Kansas Housing Market Analysis - August 2024

The Kansas housing market in August 2024 presents a complex landscape with several key indicators showing varied trends. The Median Sales Price for homes in Kansas stands at $279,900, reflecting a year-over-year (YoY) decrease of 3.6%. Similarly, the Median List Price has dropped by 4.5% YoY to $265,400. Despite these declines, the median Price Per Square Foot has increased by 5.2% YoY to $143, indicating that while overall prices are down, the value per unit area has appreciated.

In terms of sales activity, the number of Homes Sold in August 2024 was 3,028, marking a 7.1% decline YoY. Pending Sales have also decreased by 9.5% YoY, totaling 2,090. New Listings have remained relatively stable with a slight decrease of 0.3% YoY, amounting to 3,381 New Listings. Inventory levels have risen significantly by 12.9% YoY to 3,978 homes, suggesting a shift towards a buyer's market.

The Months of Supply, a critical indicator of market balance, has increased by 20.0% YoY to 1.3 months. This rise in supply indicates that homes are staying on the market longer, which is corroborated by the Median Days on Market increasing by 5.0% YoY to 24 days.

The average sale to list ratio has slightly decreased by 1.1% YoY to 98.4%, indicating that homes are selling closer to their list prices. However, the percentage of Homes Sold above list price has dropped by 7.3% YoY to 13.0%, suggesting a cooling in competitive bidding. Price Drops have increased by 3.9% YoY to 35.6%, further indicating a shift towards a more balanced or buyer-favorable market. Additionally, the percentage of homes going off-market within two weeks has decreased by 3.9% YoY to 41.6%.

Overall, the Kansas housing market in August 2024 shows a mix of declining prices and sales activity, coupled with increasing inventory and supply. These trends suggest a market that is gradually shifting from a seller's market to a more balanced or buyer-friendly environment.