Housing Market in Kansas City
Since the housing market in Kansas City is still young, the Kansas City housing market has
attracted many real estate investors from all over the US. But, with the slowdown in the real estate market
nationwide, more people are asking if the Kansas City housing market hot or cooling. The Kansas City housing market
is also divided into Kansas City Missouri housing market and Kansas City Kansas housing market. But, there is not
doubt that the Kansas City real estate has a lot of room to grow amid growing population and industry in Kansas
Home prices increase in Kansas City
Kansas City has been experiencing consistent increase in home prices. Kansas City has been
issuing more single family housing permits year on year.
Kansas City Metro Area real estate
Kansas City's metro area sits in Johnson, Wyandotte and eastern/northern Jackson counties. There
are a wide range of real estate choices rising and surpassing traditional options.
Suburban and urban developments are stemming from a downtown revitalization with office
developments playing a major role.
Major developments in Kansas City
Kansas City Live, H&R Blocks Headquarters and the Sprint Arena. $1.25 million dollars of
shopping space was built in 2005. The gradual increase in commercial and industrial development has also stimulated
residential activity and a slight migration of first time buyers, a larger percentage of young professionals than
one might think.
The growth in Kansas City's metro market runs the range from downtown development to suburban
expansion. The Kansas City speedway is continuing to expand north and south along the corridor. There is more
substantial growth near the south 135th St corridor. There are quite a few retail developments occurring along this
section of the corridor. Retail and residential activity usually work hand in hand. If there was a lack of
residential activity in one area of development other elements of the market: commercial, industrial, and retail
usually stimulate it and vice versa. There is plenty of land zoned for development and that is just how Kansas
City's market is picking up steam.
The real estate residential market of Kansas City
The real estate residential market in Kansas City is rebounding from a lack of new construction
and a noticeable increase in options since a slump of 2002. In 2002 the number of permits for multi-family housing
fell 35 percent, 5,501 in 2001 to 3,619 in 2002. The lowest number of permits listed since 1996.
Population growth has continued to affect the market. In 2005 the depth of attraction to urban
living in Kansas has meant a totally different outlook where an explosion of condominium sales in downtown and
surrounding locales has meant an unprecedented number of new constructions and condo conversions.
Overall vacancy rates are declining across the board. Apartment occupancy rates have improved
this past year but the apartment market remains soft. Overall occupancy rate is at 89 percent.