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Foster Real Estate Report: March 2024 market update

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Coming from a different angle this month for our market update – I thought this “Housing Shortage Tracker” would be an interesting chart to share with prospective buyers.

This chart shows metro areas across the nation that have insufficient housing supply. The good news for our local market is that we have a Sufficient Supply according to this chart.

Local Market Update: March 22, 2024

Turning to our local housing market and the chart below, our local Supply in Johnson County is more than 13.3 percent. Buyers do have some options. Closed Sales were down by nearly 10 percent in February 2024 compared to last year. However, the Average Sales Price increased more than more than 6 percent and Median Sales Price increased at 3.7 percent. This supports that our local real estate continues to appreciate on average in comparison to last year. Here’s a great number to see that our market activity is steady with Pending Sales up by more than 20 percent.

Source: Heartland MLS, February 2024

Johnson County market update

This week in Johnson County there are 1,143 active listings, and 1,247 listings under contract (Source: Heartland MLS, March 22, 2024).

OPEN THIS SUNDAY FROM 12-2 PM: MUST SEE MISSION HILLS BEAUTY

Price Improvement! You will want to entertain here, relax here, and live here. Properties in Old Sagamore are infrequently on the market, especially with the great attention to detail and vast square footage that this property boasts. The main floor features a beautiful dining room, living room and a family room. More information here: https://maggief.reecenichols.com/ListingDetails/6552-Overbrook-Road-Mission-Hills-KS-66208/2475968

 About Maggie

Maggie is a ReeceNichols real estate agent and a third-generation realtor. It’s her passion to provide a professional and positive buying and selling experience to her clients. Maggie has been featured in Realtor.com, Apartment Therapy and in other publications. https://maggief.reecenichols.com/

Follow her on Instagram and Facebook for updates on the local market.