Spring Fever Hits Shawnee: New Listings Down, Prices Up!

U.S. existing home sales are on the rise, painting an optimistic picture for the real estate market. According to the National Association of REALTORS® (NAR), sales surged by 9.5% last month, surpassing expectations and marking the largest monthly gain in a year. This upward trend is driven by a combination of factors, including fluctuating mortgage rates and higher sales prices, indicating strong buyer interest as we enter the spring season.

In Shawnee, the real estate landscape reflects some unique trends compared to the national average. While new listings for single-family homes saw a decrease of 34.1%, pending sales increased by 13.3%. Inventory also experienced a notable increase of 36.6% for single-family homes.

Despite these shifts, Shawnee did witness a decrease in median sales prices by 5.7%, contrasting with the national 1.3% increase. Additionally, the days on market increased significantly by 52.5%, hinting at a slightly slower pace compared to the broader market.

This surge in home sales nationwide can be attributed to lower mortgage rates experienced in December, coupled with an uptick in housing supply across the country. The limited inventory continues to drive prices upward, with the median existing-home sales price climbing by 5.7% year-over-year to $384,500.

Overall, Shawnee’s real estate market reflects both local nuances and broader national trends, offering insights into the evolving dynamics of the housing sector.