Topeka home prices almost doubled in two decades
TOPEKA (KSNT) - Over the past 10 years alone housing prices have increased by almost 50% in Topeka.
KSNT News looked at housing price data collected by real estate company Zillow in the City of Topeka. The data shows that since 2014 the price of a house in the Capital City has increased by nearly $80,000. Since 2004, homes in Topeka have increased almost 50%.
As of January 2024, the average price of a home in Topeka is $183,992. Two decades ago, a house in the Capital City would've cost $94.095. Zillow started tracking house prices in Topeka in 2000; back then, the average price of a home was $80,580.
While new home buyers are seeing all-time highs, an Emerging Housing Market analysis from 2023 found Topeka in the top spot for its emerging real estate market. The study found the average home in Topeka was listed for $250,000, or 42% less than the national median, according to the report.
Wichita State University's Center for Real Estate publishes a real estate forecast for Topeka each year. In the most recent report, home sales in Topeka continued to slow down throughout the first half of 2023. Rising mortgage rates and limited inventory of homes were cited as primary factors for drops in sales.
The housing forecast predicts housing prices to continue to rise at a steady pace with a 3.1% increase expected for 2024 in Topeka. For the state of Kansas, home sales and home construction have both declined with rising mortgage rates bringing down demand. The forecast predicted a 5.5% price increase for Kansas in 2024.
"Although inventories of homes available for sale have risen over the past year, they still remain far less than they were in 2019 – levels that were already well below the 4 to 6 months’ supply needed for a balanced market. As a result, quality homes continue to sell incredibly quickly, often with multiple offers."
Excerpt from Wichita State University's Center for Real Estate 2024 Topeka Housing Forecast.
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