August 14, 2024

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

Homes sales in the City of Lawrence rose by 17.3% in July compared to the prior year. Sales in July 2024 totaled 88 units, up from 75 in 2023.

Among existing homes, 84 units sold in July, an increase of 16.7% from 72 units that sold in 2023. The average sale price of existing homes was $360,094. This represents an increase of 9.6% from the July 2023 average price of $328,453.

For new construction, 4 sales occurred in July, up from 3 units the prior year, an increase of 33.3%. The average sale price of new homes in July was $361,175, down 27.8% from the same period last year.

A total of 75 contracts for sale were written in July 2024, up from 74 in July 2023. This is an increase of 1.4%. 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 174 units at the end of July, which is up from 120 homes that were on the market at the end of July last year. At the current rate of sales, this figure represents 2.3 months' supply of homes on the market.

According to Jill Ballew, President of the Lawrence Board of REALTORS®, “With rates dropping slightly and the market becoming a little more buyer-friendly with more inventory than we’ve seen in the last couple of years, now would be a great time to buy a home. Buyers should approach the market with good information and grounded expectations. Sellers should make sure their home is in top-notch shape, while making sure any repairs or improvements are done prior to listing. Working with a local lender and REALTOR® will help to ensure your process goes smoothly.”

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 July 2024