Kansas City Has Nations Fastest Moving Real Estate Market but Some Relief in Sight

Kansas City topped the charts for fastest moving real estate market in the country. Homes are selling in days sometimes hours. But there might be some relief coming for exhausted buyers.

The average home in KC is selling in just 6 days on market compared to the national average of around 30. Multiple offers above asking price have become the norm. Cash buyers are king. Regular folks with mortgages are getting crushed.

The Kansas City Star reported on the frenzy which has been building throughout the pandemic.

The good news if you can call it that is that inventory is slowly starting to increase. More sellers are testing the market now that they see what their neighbors got. Eventually supply and demand will balance out. The question is when.

Economic pressures are building across multiple sectors and housing cant stay disconnected forever.

For buyers the advice is the same as its been: get pre-approved be ready to move fast and know your absolute ceiling before you get caught up in bidding wars. Easier said than done when youve lost out on five houses already.

The rental market isnt providing relief either. Landlords know what the alternative costs and theyre pricing accordingly.

Young people looking to buy their first home are increasingly giving up. Which creates its own long-term problems for the city as they look elsewhere or just keep renting indefinitely.

Market analysis 2021