How Five Midwest Housing Markets Are Entering Fall

Kansas City, MO

Across the broader Midwest, the National Association of REALTORS® reported that existing-home sales fell 2.1% year over year in August, even as the regional median price increased 3.3% to $340,400. Here’s a closer look at Kansas City, Omaha, Des Moines, Sioux Falls, and Wichita.

Kansas City

Kansas City buyers are entering fall with fewer homes available even though sales have cooled. According to Heartland MLS and the Kansas City Regional Association of REALTORS®, closed sales fell 7.8% from last August, inventory declined 4.8%, and the median sale price rose 8% to $350,000.

For buyers, fewer listings mean the slowdown in sales has not created substantially more choice. Sellers have less competition from other listings than they did last August, but the decline in completed sales shows that overall transaction activity has slowed.

Omaha

Omaha has more homes available heading into fall. Great Plains Regional MLS data reported by Grow Omaha showed existing-home sales down 7.5% from a year earlier, with the median closed price increasing 8.2% to $330,000. New-home inventory was also 15.5% higher than last August.

Buyers have a larger selection, particularly among new homes, but prices are still running above last year. Sellers face more competition from other properties, making condition and asking price especially relevant as buyers have more options to compare.

Des Moines

Des Moines buyers are also seeing more listings. The Des Moines Area Association of REALTORS® reported 4,702 active listings in August, up 11.8% from a year earlier, as the median sale price increased 5.5% to $319,725.

Buyers have more homes to consider, but August did not show broad price relief. Sellers are still seeing higher median prices, though the larger number of active listings means more properties are competing for buyers’ attention this fall.

Sioux Falls

Sioux Falls entered fall with active sales and relatively steady pricing. Redfin reported a median sale price of about $332,000 for the three months ending in August, down 0.9% from a year earlier. August sales increased 1.8%, and homes sold in a median 27 days compared with 34 days last year.

Buyers are not seeing the price growth found in several other Midwest metros, but homes are moving faster than they did a year ago. Sellers are not seeing broad appreciation either, though the higher sales count shows that buyers were still completing purchases heading into fall.

Wichita

Wichita’s median price has barely changed from last year. Redfin reported a median sale price of about $255,000 for the three months ending in August, essentially unchanged year over year. August sales increased 11%, and homes took a median 20 days to sell compared with 17 last year.

For buyers, prices have not accelerated and homes are taking slightly longer to sell, but the increase in transactions shows that activity remains strong. Sellers saw more closings than last August, though the flat median makes substantial year-over-year price increases less evident across the market.