Checking The Pulse Of The Kansas City Real Estate Market

I’ve seen multiple reports recently that home prices nationally could fall another 5% in the next 12 months. The foreclosure trend we’ve been seeing is expected to continue and that, along with the unemployment rate and overall slow economy, play a large role in those predictions. Our market here locally appears more stable than many areas, so there’s reason to be hopeful that the Kansas City metro area will continue bucking the overall national trends. I do find it interesting that the Kansas City metro area rarely gets mentioned in most articles covering the national real estate market. Maybe that’s a good thing.

Some of the reports I’ve been reading are eye-opening, like the one about how home prices have now fallen further than they did during the Great Depression.  I made some quick notes on a recent article that estimated home prices fell 31% during the Great Depression, compared to the 34% decline in during the current real estate downturn. That’s almost unbelievable. But since real estate is local and we haven’t experienced the peeks and values that many other parts of the county have experienced, there’s reason to be optimistic. Be sure to keep track of our current real estate market stats and trends here, so you’ll be on top of the local market when it’s time to buy or sell a home in Kansas City, Johnson County KS or the surrounding metro area.

Posted by Jason Brown