Are Home Prices Going Down in Lawrence KS?

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The U.S. housing market has been a rollercoaster ride in recent years. Across the country — sale prices for homes have increased by an estimated 35% since 2020 until present day — making it a challenge for buyers to find their dream home at times.

If you're hoping to buy a home in the Lawrence area, you may be wondering if and when the market will start to cool down and you may be asking — are home prices going down in Lawrence, KS? While the market has shown signs of changing, it's important to understand the current landscape and what you may be able to expect in the future. Realtor Jackie Giroux and her team may be able to help answer your questions and assist you in finding the perfect home that fits your budget and lifestyle.

What Is the Average Home Price in Lawrence, KS?

Before we answer the question of if home prices are going down, it is important to know where prices are right now in Lawrence, KS. Data from Realtor.com reveals that the median list price for a home in Lawrence was $340,000 in July 2024 and list prices will vary based on the neighborhood where you choose to buy. For example — Realtor.com data shows that West Lawrence homes have the highest median list price in the area while Downtown Lawrence has the lowest median list prices. Median list prices also vary based on the home with list prices down 21.8% for a 1-bedroom home and list prices up 8.2% for a 3-bedroom home.

While these figures may seem high — it is important to note that the market is always changing from month to month and home list prices are trending down year-over-year — showing a decrease of 9.1% in the Lawrence area. Even with lower list prices, the demand has caused homes to sell at higher prices and the median sale price for homes in Lawrence is $421,900. These numbers point to a potential shift in the market, giving buyers hope for lower prices in the future.

Will Home Prices Go Down in 2025?

Trying to predict the housing market is complicated, like trying to predict the weather — but there are several factors that show that the market could improve and home prices could go down in 2025. Increased interest rates are influenced by inflation and have made getting a home loan more expensive, which leads to less competition among buyers. With more homes becoming available, buyers would have more choices, which could put some downward pressure on prices.

While it is almost impossible to predict if home prices will decrease, the current trends suggest the market may slow down. The good news is that with inflation expected to improve, we might start to see lower mortgage rates as soon as September and into 2025, making it a bit easier for buyers. If you're thinking about buying a home in Lawrence, staying up-to-date on the market and working with a knowledgeable real estate agent like Jackie Giroux is crucial.

The Lawrence-area housing market is in a period of transition, with many signs pointing toward lower prices and many potential buyers wanting to know — are home prices going down in Lawrence, KS? We hope that this quick breakdown of the housing market in the Lawrence area has answered some of your questions.

If you're ready to take advantage of the shifting market and find your dream home, contact Realtor Jackie Giroux today. Her in-depth knowledge of the local market and commitment to client satisfaction, will help guide you through every step of the home buying process and ensure a smooth and successful experience.