Based on the current trends, the Wichita housing market is expected to remain strong in the near future. With a growing economy, a job market that is adding jobs, and a low inventory of homes, Wichita is a desirable place to live. This is likely to continue to put upward pressure on home prices and keep the market competitive.
How is the Wichita housing market doing currently?
The Wichita housing market is strong! With a median sale price of $220,000 (Redfin) in November 2023, Wichita offers a more affordable option compared to the national average. Homes are selling quickly, typically in just 15 days and often for 2% below the list price. This indicates a competitive market with high demand and limited inventory.
If you’re considering buying a home in Wichita, here’s what you need to know:
Hot Seller’s Market:
Wichita’s housing market is currently a seller’s market, meaning there are more buyers than available homes. This gives sellers the upper hand in negotiations and allows them to receive offers close to or above their asking price.
Fast-Moving Market:
Homes in Wichita are selling fast, with an average of only 15 days on the market. This means that if you see a home you like, you need to act quickly before it’s gone.
Competitive Prices:
Homes in Wichita are typically selling for 2% below the list price. This is good news for buyers, as it means you may be able to snag a bargain. However, it’s important to be prepared to compete with other buyers, especially for desirable properties.
Affordable Market:
Compared to the national average, Wichita’s housing market is more affordable. This makes it a great option for first-time homebuyers or those looking for a more affordable place to live. Whether you’re a first-time homebuyer, a growing family, or a retiree looking for a slower pace of life, Wichita has a variety of neighborhoods and homes to choose from. With its strong job market, growing economy, and vibrant culture, Wichita is a great place to call home.
Wichita Housing Market Forecast for 2024
Home Sales Projection
Weaker demand and tight inventories are hindering sales growth in the Wichita area. The forecast suggests a year-end decrease of 10.4%, resulting in 9,470 units sold. Looking ahead to 2024, sales are anticipated to continue declining to 9,390 units.
Construction Outlook
New home construction activity in Wichita is expected to experience a 7.2% decline this year, with 1,255 new single-family permits projected. However, there is optimism for 2024, with an anticipated 8.8% increase in permitting activity to reach 1,365 units, contingent on mortgage rates falling as expected.
Home Price Trends
Despite limited inventory, Wichita home prices are projected to continue appreciating at a more typical rate. The forecast indicates a 4.2% increase in home values for the current year, followed by another 3.4% rise in 2024.
Note: The forecast is based on the analysis conducted by the Wichita State University Center for Real Estate.
It is always important to remember that the housing market is cyclical and can change quickly. It is impossible to predict the future with certainty, so it is important to do your own research and speak with a qualified real estate professional before making any decisions about buying or selling a home in Wichita.
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Kansas City Housing Market: Prices, Trends, Forecast
References:
- https://www.redfin.com/city/19878/KS/Wichita/housing-market
- https://www.realtor.com/realestateandhomes-search/Wichita_KS/overview
- https://www.wichita.edu/about/wsunews-releases/2023/09-sept/realestate_3.php
