The Lawrence, Kansas real estate market is currently in a state of flux. Home sales have slowed in recent months, but prices remain high. This is likely due to a combination of factors, including rising interest rates, inflation, and a limited supply of homes on the market.
According to the Lawrence Board of Realtors, home sales in the city fell by 45.2% in July 2023 compared to the same period last year. The average sale price of existing homes, however, increased by 8.6% to $329,417.
The inventory of active listings in Lawrence is also at a historic low. As of August 2023, there were only 121 homes on the market, which represents 1.5 months’ supply of homes at the current rate of sales. This means that buyers are facing a lot of competition and may have to pay over asking price in order to secure a home.
Despite the challenges, there are still some positive signs for the Lawrence housing market. The city’s economy is strong, and the job market is growing. This is likely to continue to attract homebuyers to the area, even in a more competitive market.
Overall, the Lawrence real estate market is still favorable to sellers. However, buyers should be prepared to act quickly and may need to be flexible on their price range.
Here are some tips for buyers and sellers in the Lawrence real estate market:
Buyers:
- Get pre-approved for a mortgage before you start shopping for a home. This will show sellers that you are a serious buyer and make you more competitive in the market.
- Be flexible with your price range and be prepared to act quickly. The inventory of homes for sale is low, so homes are selling fast.
- Consider working with a buyer’s agent. A buyer’s agent can help you find homes that meet your needs and negotiate on your behalf.
Sellers:
- Price your home competitively. The market is still favorable to sellers, but buyers are also becoming more price-sensitive.
- Make sure your home is in good condition and shows well. Buyers are more likely to make an offer on a home that is move-in ready.
- Consider working with a seller’s agent. A seller’s agent can help you market your home and negotiate on your behalf.