Comparing New vs. Older Homes - Kansas City (Jackson County)
I am working on a blog for multiple counties across the metro. Comparing 5 year old construction & newer vs anything older. There is still a difference between never lived in construction versus something lived in 3 years but that's harder to weed out. Here's Jackson County.
5 Years & Newer...
• Average Price: $526,439
• Median Price: $460,000
• Average DOM: 83 days
• Median DOM: 27 days
• Active: 313
• Pending/Under Contract: 251
• Closed Last 30 Days: 68
Older Than 5 Years...
• Average Price: $336,128
• Median Price: $285,000
• Average DOM: 40 days
• Median DOM: 11 days
• Active: 1,771
• Pending/Under Contract: 961
• Closed Last 30 Days: 689
Jackson County is a larger market, with a 2020 Census population of 717,204. It includes parts of Kansas City, Independence, Lee's Summit, Blue Springs, and other cities.
There is quite a bit of a price difference (no surprise). The median newer home is $175,000 more expensive than the median older home. That's to be expected. That's roughly a $800+ a month difference.
Days on market are very different between the two. Newer homes have a 27 median DOM compared with only 11 days for older homes. Average DOM is similar at 83 days vs 40 days. Roughly newer homes take twice the amount of time.
This is not a shocker. New homes are more expensive and have a narrower buyer pool. Builders are also offering concessions which is another part we can't fully see. Tomorrow will be Johnson County (Kansas side of KC). A full blog will be 6 counties and will drop Wednesday.