The Kansas housing market in February 2025 presents a complex landscape characterized by rising prices and declining sales activity. The Median Sales Price has reached $280,300, marking a significant year-over-year increase of 6.6%. This upward trend in sales prices is mirrored by the Median List Price, which stands at $292,300, reflecting a more modest year-over-year growth of 2.3%.

Price Per Square Foot has also seen an upward trajectory, with the median Price Per Square Foot at $145, up 4.1% from the previous year. The Median List Price per square foot has increased by 5.9%, now at $154. These figures indicate a robust appreciation in property values across the state.

Despite the rising prices, the volume of Homes Sold has decreased. A total of 1,784 homes were sold in February, representing a 4.7% decline from the previous year. Pending Sales have also dropped by 6.8%, with 1,543 transactions currently in the pipeline. New Listings have seen a significant reduction, down 12.7% year-over-year, totaling 2,370. This contraction in New Listings has contributed to an increase in inventory, which is up 8.6% from last year, now at 3,267 homes.

The Months of Supply, a critical indicator of market balance, has risen by 20% to 1.8 months. This increase suggests a shift towards a more balanced market, although it still leans towards favoring sellers. The Median Days on Market have increased by 4%, now averaging 43 days, indicating that homes are taking slightly longer to sell compared to last year.

The average sale to list ratio has seen a slight decrease, now at 97.3%, down by 0.1% year-over-year. The percentage of Homes Sold above list price has also declined by 1.7%, now at 14.7%. Price Drops have increased slightly by 0.9%, with 23.1% of listings experiencing reductions. Additionally, the percentage of homes going off the market within two weeks has decreased by 5%, now at 39.8%.

Overall, the Kansas housing market in February 2025 is characterized by rising prices and a slowdown in sales activity. While property values continue to appreciate, the decline in sales and New Listings suggests a cooling market. Buyers may face challenges with higher prices, while sellers may need to adjust expectations as the market shifts towards a more balanced state.