Overland Park Real Estate Market Overview - 2024

Overland Park Real Estate Market Overview

The real estate market in Overland Park, KS, reflects changing dynamics often indicative of broader economic trends. As of February 2024, notable shifts include a decrease in home prices by 6.6% compared to the previous year, with homes selling at a median price of $402K. Homes remain on the market for an average of 25 days, a slight increase from 21 days the year prior.

The area saw 142 homes being sold in February 2024, a reduction from 150 homes sold in the same month the year before. This decline in sales volume suggests a cool-down in market activity. Overland Park comprises various neighborhoods, with current listings totaling 617, offering a range from more affordable duplex/triplexes to luxury homes as high as $6M.

The market trends capture Overland Park as a city well-diversified in real estate offerings:

• Homes for Sale: 617
• Price Range: $89K - $6M
• Median Listing Price: $680K
• Market Activity: Decrease in sales volume and selling days

As real estate market trends continue to evolve, the average price per square foot and the number of price drops remain key indicators for potential buyers and sellers. Furthermore, market hotness fluctuates, reflecting varying degrees of demand in the housing market.

The median value for residential transactions has been reported at approximately $405,599.63 over the past year. There's also an active inventory, with 320 current listings noted in recent reports, which provides a substantial field for potential investors or homebuyers to find suitable properties in Overland Park, thus encapsulating a broad overview of the city's housing market conditions.

Recent Market Trends and Data in Overland Park

The Overland Park real estate market in February 2024 reflects notable shifts in both pricing and sales activity when compared to the previous year and the preceding month of January 2024.

February 2024 Real Estate Snapshot

In February 2024, the Overland Park housing market displayed a decrease in home prices year-over-year, with the median sale price standing at $402K. Homes spent an average of 25 days on the market, a slight increase from the previous year's average. The total number of homes sold was 142, showing a downturn from last year's figure.

• Median Sale Price (All Home Types): $402K
• Average Days on Market: 25
• Homes Sold: 142

(Source: Redfin)

Comparison with January 2024

The monthly comparison highlights a dynamic market with both rising trends in certain segments and overall patterns of activity. Examining the price per square foot offers insights into the valuation trends across property types, while the fluctuations in the volume of homes sold reflect consumer demand and market liquidity.

• Price Per Square Foot: Data not provided
• Median Sale Price (Month-to-Month): Data not provided
• Homes Sold (Month-to-Month): Data not provided

It is important for potential buyers and sellers to consider these metrics, along with the trends and data, to gauge the health and movement of the Overland Park real estate market.

Pricing Insights in Overland Park

The Overland Park real estate market provides a clear picture of current housing trends, with median list and sale prices, as well as price per square foot, offering an insight into the market dynamics.

Median List and Sale Prices

In Overland Park, the housing market saw a decrease in home prices in February 2024, with the median sale price landing at $402K, reflecting a 6.6% decline from the previous year. The volume of homes sold also experienced a slight drop, with 142 homes being sold in February 2024, which is lower compared to 150 homes sold during the same period the previous year.

Price Per Square Foot Analysis

When examining the price per square foot, the Overland Park market provides a detailed measure of value across various real estate categories. For instance, the analysis for February 2024 suggests a nuanced look into how pricing varies depending on the property type and size.

Housing Inventory and Types in Overland Park

The current landscape of Overland Park's real estate consists of a diverse range of properties and a robust housing stock. Understanding the variety and availability of homes is essential for potential homebuyers and sellers alike.

Current Housing Stock

The housing inventory in Overland Park has experienced fluctuations with noticeable trends over recent periods. For instance, in February 2024, the real estate market recorded a slight decrease in the number of homes sold compared to the previous year. Specifically, the market had 778 homes for sale, encompassing various home types to cater to a wide array of preferences and needs.

Assortment of Home Types

Overland Park's real estate landscape is characterized by a varied assortment of home types, with single-family homes being particularly prevalent. These properties form the backbone of the housing options available in the area. Additionally, other forms of housing such as large apartment complexes and high-rise apartments contribute to the diversity in the housing market. This assortment ensures that prospective homeowners have multiple options to choose from based on their specific household requirements.

Local Neighborhoods and Areas in Overland Park

The Overland Park real estate market is distinguished by its diverse neighborhoods, each offering a unique blend of character and amenities. Residents and potential homebuyers can find a variety of housing styles and community features that cater to different preferences and lifestyles.

Exploring Neighborhoods

When they explore Overland Park, homebuyers will notice that the city is composed of numerous neighborhoods, with options ranging from the upscale estates in Nottingham Downs to the more modest but charming homes in areas like Leawood Country Manor. Prospective residents have the opportunity to find a neighborhood that fits their specific needs, whether seeking a family-friendly community or a vibrant, singles-friendly locale.

• Nottingham Downs: Features spacious properties with a serene suburban feel.
• Leawood: Known for its luxurious homes and well-kept streets.
• Downtown Overland Park: Offers a mix of residential and commercial spaces, fostering a lively atmosphere.

Neighborhood Character and Amenities

Each neighborhood in Overland Park is characterized by its own set of amenities that contribute to the overall quality of life. Families are often drawn to neighborhoods with access to parks and good schools, while young professionals might prioritize proximity to restaurants and transportation options.

The amenities of the area play a crucial role in the appeal of the neighborhood, with parks providing essential spaces for outdoor activities and family recreation. High-quality schools are fundamental for resident satisfaction, ensuring access to a good education. A diverse culinary scene in local restaurants reflects the city's cultural richness, offering residents a variety of dining experiences. Efficient public transportation and accessible roads are also vital amenities, facilitating connectivity and ease of travel within and beyond the neighborhood.

Leawood stands out notably for its dining experiences, offering residents a plethora of restaurants ranging from casual eateries to fine dining establishments. Access to major roadways and public transportation in Overland Park facilitates movement within the city, making commuting and travel convenient for its inhabitants.

Market Dynamics in Overland Park

The Overland Park real estate market reveals clear trends in Days on Market and Supply and Demand, providing insights for potential homeowners and investors.

Days on Market Trends

In Overland Park, homes have experienced a notable shift in the Days on Market. In February 2024, properties were sold after an average of 25 days, which is a slight increase from 21 days in the previous year. This trend indicates a more balanced market tempo, which potential sellers should factor into their timing strategies. More detailed information can be found through the Overland Park Housing Market: House Prices & Trends.

Supply and Demand Indicators

The Supply and Demand dynamics are crucial for understanding the local housing market's health. Current inventory levels in Overland Park suggest a shift, with 342 homes for sale, illustrating a rise from previous periods. This adjustment implies a transition in the housing market, potentially indicating either an increase in inventory or a shift in buyer behavior. The median sale price reflects this dynamic, having fluctuated recently. Investors should monitor these indicators closely, as represented in detailed listings via Overland Park Housing Market Report - RocketHomes.

Educational Institutions in Overland Park

The quality of educational institutions in Overland Park is a critical component that shapes the local real estate market. Investors and families often consider the caliber of schools, as reflected by GreatSchools ratings, when making a decision about where to buy property.

Schools and Their Impact on Real Estate

Schools in Overland Park play a pivotal role in the local housing market. Properties within the catchment areas of highly-rated schools often command higher prices, and homes can sell more quickly than those in areas with lower-performing education institutions.

GreatSchools Ratings: These ratings provide a snapshot of school quality, with higher scores typically indicating better student performance and, in turn, increased real estate values. Schools such as Blue Valley North High School, which boasts impressive ratings, can be particularly attractive to homebuyers.

Educational advancements and the overall perception of the Overland Park school system strengthen the desirability of the area's real estate. With education being a top priority for many, this directly correlates to the health of the real estate market, and in cities like Overland Park with a robust educational system, it often results in a strong housing demand.

Sales and Brokerage Information in Overland Park

In the Overland Park real estate market, brokers and the MLS grid play a crucial role in the facilitation of home sales, with IDX listings offering a comprehensive platform for showcasing available and recently sold properties.

Recent Home Sales

February 2024 saw a decline in home prices by 6.6% from the previous year, with a median sale price of $402K. The average days on market increased slightly to 25 days, and the total homes sold were 142, a slight decrease from 150 in the same month last year. This illustrates a dynamic shift in the Overland Park Housing Market.

Broker and MLS Information

Brokers in Overland Park utilize an MLS grid, which is essential for the dissemination of accurate, up-to-date information on homes for sale, including those available for non-commercial use and prospective properties. Open house information is frequently updated, ensuring prospective buyers have access to the latest details. IDX listings provide a current, rich resource for buyers and sellers alike, streamlining the search for suitable properties within the city.

Buyer and Seller Insights in Overland Park

In the dynamic Overland Park real estate market, both potential homeowners and current home sellers require accurate and precise information to navigate the market effectively. Home prices and values fluctuate, making timely insights crucial for making informed decisions.

Advice for Prospective Home Owners

Prospective homeowners should understand that Overland Park had a slight decrease in home prices, with a median price of $402K in February 2024. This trend indicates a more accessible market for buyers, making it a potentially opportune time to invest in property. Consumers should maintain accuracy in their budgeting expectations and seek comprehensive pre-purchase advice.

Market Insights for Home Sellers

Sellers in Overland Park need to be aware of the current market's nuances. There is evidence of a cooling market as homes are remaining on the market for longer periods, with an increase from 21 to 25 days compared to last year. Sellers must price their homes competitively to attract buyers. It is essential for owners to acknowledge these shifts in home values to correctly position their properties in the market.

Frequently Asked Questions

These common inquiries offer insights into the Overland Park housing market, reflecting price trends, market changes, and affordability considerations.

What is the average home price in Overland Park, KS?

In February 2024, the median home price in Overland Park was approximately $402,000. This figure is based on market data indicating a decrease in home values compared to the previous year.

How has the Overland Park real estate market changed in recent years?

Over recent years, the Overland Park real estate market has experienced fluctuations. For instance, as of February 2024, home prices were down 6.6% from the previous year, and homes sold at a slightly slower pace, staying on the market for an average of 25 days.

What are the current real estate market trends in Overland Park?

The real estate trends in Overland Park show a variation in price changes depending on the type and size of the home. For January 2024, there has been an increase in prices across all bedroom types, with more significant rises in larger homes.

Can you find affordable housing in Overland Park, KS?

Affordable housing is available in Overland Park, though it varies widely by neighborhood and property type. Prospective buyers should research the market and explore different areas to find a home that fits their budget.

What insights are available for Overland Park homes for sale by owner?

Homes for sale by owner in Overland Park might offer different pricing than those sold through real estate agents. These listings require buyers to engage directly with sellers, and they can sometimes find competitive pricing due to the lack of agent fees.

How does the cost of living in Overland Park compare to nearby cities?

The cost of living in Overland Park is generally comparable to other cities in the region. Housing costs are a significant factor, but overall, the city can offer a relatively balanced cost of living, especially when considering housing options, amenities, and location desirability.

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