If you're thinking about buying or selling a home in Wichita, you're probably wondering what's going on in the market right now. Well, here's the short answer: the Wichita housing market is very competitive. It's not quite the wild, bidding-war frenzy we saw a couple of years ago, but it's definitely still a seller's market with homes moving relatively quickly. Let's dive into the details and explore what's shaping the Wichita housing market today.
Current Wichita Housing Market Trends: What's Happening Right Now?
Home Sales
One of the key indicators I always look at is the number of home sales. According to Redfin, in December 2024, we saw 410 homes sold in Wichita, which is a healthy 10.8% increase compared to the 370 homes sold in the same month last year. That shows us that even though things might be feeling a little different than before, people are still actively buying homes in the area. This increase in sales volume suggests that there’s still a good amount of demand out there, which is pretty interesting.
Home Prices
Now, let's talk about the prices, which is something everyone's always curious about! The median sale price for a home in Wichita last month was $205,000. That's a 3.4% increase compared to the same time last year. While that isn't a huge jump, it does tell us that home values are still on the rise, albeit at a slower pace than we've seen in the past.
Another important metric is the price per square foot. Currently, it's sitting at $117, which is a 4% increase compared to last year. This is helpful in understanding the overall cost of housing in Wichita and helps in analyzing the cost on a per unit basis rather than the total home cost. This means that you're paying a bit more for every square foot of home than you were last year. I've found this metric to be especially useful when comparing different neighborhoods or types of properties.
Housing Supply
The Wichita housing market is considered pretty competitive, which is often a sign that the number of homes for sale isn't keeping up with buyer demand. The supply of houses often dictates how quickly they move and how much prices are affected. While I don't have the exact number of houses on the market right now, I know that homes are selling relatively quickly (which I'll explain below) which usually points to a tighter supply. When there aren't many homes to choose from, buyers have less negotiating power, and it’s common for homes to sell faster, sometimes even over the listing price.
Market Trends
Let's dig into some of the more detailed market trends and what they mean for you:
- Days on Market: One thing I watch closely is how long homes stay on the market. In Wichita, the median time a home spends on the market is now 27 days. That's up by 6 days compared to last year. Although an extra six days might not seem like much, it is an indicator that the market is cooling off just a bit and that home buyers may have slightly more options than before, but this is not a buyer's market yet.
- Sale-to-List Price Ratio: This is a useful data point to understand how close homes are selling for their initial listed prices. The sale-to-list price ratio in Wichita is currently 98.4%. That means, on average, homes are selling for just slightly below the listed price which has a 0.8pt increase year-over-year which means this ratio has increased and that buyers are now willing to pay closer to the asking price.
- Homes Sold Above List Price: Another interesting data point is the percentage of homes that are selling above the asking price, which gives you some more insights on the competitive nature of the market. In Wichita, only 23.7% of homes are selling above list price. This is almost a 1-point reduction compared to last year, meaning that a smaller number of homes are going above the asking price and that bidding wars are not as common as they were in the recent past.
- Migration Patterns: One of the unique and interesting things to note about the Wichita market is who is moving in and out. What we've seen recently is that a lot of people are actually moving out of Wichita to places like Milwaukee, Kansas City, and Chicago. At the same time, some people are moving into Wichita from Los Angeles, Seattle, and Denver. This could be due to a range of reasons, from job opportunities to affordability. This data helps you to understand the overall movement of people in relation to Wichita and its impact on the housing market.
Is It a Buyer's or Seller's Housing Market?
So, with all of this information, the big question is: is it a buyer's or seller's market in Wichita? Right now, I'd say it's still leaning towards a seller's market. Although we see some signs of cooling, like the slight increase in days on the market, the fact that homes are still selling relatively fast (within about 27 days) and the median prices continue to be up year over year, indicates that the power is more with the seller than it is with the buyer. This means that as a buyer, you need to be prepared to act quickly when you find a home you like, you must also be prepared to have some competition, and to work with an experienced agent to help navigate through all these factors.
Are Home Prices Dropping?
This is a question that’s on a lot of minds, given the overall chatter about potential price drops across the country. In Wichita, based on the data, we're not seeing prices dropping. In fact, they are still slightly increasing, although at a slower rate. The median sale price is up 3.4% compared to last year. So while the market may be cooling a bit, and some negotiations can be made, a drastic drop in prices is not something I’m expecting in the near future.
Wichita Housing Market Data at a Glance
To make it easier to digest, here's a table summarizing the key data points for the current Wichita housing market:
| Metric | Data (December 2024) | Year-over-Year Change |
|---|---|---|
| Median Sale Price | $205,000 | +3.4% |
| Median Sale Price Per Sq Ft | $117 | +4.0% |
| Homes Sold | 410 | +10.8% |
| Median Days on Market | 27 | +6 days |
| Sale-to-List Price Ratio | 98.4% | +0.8 pt |
| Homes Sold Above List Price | 23.7% | -0.94 pt |
My Thoughts and What it Means for You
As someone who keeps a close eye on real estate trends, I've noticed the Wichita market has been on quite a ride over the past couple of years. While it’s not the frantic, multiple-offer situation like we saw back then, it is still a fairly competitive market. This current trend shows that the Wichita housing market is quite resilient and is undergoing a phase of normalization.
For sellers, this still means you're likely to get a good price for your home, but you may need to be a bit more realistic about your expectations compared to last year. For buyers, it means you still need to come prepared to the table with the financing in place, and be ready to act quickly. It's not a market where you can take your time, but you shouldn’t jump into anything without doing your homework first either. Working with an experienced local real estate agent will also be crucial to help you navigate this competitive environment.
I always advise anyone looking to buy or sell to focus on the long-term when looking at real estate, rather than getting caught up in short-term market changes. It is always best to buy or sell when you are personally ready to, and not just because the timing is favorable. Do your research, and try to choose a home you love, in a location that will work for you and your family for many years to come. The Wichita housing market has its ups and downs, like any other area, but the city has a lot to offer.
Wichita Housing Market Forecast: A Return to the “Old Normal”?
According to recent projections, we're seeing a return to the more predictable market conditions we experienced before the 2008 financial crisis. It seems the wild ride of the past few years might be settling down a bit. It is a seller's market for sure, with home values still projected to rise, but with a steady pace. Let's dive into the details.
What's the “Old Normal” Anyway?
Dr. Stanley Longhofer, director of the WSU Center for Real Estate, calls it a return to the “old normal,” something many of us haven't seen for nearly two decades. This means we're moving away from the dramatic price swings and hyper-competitive bidding wars that have characterized the market recently, and towards more stable conditions. However, that does not mean that it will be easy for buyers to get the house of their dreams anytime soon.
Rising Home Values, but Not Too Fast
Here’s the good news if you’re a homeowner in Wichita: home values are expected to continue climbing. The experts predict a solid 6% average rise in home values over the next year. This might seem like a good thing, and it is, but it’s important to remember that higher home values often lead to higher property taxes and insurance costs. So, while your home’s worth might be going up, so will some of your expenses.
Real estate agent Sean Smith of Keller Williams Signature Partners confirmed this trend, stating that he's already seeing values increasing. It’s a slow but steady climb.
Low Inventory Keeps it a Seller’s Market
While the number of homes for sale has slightly increased in the past 18 months, it's not enough to shift the balance. According to Smith, we’re still deep in seller's market territory, with less than six months of housing inventory available. This low supply creates ongoing competition among buyers, which is a big reason behind the expected home value appreciation.
Wichita Housing Market by Numbers
Let's get down to the specifics. Wichita State University’s latest report provides a clear picture of what's anticipated:
- Home Sales: The report projects that the Wichita area will finish the year with about 9,360 home sales, slightly down from previous years. However, there is expected to be a mild rebound, with around 9,550 home sales predicted for 2025.
- New Construction: New home construction is also expected to remain nearly flat in 2024, at approximately 1,255 units, with a modest increase predicted for 2025, rising to 1,285 units.
- Home Prices: This is where it gets interesting. Although we won't see the double-digit gains of the past, Wichita home prices are still projected to rise significantly, with an 8% increase this year followed by another 7.7% rise in 2025.
| Metric | 2024 Projection | 2025 Projection |
|---|---|---|
| Home Sales | 9,360 units | 9,550 units |
| New Construction | 1,255 units | 1,285 units |
| Home Price Rise | 8% | 7.7% |
My Take on the Wichita Housing Scene
As someone who’s followed the real estate market closely, I think these projections make sense. I've noticed the shift towards a more balanced market – it is not really balanced though, it just seems that way when compared to the previous couple of years. The combination of increased (but still low) inventory, steady demand, and high interest rates are creating this unique situation.
While it's still a sellers' market, things are less frantic. I think buyers still need to be prepared for competition, but not the insane bidding wars of the past. And it looks like sellers can expect to see good appreciation in their home values, though they also need to factor in increased property taxes and insurance costs.
Overall, the Wichita housing market seems to be finding its footing and entering a phase that's more sustainable for everyone in the long run. It's definitely a market to watch closely, but I feel we might just see some stability in the near future.
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