In the Midwestern US, you’ll find the state of Kansas. The 15th largest state in the country is home to around 2,913,314 people. The capital of Kansas is Topeka, but the largest city in the state is Wichita. But, while all of this is important, if you are looking to invest in real estate or buy one, we should check out the Kansas real estate trends. Especially now in 2020, when even selling your home isn’t the same as before, because of the coronavirus outbreak. But, don’t worry, this article will give you all the information you need on the real estate market in Kansas.
Kansas real estate market
You might not believe but, you can move to your new hometown with ease. But, what’s important is that you have all the real estate market information beforehand so that you are able to make an educated decision. In order to understand the Kansas real estate market trends 2020, you need to take a look at how it’s performing. So, we’ll use the real estate market data from a prominent source, neighborhoodscout.com. Check out some of the useful information that we’ll analyze later on:
- Median Home Price: $154,298
- The number of home and apartments: 1,124,549
- Average market rent: $1,000
Accept all the help you can get
Before we start going into Kansas real estate trends, you should know that it’s good to help any help you can get in this endeavor. Even this article is helpful for the beginning. But, there are other kinds of help that you can get, too. When you decide on the city in Kansas, you can ask a good real estate agent to help you with the choice of neighborhood and the property. And after you decide on the property, consider getting help from reliable movers, like this one at pmsmoving.com. It’s all going to be easier with some help.
Multiple sources
In order to analyze how the market is moving, it’s good to have data from multiple sources. That’s why we’ll also use information from zillow.com, as it will give you a broader picture of the market. According to zillow.com, the median home value in Kansas is $153,853, which is below the US average, and the home values have gone up 4.0% over 2019. According to the Zillow forecast, the price will fall -1.6% within the year 2021. Also, the median list price per square foot in Kansas is $120. The median price of homes listed at the moment in Kansas is $180,000. And the median rent in Kansas is somewhere around $1,050. So, as you can see, these values are quite similar to those on neighborhoodscout.com.
Kansas real estate trends
It’s a very hot real estate market for sellers in Kansas right now. According to zillow.com, homes in Kansas sell after 83 days on the market. The trend for median days on market in Kansas City, MO has gone a bit down, comparing to the last year, and slightly up, comparing to the last month. While Zillow predicts a slight decrease in price, some sources expect an increase of 3 to 4 percent in the next couple of years.
Rentals
Most of the housing demand in the country in recent years was filled by single-family rental homes. After the decline in the period of recession in 2007-08, single-family rentals properties became investors’ favorite. The reason is that they could make money almost immediately on these properties, which explains the growth of single-family rental homes.
Common housing units in Kansas
Here in Kansas, three and four-bedroom, single-family home units are the most common housing units, actually, these are 72.7% according to neighborhoodscout.com. However, if you are looking for other options, like housing solutions for seniors, you should know that one-bedroom homes are 9.5%. The second place belongs to apartment complexes with 12.1% of all of the common housing units. And the small apartment buildings amount to 6.1%.
Appreciation rate
As you probably know already, real estates are the assets with values that tend to increase over time. And the increase in the value of an asset is called the appreciation rate. According to the neighborhoodscout.com, in the last 5 years, the appreciation rate of the real estate properties in Kansas went up by 26.09%. In the last 2 years, it went up by 10.93%. And actually, in the last month, the appreciation rate went up by 4.73%. Here are some of the highest appreciating cities in Kansas since 2000. Just to give you the picture, since this year, the appreciation rate went up by 70.67%.
- Axtell – this one and the next few might be a good choice if you want to invest in Kansas real estate market
- Severy
- Westmoreland
- Burr Oak
- Linn
- Eskridge
- Frankfort
- Kiowa
- Greensburg
- Rush Center
Recent events
Due to the global pandemic, some things have changed in the real estate market. For example, real estate agents started using virtual staging. But, this might not be the most important change. So, let’s focus on the Kansas real estate market highlights in the last couple of months, according to The Kansas Association of REALTORS. You’ll be able to see that this source records a higher average sales price.
January
January started off on a high note, with strong sales and tight inventories. Comparing to the same period in 2o19, home sales rose by 6.4%. At the end of January, there was only 2.4 months’ supply of housing for sale in Kansas. Also, home prices increased, and the average sale price was around $212,000. Comparing to the last year, the rise of 5.6% was quite close to the rise in the Midwest prices and slightly lower than the rise in prices on the national level.
February
The supply of homes of 2.4 months was the lowest ever. Also, comparing to this time last year, home sales fell by 1.0%. However, home prices increased in the state, and the average price as around $ 211,000, which meant an increase of 10.1% compared to the previous year. And even better, it was more than the national increase of 8%. After the decrease in the last month, mortgage rates starting rising.
March
This was when the shutdowns started, due to the coronavirus pandemic. However, the sales weren’t affected that much by these events. And the reason is that the closings in this month resulted from contracts that weren’t written now, but before. Home prices continued to increase, resulting in $ 225,289 and it was 13.1% of the increase, comparing to the last year.
What’s to come
It will take some time to see the data for the next month and the next period of time. Only then will we be able to see how the Kansas real estate market was affected by the pandemic and how close the forecasts are to the real picture.