Kansas City has been fortunate to weather the real estate upheavals that can occur on either coast. We don’t get the high-highs or the low-lows. Our homes consistently retain—and increase—their value.
According to the Federal Housing Finance Agency (FHFA), metro area home values appreciated 5.45 percent in 2024. That’s holding steady, even in uncertain times.
The Center for Real Estate, an academic program at Wichita State University, still finds that the best time to buy and sell real estate in the metro area is when the weather is good, basically April through October. Homes in our area sold for about 96 percent of asking price in 2024, spending from 30 to 54 days on the market, on average.
Yet there’s still a big contrast by area and by state, according to information from realtor.com.
For example, the median home-sold price in Kansas City, Missouri, is around $250,000 with 2,695 homes for sale versus 1,603 for rent, a higher own-to-rent ratio. Go a little farther northwest to Parkville, and the median home price jumps to $633,500 with 148 homes for sale and only 22 for rent.
On the Kansas side, the median home-sold price in Lenexa is $493,000, and a whopping $1.1 million for Mission Hills, where higher-priced homes tend to sell for 76 percent of asking price.
But the good/bad news is that we’re still in a seller’s market, according to Andrew Mall, president of the Kansas City Regional Association of Realtors. A seller’s market happens when the supply of homes for sale is less than the demand. This is a good situation for the seller, obviously, but more challenging for the buyer.
Yet one of the most desirable areas that doesn’t make the statistics online is Prairie Village, a suburb of ranch and Cape Cod-style houses constructed in the 1950s. It doesn’t hurt that it is Mission Hills-adjacent. Today, you can still—barely—find a tiny two-bedroom, one-bath for $225,000, but it is more likely to be snapped up by a developer to expand to a six-bedroom mini-mansion. In 2024, the median home-sold price was $593,800. Residents and prospective buyers love the walkability of the neighborhoods centering around schools, churches, and the amenities of Prairie Village Shopping Center. Prairie Village is most definitely in a seller’s market.
Not every area conforms to the seller’s market designation. According to realtor.com, Lenexa has been in a buyer’s market since December 2024, meaning the supply of homes outpaces the demand. This is also reflected in the average number of days—92—that a Lenexa home is on the market.
Lee’s Summit is also a buyer’s market, with the median home-sold price at $383,100. Homes in Lee’s Summit have, surprisingly, sold for 100 percent of their asking price.
Leawood, where the median home-sold price is $722,000, is in a balanced market, meaning supply and demand are fairly even. Liberty is also in a balanced market, with a median home-sold price of $332,700.
Every area market is different. You can check out your geographic area of interest on realtor.com and drill down for the local details. It pays to do your homework.
“Overall, buying a home is still a good investment,” says Mall. “It is still the best way to build wealth. It’s still the American dream. We just have to find ways to make home ownership more accessible to more people.”
The Secret to Successful Home Buying in a Seller’s Market
Much of the Kansas City area is in a seller’s market, with demand for homes greater than the supply of homes for sale. It can be easy to sell but more difficult to buy, whether you’re a first-time buyer or have just sold your home and are looking for another.
“If you’re a seller, your big question should be ‘where am I going next?’” says Mall. “We have an increased number of potential cash buyers who sold their homes and are now living in rental properties. They just haven’t found their next property yet.”
Another factor in the seller’s market is caution. Since the economic downturn of 2008, when an oversupply of houses met a market collapse, people are not selling and buying houses as often as they used to, explains Mall. “Nationwide, we are five million units [houses] short of where we need to be.”
Even the fixer-upper is hard to come by. “The lower the price point, the greater the competition,” says Mall. “And you’re up against cash buyers.”
If you are trying to buy a home, what should your strategy be? “Employ a Realtor,” he suggests. Realtors have contacts and might know when a house is coming on the market, so you can get in there first. Realtors also help potential buyers compete with multiple offers, suggesting ways to negotiate with sellers by offering generous terms, a no-fuss closing, buying the property as-is, or even writing a heartfelt letter.