Overland Park Real Estate Sees Turbulent Year with Values Peaking at $650,000 in February Before Dipping to $475,000

The real estate market in Overland Park, Kansas has exhibited varied trends over the past year, with the average value of properties experiencing noticeable ups and downs. Peaking in February 2024 at approximately $650,000, property average values then declined, reaching their lowest at about $475,000 in December 2023.

Here is a snapshot of the market as of 5/31/2024

As you can see, prices have dropped 20% since May of last year

Additionally, the price per square foot has risen from roughly $187 in May 2023 to around $193 by April 2024, signaling escalated property values or a lean toward higher-end properties entering the market. While the number of sold properties sold a sharp rise, with February 2024 marking the sale of 1,815 properties, by April the figures recalibrated to a lower number of 1,554 sold homes.

Monthly Trends and Comparative Analysis

When analyzing month-by-month trends, particularly the hike in average value between December 2023 and February 2024, it is critical to recognize the shift in property dynamics. The April 2024 snapshot shows Overland Park with an average value of properties at about $580,000, a slight recovery from the low witnessed in December of the previous year. The average sale price stands at approximately $438,067, with the average sale price per square foot at around $214. This indicates a strong valuation upon sale, despite a decrease in the number of sold properties to 1,554.

In comparison, Leawood, a neighboring area, upholds higher values, both in average property values and price per square foot, translating to an average value of around $775,000 and a price per square foot of $223. The demand for upscale properties is reflected in Leawood, even as it notes fewer properties sold at 299.

Lenexa offers an average value of properties at approximately $535,000, closer to Overland Park, but with a slightly higher average sale price of about $438,920. This brings Lenexa into view as a middle ground for value and affordability.

Neighboring Cities Market Comparison

Pivoting to the wider market, Prairie Village shows a substantial price per square foot at around $293, although it possesses fewer properties on the market. Its sale trends maintain an average sale price at about $425,176 with a vigorous price per square foot of $284 on sales.

Mission, on the other hand, with its lower average property value of approximately $355,000 and smaller inventory counts, hints at a more limited but perhaps accessible market sector. Olathe marks itself as the most affordable in the vicinity, with an average value of properties at about $473,000 and a price per square foot similar to Overland Park. Nevertheless, Olathe surpasses other cities with a high number of properties sold, reporting 1,077 sold properties.

These measures present a layered perspective of the Overland Park market, indicating its position relative to neighboring cities, while also reflecting general appreciation trends and the consistency of market activities over a year. The reported values and volumes depict a comprehensive image as of April 2024, honing in on the dissimilarities between each city’s real estate landscape.