Shawnee Real Estate Update: Why August 2024 Is a Turning Point

Shawnee Market Update: What August 2024 Sales Tell Us About the Real Estate Market

As we move further into 2024, the Shawnee housing market continues to shift in ways that are vital for both buyers and sellers to understand. Whether you’re considering listing your home or buying your first property, staying on top of market trends can give you the edge you need.

New Listings Surge, But So Does Inventory

In August, Shawnee saw a significant uptick in new listings, rising to 96—a healthy 26.3% increase from the same time last year. If you’re thinking about selling, now is the time. With more homes hitting the market, competition is growing, but that doesn’t mean buyers aren’t out there. Closed sales also jumped by 20.5% year-over-year, reaching 53 in August.

However, the growing inventory—up 74.3% from August 2023—indicates that homes are staying on the market longer, and buyers have more choices. This can benefit well-prepared sellers who work with the right agent, as buyers are looking for value in a competitive space.

Price Trends: A Mixed Bag for Sellers

One of the most notable changes in the Shawnee real estate landscape is the shift in home prices. August’s median sales price dropped by 11.4% compared to August 2023, now sitting at $195,000. This represents a 6% decline from July 2024, where the median was $207,500. It’s not all bad news for sellers, though; the average sales price only saw a 2.9% drop, indicating that many buyers are still willing to pay close to what sellers are asking.

Additionally, sellers are receiving 97.5% of their list price on average—up 2.4% from last year, signaling that while prices may be cooling, homes that are priced right are still selling close to list value.

What This Means for Buyers

If you’re in the market to buy, you’re likely noticing more options and a bit more breathing room when making an offer. With 190 homes on the market and a 3.7-month supply, up significantly from last year, this is becoming a more balanced market. Buyers have a bit more negotiating power, especially as homes are sitting longer, now averaging 36 days on the market, up from 30 in August 2023.

Looking Ahead: What to Expect This Fall

As we head into the fall, we expect to see continued activity in the Shawnee real estate market. The increase in inventory suggests that competition among sellers may get more intense, but with proper pricing and marketing, homes will continue to sell. For buyers, the current market dynamics present an excellent opportunity to find your dream home before the holiday rush begins.

Whether you’re buying or selling, navigating the Shawnee market requires a strategy. Having a skilled and experienced expert who understands these shifts is critical to your success. Let me help you make the most of these market trends.