The real estate market in Olathe, KS 66062 has seen some fluctuations over the past year. According to recent statistics, the median list price has decreased by 2.5% to $390,000, while the median sold price has decreased by 6.1% to $408,500. Additionally, the median list price has decreased by 3.3% to $481,500. These numbers indicate that the real estate market in Olathe, KS 66062 is experiencing a buyer’s market, with more inventory and fewer buyers.
One key indicator of the real estate market is the months supply of homes. This statistic measures how many months it would take to sell all of the homes currently on the market at the current rate of sales. A balanced market is generally considered to be between 4 and 6 months of supply, indicating a market that favors neither buyers nor sellers. However, in Olathe, KS 66062, the months supply of homes is only 1.84 months. This indicates a strong seller’s market, where there are more buyers than available properties.
Another notable statistic is the number of homes sold, which has decreased by 55.7% to only 39 homes sold. This is likely due to the economic impact of the COVID-19 pandemic, which has caused many people to delay their home-buying decisions. However, with interest rates still at historic lows, there may be a rebound in the market as people seek to take advantage of these rates.
Despite these fluctuations in the real estate market, the median estimated home value in Olathe, KS 66062 is still a healthy $367,490. This indicates that homeowners in the area can still expect to see a return on their investment, despite the current market conditions.
In conclusion, the real estate market in Olathe, KS 66062 is currently a strong seller’s market, with a low months supply of homes and more buyers than available properties. Despite the decrease in median list and sold prices, and the lower number of homes sold, homeowners in the area can still expect to benefit from the current market conditions and see a strong return on their investment. However, with the ongoing economic recovery and historically low interest rates, it remains to be seen whether this strong seller’s market will continue in the coming months.
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