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February Residential Market Update Highlights for the Kansas City Region

Updated: May 14

The existing homes market in February experienced a notable uptick, likely influenced by favorable weather and the city's upbeat mood following a significant sports victory.

Median sales prices have sustained a four-month streak of year-over-year gains exceeding 5%, with February marking an impressive 6.8% increase. This marks the fifth time in seven months that the increase has exceeded the 5% threshold.

Following a decline in new listings in January, February saw a significant surge in new listings agreements that were up over 31% compared to the previous February. Despite higher interest rates throughout February, there was a nearly 19% increase in contracts written year over year, contrasting with January's decrease of -13%. The average time from contract to closing is approximately 41 days so we should see the contracts written in February reflected in March and April's closed numbers, as February experienced a slight decrease of 2.97%, partly due to the decline in contracts written in January.

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