Wichita Real Estate Climbs Despite Sales Dip: Property Values Peak at $290K by 2024

The real estate market in Wichita, Kansas, experienced various trends from June 2023 to May 2024. Key observations include a general increase in the average value of properties, notable fluctuations in the average sold price, and a consistent rise in the sale price per square foot.

Moreover, while the number of sold homes showed a declining trend, the data underlines Wichita’s active market compared to its neighboring cities.

Key Highlights

Wichita’s real estate landscape in this period is marked by a notable rise in average property values, starting at $245,000 in June 2023 and peaking at $290,000 by April 2024. Although there was a slight decrease to $250,000 by May 2024, the overall trend indicates growth in property values across the city. This trend is a crucial indicator for potential investors and homeowners looking to enter the market, reflecting a growing interest in Wichita’s properties.

• Sale Price Movements. Average sale prices reached a high of $224,279 in January 2024 before declining to $205,819 by May 2024, these movements suggest variability in what buyers are willing to pay for properties over a short period.
• Per Square Foot Value Trends. We observe a consistent increase from $150 in June 2023 to $159 by May 2024. This increment highlights an enhancement in the value buyers perceive in Wichita’s properties, potentially driven by improvements in property features or the city’s overall appeal.
• Comparative Analysis with Nearby Cities. In comparison to nearby cities such as Kechi, Maize, Derby, Haysville, and Valley Center, Wichita generally maintains a more active market, evident from the higher number of properties sold in the city. However, it’s notable that despite the larger market size, the sale price per square foot in cities like Kechi reaches as high as $196 in May 2024, surpassing Wichita’s $159. These comparative figures are essential for understanding the competitive positioning of Wichita within the region.
• Market Activity. The number of properties sold in Wichita peaked at 3,296 in September 2023 and decreased to 1,978 by May 2024. This 40% reduction in home sales might reflect seasonal variations in buying behavior or changes in market conditions influencing sales volume. Nevertheless, the relatively high number of transactions underscores the city’s robust market activity compared to its neighbors.

In conclusion, our latest real estate data from June 2023 to May 2024 provides a comprehensive picture of Wichita’s real estate market. From increasing property values and varying sale prices to competitive positioning against nearby cities, the trends indicate a market that is both evolving and active. Investors and buyers should consider these trends closely while making decisions in the Wichita real estate landscape.