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May 2024 Home Sales Statistics from the Lawrence MLS

Detailed 22-page report for the City of Lawrence - May 2024
Detailed 22-page report for Douglas County - May 2024

 

See the Current Press Release, 3 Year Comparison, and Report Archives below.

Lawrence Housing Market Forecast - Digital Edition

2023  2024

Lawrence Housing Market Forecast Presentation

2023  2024

Dr. Stan Longhofer, Director & Economist, Wichita State University Center for Real Estate

June 18, 2024

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

Homes sales in the City of Lawrence rose by 5.2% in May compared to the prior year. Sales in May 2024 totaled 122 units, up from 116 in 2023.

Among existing homes, 114 units sold in May, an increase of 3.6% from 110 units that sold in 2023. The average sale price of existing homes was $349,880. This represents a decrease of 2.1% from the May 2023 average price of $357,208.

For new construction, 8 sales occurred in May, up from 6 units the prior year, an increase of 33.3%. The average sale price of new homes in May was $427,075, down 13.7% from the same period last year.

A total of 86 contracts for sale were written in May 2024, down from 96 in May 2023. This is a decrease of 10.4%. 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 138 units at the end of May, which is up from 99 homes that were on the market at the end of May last year. At the current rate of sales, this figure represents 1.8 months' supply of homes on the market.

According to Jill Ballew, President of the Lawrence Board of REALTORS®, “Last month we saw mortgage rates decrease, offering some relief to homebuyers. This month they have dropped again, and the forecasts suggest mortgage rates may now stabilize for a while, rather than drop further. The Federal Reserve is watching inflation closely and their next move downward isn’t expected until later in the year. However, this is all good news for homebuyers, as lower rates translate into more spending power.”

For questions and/or comments, please contact LBOR President Jill Ballew at 785-760-7732 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 May 2024

 

Housing Market Statistics Archive

2024

2023

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2021

2020

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