Usually in June, we see signs of the spring market coming to an end and hints of the slower summer market. Not this June!
While prices did take a predictable drop from May highs, dipping just 3.7%, the $364.4K average sale price in June was a huge increase of over June of 2024. Prices rose almost 9% YoY. And sales were way up over June of last year as well, by a huge 39.3%. In fact, the average sale price last month was the 5th highest month we've yet seen in Lawrence. June was also the first month that the average price-per-square foot in Lawrence has exceeded $200/sq.ft.
Prices are continuing their increases YTD through June. Despite a huge increase in sales this year (+17.2%), prices are up 4% for the year. Total market dollar volume is up a staggering 22% to over $196M in homes sales in town. The market continues to be extremely strong in Lawrence and it currently remains well withing Seller's Market territory at a mere 1.5 months-of-supply.
All of the stats that follow are sourced from the Lawrence MLS. What follows is a look at some market numbers specifically within the city limits of Lawrence:
Month-over-Month
- May home sales decreased 14.6% from the previous month (117 homes sold)
- Average price decreased 3.7% in June vs. the previous month, down to 364.4K
- Average Days-on-Market was down 11.8% at 15 Days-on-Market
- 123 homes were listed in June, 29 fewer than listed in May
- List-Price-to-Sales-Price Ratio for the month was 99.3%
- Average Per-Square-Foot was 201/sq.ft., a MoM increase of 2%
Year-over-Year
- Home sales were up 39.3% in June '25 vs June '24, an increase of 33 homes sold
- Average Price was up YoY 8.8%
- Dollar Volume was up 51.6% for a total of $42.6M in the month
- The 123 homes listed last month was a 24.5% decrease YoY
YTD
- Homes Sales are up 17.2% YTD through June; an increase of 79 homes sold this year
- Average Price is up 4.0% this year
- Average DOM is up from 21 to 26 Days, a 23.8% increase
- 719d Homes have been listed so far this year; increase of 4.7% from last year
- Dollar Volume is up 21.9% YTD for a total of $196.1M
- Average Per-Square-Foot for the year is at $193/sq.ft., up from $186/sq.ft. in 2024
Active Properties
- There are 129 "Active" properties in Lawrence, flat since my last update
- There are 104 properties currently listed as "Under Contract" which is a decrease of 16.1% since my last update
- The average list price of homes currently Under Contract is $428.7K
- Months-of-Supply: There is currently 1.5 months-of-supply in Lawrence
The above numbers are pretty clear, heading into the Summer of 2025, the real estate market is showing few signs of slowing down. However, with fewer homes now under contract, there is a bit of a slow-down nonetheless. There is always some slow-down after the spring market. But take a peak at the average list price for homes under contract today: $428.7K. That will be a number to keep an eye on as we head into the typically-slow months of July and August.
With the year half over, many of my predictions are coming true. Sales are up, prices are up. Overall sales figures have actually exceeded my predictions. For the past 2/3 years I've been saying that 2025 is the year we begin to break free form the lock-in effect after our return to higher interest rates after historic lows. At a certain point, no matter the interest rate, some people just have to move!
At the moment, I'm predicting a very strong fall market and a strong finish to the year. This will all set the stage for a wild 2026. Until then, let's find out what else 2025 has in store for the Lawrence real estate market!
Stay tuned to R+K Real Estate for great new content, updates, advice, opinions and more in 2025. We plan to continue our advance of transparency, consumer advocacy, and empowering our clients with alternate business models designed to provide high levels or real estate service with drastically reduced commissions!
-Ryan Desch, Broker/Owner R+K Real Estate Solutions
