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Lafayette County, MO Real Estate, Homes For Sale, School & Area Information

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Lafayette County Area Insight

  • Felicia Harris
    RE/MAX Heritage
    As we step into May, it's a great time to review the real estate market trends for Lafayette County for April 2024. Whether you're thinking about buying, selling, or simply staying informed on local real estate dynamics, understanding the current market conditions can significantly impact your decisions and strategies. Here's a detailed breakdown of what happened in the Lafayette County real estate market last month:

    Closed Sales
    Lafayette County saw a total of 27 closed sales in April. This figure represents all the completed transactions during the month, providing insight into the actual number of properties that changed hands. It's a crucial indicator of market activity and gives potential sellers and buyers a sense of how many homes are successfully moving through to sale completion.

    Pending Sales
    The number of pending sales stood at 31 for the month. These are the agreements made during April that are yet to be finalized. Pending sales are a forward-looking indicator, suggesting the potential closed sales we might see in the coming months. A high number of pending sales typically signals a robust and active market, as more people are committing to buying homes.

    Average Days on Market
    The homes in Lafayette County averaged 46 days on the market before being sold. This metric helps both buyers and sellers gauge how long it typically takes for homes to sell in the current market. A lower number of days on market often indicates a seller's market where homes are snapped up quickly, while a higher number suggests a buyer's market with more negotiation room.

    Months of Inventory
    The real estate inventory level in Lafayette County was at two months as of the end of April. Months of inventory measures how long the current for-sale inventory would last given the current rate of sales if no new listings were added. A figure around one to two months indicates a seller's market, which is what we're seeing now. This suggests that sellers have more leverage in negotiations due to the lower supply of available properties.

    Final Thoughts
    The Lafayette County real estate market is showing signs of vigor, with a decent number of transactions and relatively quick sales. The low inventory indicates a competitive market, which can be advantageous for sellers looking to maximize their sales price. Buyers, on the other hand, may face more competition and need to act swiftly when they find a suitable property.

    For those considering entering the market, whether buying or selling, staying informed and working with experienced professionals can make a significant difference.
  • Felicia Harris
    RE/MAX Heritage
    The housing market in Lafayette County has experienced significant shifts over the past year, characterized by varying trends in sales activity, pricing dynamics, and market conditions. Here's a detailed look at what's happening in this local market and what it might mean for buyers, sellers, and real estate professionals.

    An Uptick in Closed Sales
    In 2024, Lafayette County has seen a notable increase in the number of closed sales. From January through March, sales jumped by 68.2% compared to the same period in 2023, rising from 22 to 37 closed transactions. This surge indicates a robust demand in the local housing market, potentially driven by favorable mortgage rates or an influx of new residents.

    Adjustments in Housing Prices
    Despite the increase in sales volume, the average and median sales prices have shown a downward trend. The average sales price saw a significant drop of 34.9%, declining from $372,842 in 2023 to $242,805 in 2024. Similarly, the median sales price decreased by 24.9%, from $277,000 to $208,000. This reduction in prices may be attributed to a variety of factors including changes in the types of homes sold, increased inventory of lower-priced homes, or perhaps a general market adjustment.

    Market Efficiency Improvements
    The days on market until sale have decreased from 66 to 42 days year-over-year, improving by 36.4%. This reduction suggests that homes are selling faster, reflecting either increased buyer competition or more realistic pricing by sellers.

    Inventory and Supply Insights
    The inventory of homes available for sale has decreased by 10.6%, dropping from 66 to 59 units. However, the supply of homes — measured in months based on current sales pace — has slightly increased by 16.7%, from 1.8 months to 2.1 months. This indicates that while there are fewer homes available than last year, the pace of sales has slightly slowed, providing a bit more selection for buyers without moving towards an oversupply.

    What Does This Mean for You?
    For Buyers: The current market offers more competitive prices, making it a potentially good time to buy, especially if you are seeking lower-priced or mid-market homes. The increase in supply also suggests that you might enjoy more options and less competition than in tighter markets.

    For Sellers: Fast selling times and a stable percentage of list price received (averaging 94.5% and improving to 96.1% year to date) indicate that while you might need to adjust expectations regarding pricing, the market remains favorable for sellers who price their homes competitively.

    In conclusion, while Lafayette County's housing market in 2024 shows signs of cooling prices, the increase in sales activity and efficiency in sales processes suggest a healthy adjustment rather than a downturn. Buyers and sellers who adapt to these conditions can find opportunities in this evolving market landscape.
  • Ask a Local Expert a question about Lafayette County.
    Lafayette County, MO
    Racing enthusiast? The Kansas City area is perfect for race fans who enjoy local and professional racing. Just east of Odessa you'll find I-70 Motorsports Park, re-opened in 2008 after 40 years of operation. This speedway offers multiple races throughout the year and cheap tickets. Across the state line is Kansas Speedway, a 48,000 seat venue that hosts major NASCAR races. Both venues are perfect for tailgating so come early!
  • Felicia Harris
    RE/MAX Heritage
    I was born and raised in Lafayette County. Small town, USA! Everyone seems to know you and will help in any way they can. Lafayette County is known as a rural community with rich farmland and is comprised of several small towns located mostly off the Missouri River.

    Here is a highlight of some Lafayette County towns. Lexington is the county seat and is on the Missouri River. The taxes are lower and it has a slow pace where kids can still play outside. Wellington is known for having fabulous schools, small-town living, and is about 25 minutes from the Kansas City metro area. Higginsville has small shops, several jobs, and is located about 30 minutes from the metro area if you want bigger entertainment for the night! Odessa is located just off I-70 making it closer to the metro, great schools, a farming community, and a few more shops! Concordia is about 45 minutes to the metro area with Saint Paul's High School and award-winning Concordia schools. Sprinkled throughout this county are roadside markets, wineries, and breathtaking views.

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