September 19, 2024

Lawrence Board of REALTORS® Releases Home Sales Figures for August 2024

Homes sales in the City of Lawrence fell by 13.5% in August compared to the prior year. Sales in August 2024 totaled 77 units, down from 89 in 2023.

Among existing homes, 75 units sold in August, a decrease of 9.6% from 83 units that sold in 2023. The average sale price of existing homes was $336,131. This represents an increase of 5.4% from the August 2023 average price of $319,048.

For new construction, 2 sales occurred in August, down from 6 units the prior year, a decrease of 66.7%. The average sale price of new homes in August was $299,900, down 39.8% from the same period last year.

A total of 55 contracts for sale were written in August 2024, down from 77 in August 2023. This is a decrease of 28.6%. Contracts written during the month reflect, in part, sales that will close in the near future.

The inventory of active listings in the City of Lawrence stood at 190 units at the end of August, which is up from 119 homes that were on the market at the end of August last year. At the current rate of sales, this figure represents 2.6 months' supply of homes on the market.

According to Jill Ballew, President of the Lawrence Board of REALTORS®, “We’re seeing real signs that the tension in the housing market is easing. Starting with the drop yesterday (9/18) in the Federal Funds rate of .5% and signals that rate drops will continue to follow well into next year, Buyers will have increased purchasing power with each rate drop. Next, for the first time since early 2020, the Lawrence housing market has had 3 consecutive months with inventory levels exceeding a 2-month supply. Lastly, the median asking price for homes has been below 2024 numbers every month this year. Reduced rates, more inventory, and lower prices are all excellent signs for Buyers.”

For questions and/or comments, please contact LBOR President Jill Ballew at 785-760-6632 or jillballew@stephensre.com.

Complete statistical summaries for Lawrence and Douglas County are available at http://www.lawrencerealtor.com/market-statistics/.

Three-Year Comparison Through August 2024