What Are Fall 2023 Real Estate Trends Lawrence KS?
/
Learn About Fall 2023 Real Estate Trends in Lawrence KS
Are you ready to purchase or build a home in the Lawrence area? As we look ahead to the end of the year, the real estate market in Lawrence, KS is showing trends that will give buyers and investors confidence. Real estate agent Jackie Giroux can help answer questions like - what are the Fall 2023 real estate trends in Lawrence, KS? We hope this blog post will delve into the anticipated trends, offering insight for buyers, sellers, investors, and families who wish to build a new home and navigate this dynamic market. From shifting home values to changing buyer preferences, we'll explore what you can expect in Lawrence's real estate scene.
Is It the Right Time to Buy a House in Lawrence KS?
You're wondering if now's the right time to buy a house in Lawrence, KS? It's a big question and the answer isn't one-size-fits-all. It really depends on a few things like the current real estate market trends, your personal financial situation, and your future plans. But don't worry, we're going to dive into all these factors and Realtor Jackie Giroux can help. We hope that this overview paints a clearer picture of whether it's the right time for you to make your move in the Lawrence real estate market - no matter which direction you may take.
In September 2023, Lawrence, KS, experienced a decrease in home sales, with a 17% reduction compared to September 2022. This significant shift in the market dynamics has prompted a thorough analysis to understand the underlying factors contributing to this trend. Whether this is a temporary fluctuation or indicative of a more substantial market shift remains to be seen. Even with the reduced number of home sales this year, it does not paint a complete picture.
Lawrence-area journalist Chad Lawhorn wrote this in a recent article for the Lawrence Journal-World website www.LJWorld.com:
“Lawrence home sales were down 45% in July and 23% in August, so the 17% decline last month could be a sign that the worst is over for the local housing market.”
Lawhorn went on to say in his article that the struggles in the Lawrence, KS housing market depend on many factors - with high home loan interest rates as a key factor - and many potential homeowners want to know if home interest rates will go down in 2024.
“For years, Lawrence’s housing market has struggled with having enough homes available for sale, which has depressed overall home sale numbers. Low inventories continue to be an issue, but real estate agents now are finding that buyers are more reluctant as well, given rising interest rates.”
While the number of home sales in Lawrence, KS, has seen a decline, the median selling price for homes has experienced a modest increase of 2.5%. This is a relatively subdued rise, especially when compared to the substantial 12% increase observed in 2020 - 2021. Despite these market dynamics, the number of approved home building permits in Lawrence is anticipated to rise this year. This suggests a potential surge in new housing supply, which could further influence the real estate landscape in the area.
Additional data from the Lawrence Board of Realtors reveals a 16.1% increase in active listings over the past three years. In the same timeframe, the median sale price for homes has seen a modest rise of just 4%. For those considering selling their homes in Lawrence, KS, the market appears favorable. The median number of days a home spends on the market has reduced to a mere nine days, marking a 25% decrease over the past three years.
How Much Does a Home Cost in Lawrence KS?
The cost of a home in Lawrence, KS, can vary greatly depending on a variety of factors such as location, size, and age of the property. However, as per the most recent data, the median list price in Lawrence stands at around $299,450 - or about $171 per square foot - according to data by RocketHomes.com. It's important to note that this is a median value, meaning that half of the homes are priced above this amount and half are priced below. Whether you're looking for a starter home or a larger family residence, Lawrence offers a wide range of options to fit different budgets.
Here is a better look at median home prices in the Lawrence area to use as a comparison with data provided by RocketHomes.com.
Median List Prices in Lawrence KS
Median List Prices in the Lawrence Area
In the end, the Fall 2023 real estate trends in Lawrence, KS, present a fascinating mix of challenges and opportunities for potential buyers, sellers, and families that hope to build their dream home. Despite a decrease in home sales, the market remains dynamic with modest increases in median home prices and a promising rise in approved building permits. Navigating this landscape may seem daunting, but with the right guidance, it can be a rewarding journey. Realtor Jackie Giroux, with her extensive knowledge and experience in the Lawrence, KS market, can provide invaluable assistance whether you're looking to buy or sell. Contact Jackie Giroux today to get help with your real estate decisions!
