Unexpected Increase in Properties in Wichita

Recently, Wichita State University conducted a study on the city’s real estate market, analyzing its behavior since last year and what can be expected for the next year.

The data from the study indicates that so far this year, housing prices have increased more than expected, and according to the analyzed parameters, it appears that prices are likely to rise much more by 2025.

The results of the study, according to experts, are due to the fact that the city of Wichita has a very limited inventory of houses, which causes property prices to increase steadily.

One of the most anticipated consequences of this increase in housing prices is that these high prices are accompanied by higher property taxes and insurance, which may deter people from buying a house now.

However, real estate agents view these predictions positively, stating that this housing shortage or low inventory continues to drive competition among buyers, even in the face of relatively high interest rates.

The projected increase in housing prices for the city of Wichita, according to the university study, is approximately 8%, a higher average than expected, according to previous studies, and well above historical averages for the city and the state of Kansas.

According to the city’s real estate agents, this price growth in housing values is a consequence of the decrease in mortgage rates that have fallen since last year and remain stable.

Another determining factor for the rise in house prices was the decline in the construction of new single-family homes. However, with the decrease in rates, the construction market is expected to improve in 2025.

All these factors have triggered an excessive demand for housing in Wichita, and agents believe that new homes will not meet the city’s excessive demand due to the high costs of construction materials, which will cause new housing projects to be sold to the population at exorbitant prices.

Another important point discussed in the study is the caution with which buyers now search for their homes. The high costs generated when buying a house cause them to even pass up good offers or opportunities, considering that mortgage credit rates or high prices do not favor them.

Despite everything, the study highlights that Wichita’s real estate market is stabilizing, and if mortgage rates can be reduced further, a healthy market with low inflation can be established.

Available Foreclosures: 

Wichita: 15 homes available.

By Elias DaSilva | October 8, 2024.