KANSAS CITY, Mo. — The Kansas City housing market may see home prices dip 4% next year — the biggest decline among the 100 largest U.S. metros, according to a new real estate forecast.
According to a Realtor.com forecast released last Wednesday, the nationwide market will slow because of low inventory and economic uncertainty. Overall, the number of sales are expected to decrease 1.8% to 5.23 million. In the metro, home sales will increase 3.4%, according to the report.
The current inventory shortage is predicted to continue, possibly reaching a historic low. On the bright side, the report also predicts mortgage rates will stay reasonable, averaging 3.83% throughout the year.
Read more about the factors behind this forecast, and why one local real estate agent believes prices will rise, not fall, in reporting by the Kansas City Business Journal.