Prairie Village, Kansas, a suburb of Kansas City located in Johnson County, has a population of 21,447. The town was developed by J. C. Nichols who is the developer of the Country Club Plaza located just a few miles away and was initially intended to provide a community for military personnel returning from the Second World War. It was incorporated in 1951 and was named the best planned community in America in 1949 by the National Association of Home Builders. The award winning Shawnee Mission School District serves the educational needs of the Prairie Village residents.
Prairie Village KS in the over $400K continues to be in a strong seller's market. It is a seller's market. Prairie Village is always in demand. Location! Location! Location! As of writing, September 8th, 2019, Prairie Village KS has 48 homes for sale in the over $400K price range. In August of 2019, there were 16 homes sold in this price range. If demand stays consistent there is only a three month supply of homes. Sellers have the advantage.New construction, including tear down and rebuilds, account for roughly one third of the available inventory. New home prices start at over $700K and recent new home sale prices topped out just under $2MM.In general terms a market is considered balanced when the supply of homes equals 5.5 to 6.5 months of inventory compared to demand or absorption rate. The lower the month's supply of homes is, the seller tends to see an advantage in price or terms. The higher the months supply of homes the more advantage there is to the buyer in terms of price or terms. Prairie Village, however, is consistently hot right now, and the inventory levels are so low, that the absorption rate is measured in days versus months.