Hampton Place 2021 Home Sales Report

In case you missed the memo? The Real Estate Market is on fire and 2021 may go down as one of the best years ever for home sales. Ever since the Pandemic started at the beginning of 2020 we have seen an increase in home sales but 2021 took things to whole different level,  as the already record low inventory of homes continued to shrink and demand increased we saw prices skyrocket. This resulted in home prices in most markets across the United States increasing anywhere from 10-20%. As a 16 year resident of Hampton Place, I have followed the real estate market closely and this year was definitely one for the records, home prices jumped a whopping 14% in 2021 as compared to 2020 and homes SOLD for an incredible 106% of list price and in 10 days or less on average. Hampton Place is an extremely desirable community and last years home sales showed that. Check out the table below to see all of last years home sales stats for Hampton Place, then follow down to see where we are heading in 2022.

If you spend much time on the internet you will see a lot of article with predictions for the real estate market for 2022 and beyond. Those articles tend to look at real estate on a National level and not the local level. Let's start with a simple statistic, there are currently less homes for sale in the Kansas City Metro area than ever before on record. There are currently way more buyers looking for homes than homes for sale. Right now we are currently seeing 3 or more offers on every home with 48 hours of listing and the best homes sell for more than listing price. The imbalance of inventory will be difficulty to overcome as more people hold on to their homes longer and home builders struggled to keep up with demand.

Will anything change the madness that is currently going on in the real estate market? There are 2 things that could potentially slow this train down and that is interest rates and prices. Interest Rate have already started to rise and the expectation is that they will rise even further, especially in the second half of 2022. Rising rates will make homes less affordable and should slow the runaway home price we have seen in the last year.

As prices have risen, so has affordability for most, this in itself has the potential to slow down the market as many buyer will just be priced out and become unable to buy. The solution is to sell in the first half of the year, which look like it will be crazy just like last year.