July 2024 Shawnee Housing Market: Inventory Up, Sales Slow
In July 2024, Shawnee’s single-family housing market displayed notable shifts that prospective buyers and sellers should consider. New listings surged by 55.7% compared to July 2023, indicating a growing inventory with 178 homes available, a 64.8% increase. This rise in supply is mirrored by the months’ supply of inventory, now at 3.4 months, up 61.9%.
Despite more homes on the market, closed sales dropped by 10.4%, with only 43 transactions, reflecting potential buyer hesitation or selective purchasing. The median sales price jumped 20% to $228,000, while the average sales price increased by 23.4% to $225,194. This price growth signifies strong market demand despite longer days on the market—up 9.4% from last year, with homes averaging 35 days until receiving an acceptable purchase contract.
Sellers received 97.1% of their list price on average, slightly down from 2023, suggesting a more balanced market where buyers might have a bit more negotiating power.
This dynamic environment offers opportunities for both buyers, who have more choices, and sellers, who benefit from rising prices, though they may need to be more patient in closing deals.
