Why Kansas City Is a Hotspot for Real Estate Investing in 2023
A Quick Reiew of the Real Estate Market in Kansas City
Investing in real estate can be a lucrative venture, and one location to consider is Kansas City. In 2023, the Greater Kansas City housing market is expected to remain a hotspot for real estate investment due to several factors. This article delves into why Kansas City is a prime destination for those interested in investing in real estate in 2023.
The housing market in the Greater Kansas City area is performing well, with an average sales price of $339,575 as of October 2022, representing a 9.8% year-over-year increase, according to data from the Kansas City Regional Association of REALTORS® (KCRAR). Although home sales have decreased by 23.9% from the same month in 2021, the number of pending sales remains high, with 2770 properties currently under contract. These statistics suggest that the housing market in Kansas City is still thriving.
The 2023 Buying Trend
An emerging trend in the Kansas City housing market is the practice of pooling resources with friends or non-family members to purchase homes, in response to rising rental costs. According to one local broker, 18% of home purchases in the past year have been made by groups of friends or non-family members. This trend is expected to continue and presents a promising opportunity for real estate investment in Kansas City.
Positive Price Trends
Although some analysts are predicting a negative trajectory for the housing market in 2023, home prices in the Kansas City area have remained positive. The average home price in the US is expected to increase by 5.9% in 2023. While Goldman Sachs predicts that home price growth could fall to 0% in 2023, experts remain optimistic about the overall outlook for the Kansas City housing market.
Job Growth and Economic Stability
Kansas City’s strong economy and job market are another factor that makes it an attractive destination for real estate investment. The area has a diversified economy with robust healthcare and technology sectors that are expected to continue growing. Furthermore, Kansas City is home to major companies such as Sprint, Garmin, and H&R Block, providing stable job opportunities for residents. The combination of a strong job market and a diversified economy enhances the appeal of Kansas City for real estate investment.
Let the Roller Mortgage Team Help
In conclusion, the combination of positive price trends, the emerging trend of buying homes with friends or non-family members, and the strong economy and job market make Kansas City an attractive hotspot for real estate investment in 2023. So, if you are considering investing in real estate, Kansas City should be a priority on your list. Let us help you get the ball rolling. Contact us today.