Trends

3 Reasons Shawnee’s October Real Estate Market Could Surprise You

November 12, 2024

As the Shawnee real estate market closed out October 2024, it continues to showcase growth and value that benefits both buyers and sellers. Here’s what you need to know about the trends that define this bustling market.

 

October brought a robust increase in new listings, with 93 single-family homes entering the market—a 36.8% rise from last year. This gives today’s buyers a well-rounded selection while giving sellers confidence in the market’s healthy demand. More inventory means more choices for buyers, yet Shawnee’s steady sales activity keeps values strong for sellers.

Speaking of values, both the median and average sales prices climbed in October, showing a solid rebound from the temporary dip in September. This price appreciation—6.5% for the median and nearly 14% for the average—is great news for sellers looking to maximize their return, while buyers investing in Shawnee real estate can feel confident about value retention and future growth potential.

What Does the Data Mean for Sellers?
Sellers have every reason to feel optimistic. Closed sales saw a 20% boost from September, underscoring Shawnee’s sustained buyer demand even with increased days on market. And with the average sale price up over 13% from last year, October’s data confirms that now is a fantastic time to sell in Shawnee. Homes are selling faster than in September, and, as your local real estate expert, I’m here to guide you through securing a sale that truly reflects the market’s strength.

A Promising Market for Buyers
October’s higher inventory and slightly longer days on market mean buyers have time to find the right fit without feeling rushed. With Shawnee’s appealing mix of homes and steady price appreciation, today’s buyers can be confident in their investment. As your advisor, I can help navigate inventory trends and find a property that’s not just a house but a valuable asset in a thriving market.

Navigating Shawnee’s Market with a Local Expert
With years of expertise in the Shawnee real estate landscape, I offer both insight and strategy to help you capitalize on these market trends. Whether you’re selling and looking to maximize returns or buying with long-term value in mind, I provide the dedicated guidance needed to make the most of Shawnee’s vibrant market. Connect with me to explore how this market can work for you!

Analysis of October 2024 Single-Family Home Sales in Shawnee

Year-Over-Year (October 2023 vs. October 2024)

  1. New Listings: Increased from 68 in October 2023 to 93 in October 2024, a strong rise of 36.8%. This growth reflects continued interest in Shawnee, indicating confidence in the market’s appeal and opportunity for both buyers and sellers.
  2. Pending Sales: Jumped by 54.8%, rising from 42 to 65, showing a highly active market with strong buyer interest, even as inventory expands.
  3. Closed Sales: Showed a steady increase, moving up from 57 to 60 (5.3%). This small yet positive growth underscores the market’s stability and buyer follow-through on offers.
  4. Days on Market: Increased from 29 to 37 days (+27.6%). Although homes are taking slightly longer to sell, this signals a balanced market where buyers have a little more time, while sellers benefit from higher listing prices.
  5. Median Sales Price: Rose by 6.5%, going from $205,000 to $218,373. Sellers benefit from stronger sale prices, while buyers gain equity in a gradually appreciating market.
  6. Average Sales Price: A more pronounced increase of 13.9%, from $205,370 to $233,873, reflects growing buyer willingness to invest in Shawnee properties.
  7. Inventory and Months Supply: Inventory of homes for sale rose by 61% (from 123 to 198), and months of supply grew from 2.4 to 3.6. This increased supply provides a healthy selection for buyers while supporting sellers in achieving competitive offers.

Month-over-Month (September 2024 vs. October 2024)

  1. Closed Sales: Increased from 50 in September to 60 in October, a jump of 20%. This month-over-month improvement reflects a post-summer boost in activity, ideal for sellers looking for a strong close to the year.
  2. Median and Average Sales Price: Both metrics rebounded in October after a dip in September, with the median price rising from $181,000 to $218,373, and the average price jumping from $186,839 to $233,873. October’s values are particularly encouraging for sellers looking for value gains, and buyers can feel confident in the market’s resilience.
  3. Days on Market: Reduced from 44 in September to 37 in October, highlighting faster transactions. This signals solid demand, while the balance in days gives buyers a fair chance to view homes.
  4. Months Supply: Slight increase from 3.5 in September to 3.6 in October, providing buyers with inventory options while supporting sellers in attracting strong offers.