What’s Happening in Lawrence Real Estate Right Now

As the first day of school approaches for both the University of Kansas and Lawrence Public Schools, there’s a shift in energy around Lawrence. That late summer rhythm usually brings more than just school supply shopping and last-minute vacations. It often brings a noticeable shift in the real estate market.

We’re seeing the typical seasonal slowdown, but this year’s cooling-off feels a little stronger. According to July numbers from the Lawrence Board of Realtors, 105 homes sold last month, which is a 5.4% drop compared to July of last year. Meanwhile, 129 new listings hit the market, up 4.0% from the year before. So, while slightly more homes are being listed, fewer are making it to the closing table.

That slight uptick in listings gives buyers a bit more to choose from, but competition and timing still matter, especially with fewer sales closing.

“The lack of inventory remains the defining factor,” says Chris Earl, Stephens Real Estate Broker and Co-Owner. “If buyers don’t act quickly when the right home shows up, they’re likely to miss out. It’s important to stay prepared and have a strategy in place.”

The median days on market went from 8 in July 2024 to 9 this July, suggesting buyers are taking just a bit more time to decide. The median sale price came in at $326,000, down 2.7% year-over-year, but still reflective of strong buyer demand.

“Even with a shifting market, we’re seeing strong activity,” adds Broker and Co-Owner Oliver Minnis. “It’s not just about listings and sales numbers. It’s about helping clients navigate a changing landscape with confidence.”

There’s still movement, and opportunity, but the pace may feel more manageable than it has in recent years.

“While the market remains brisk,” adds Chris, “we are starting to see signs of a return to a more traditional and healthy market.”

Navigating the real estate market is easier with someone who knows Lawrence inside and out. That’s what we offer at Stephens Real Estate: clear insights, honest advice, and local experience you can trust.

Contact your Stephens agent or call our office if you’d like to dig into your home’s value, discuss your buying timeline, or get ready for a fall listing.