If you’re a homeowner in Leawood, market reports can offer valuable insight into your home’s current value and what’s happening in your neighborhood. But those numbers only help if you understand them. Here's a breakdown of the 7 most important stats—and what they really mean.
1. Median Sale Price
This is the middle price of all homes sold—meaning half sold for more, and half sold for less.
--> Why it matters:
Median is more accurate than average in real estate, because it isn’t skewed by extremely high or low sales (like a $4 million luxury listing).
Example: If three homes sell for $400K, $500K, and $1.2M, the average is $700K—but the median is $500K, which better reflects the typical sale.
2. Average Days on Market (DOM)
This shows how many days a home typically takes to sell after being listed.
--> Why it matters:
A lower DOM means homes are selling fast—often due to strong demand or competitive pricing.
A higher DOM can mean slower buyer activity or overpriced listings.
It’s also helpful to look at median DOM if a few homes have been sitting much longer than others.
3. Number of Homes Sold
This is the total number of homes that actually closed in a certain time period (usually monthly).
--> Why it matters:
It gives you a sense of how active the market is. Fewer sales might mean seasonal slowdowns or a lack of inventory, while more sales show high buyer interest.
4. New Listings
This tells you how many new homes hit the market during the period.
--> Why it matters:
It helps show whether the market is gaining or losing inventory. A surge in new listings might increase competition for sellers. A dip could favor sellers due to lower supply.
Compare new listings with homes sold to understand balance.
5. List-to-Sale Price Ratio
This shows the percentage of the original list price that homes sold for.
--> Why it matters:
A ratio of 100% or higher means homes are selling at or over asking price.
Below 100% means sellers are likely accepting less than they originally hoped for.
This stat helps sellers know whether buyers are negotiating—and how aggressively.
6. Months of Inventory
This estimates how long it would take to sell all current listings if no new homes were added.
--> Why it matters:
It reflects whether it’s a buyer’s or seller’s market.
Less than 3 months = Seller’s Market
4–6 months = Balanced Market
Over 6 months = Buyer’s Market
The higher the inventory, the more choices buyers have—and the more patient they can be.
7. Price per Square Foot
This is the average sale price divided by the size of the home.
--> Why it matters:
It helps compare values between homes of different sizes. It’s not perfect (finishes, layout, and location still matter), but it’s a helpful pricing reference—especially in neighborhoods with similar homes.
Pro Tip: Use this to check if a home is priced high or low for the area before making an offer or listing.
Final Thoughts:
Market reports can be powerful tools—if you know how to read them. Whether you're thinking of downsizing, refinancing, or simply curious about your home’s value, keeping an eye on these numbers can help you make more informed decisions.