January 16, 2025

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

Homes sales in the City of Lawrence rose by 19.7% in December compared to the prior year. Sales in December 2024 totaled 79 units, up from 66 in 2023.

Among existing homes, 73 units sold in December, an increase of 17.7% from 62 units that sold in 2023. The average sale price of existing homes was $316,831. This represents an increase of 11.6% from the December 2023 average price of $283,938.

For new construction, 6 sales occurred in December, up from 4 units the prior year, an increase of 50.0%. The average sale price of new homes in December was $492,578, up 7.6% from the same period last year.

A total of 49 contracts for sale were written in December 2024, up from 43 in December 2023. This is an increase of 14.0%. 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 122 units at the end of December, which is down from 136 homes that were on the market at the end of December last year. At the current rate of sales, this figure represents 1.6 months' supply of homes on the market.

According to Bailey Stuart, President of the Lawrence Board of REALTORS®, “Our housing market continues to experience the ups and downs of limited housing inventory. On one hand, a 1.6-month supply of homes offers buyers more options than in recent years yet it’s still quite far from a 'balanced market' of 4-6 months’ supply. Housing supply still falls short of meeting demand. Buyer expectations are on the rise, with more emphasis on listings being priced accurately and in market-ready condition. When these conditions are met, homes tend to attract attention quickly, and buyers are moving fast to secure them. We are expecting to see an active 2025 housing market.”

For questions and/or comments, please contact LBOR President Bailey Stuart at 785-766-7840 or baileystuart@askmcgrew.com.

Complete statistical summaries for Lawrence and Douglas County are available at http://www.lawrencerealtor.com/market-statistics/.

Three-Year Comparison Through December 2024