don’t have schoolage children, it’s still smart to do a public-school search before you do a home search.
More Kansas Citians trusted ReeceNichols to find home in 2024 than anyone else. WE’LL GUIDE YOU TO YOUR NEXT CHAPTER.
THINKING OF SELLING? KARIN ROSS CAN HELP YOU INCREASE THE VALUE OF YOUR HOME
Remodeling and renovating your home can make your home more enjoyable, and— if done right—increase your home’s value along the way.
Updates to the kitchen pay off! Modern, updated kitchens are popular with buyers, so a remodel can significantly increase your home’s value. Minor remodels that include new countertops, cabinet fronts, and flooring can recoup up to 85.7% of the cost.
Boost the bathrooms. Bathrooms are a key selling point for potential buyers. Bathroom remodels can recoup up to 93.5% of the cost.
You’ve likely spent more time than ever in your home during the last few weeks. Perhaps now you have valuable insight into what your home might be lacking or how you can make your interior space better. Now is the time for beauty and functionality.
Invest where it counts. When you work with a kitchen and bath designer it can save you time—and money, not to mention stress.
You’ve likely spent more time than ever in your home during the last few weeks. Perhaps now you have valuable insight into what your home might be lacking or how you can make your interior space better. Now is the time for beauty and functionality.
European Tradition & Design to Your Home
