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July 27, 2024

Topeka, KS - Real Estate Market Overview 2024

Zoe Harper

Marketing

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Topeka, Kansas, is on the rise in real estate. Home prices jumped an impressive 24.4% from last year. As of June 2024, the median house sold for $170,000. This is much lower—45% to be exact—than the national average.

¹This makes Topeka very appealing to people looking to buy a home or invest. The cost of living here is 14% less than what most Americans pay. Houses don't stay for sale long, usually only 20 days. This shows how strong the demand is.

Thanks to its affordability and potential for growth, Topeka is becoming a hot spot for real estate investment¹.

Key Takeaways

Topeka experienced a 24.4% surge in home prices year-over-year with a median sale price of $170,000¹.
The median sale price in Topeka remains significantly lower than the national average by 45%¹.
Homes typically spend an average of 20 days on the market, indicating high demand¹.
The cost of living in Topeka is 14% below the national average, making it an attractive place to live and invest¹.
Topeka offers a stable and growing real estate market, appealing to both homeowners and investors.

Current Housing Market Trends in Topeka, KS

In recent years, Topeka's housing market has been growing steadily. The median sale price rose by 5.3% in June 2024 compared to last year. This shows a strong and consistent upward trend. In December 2024, the average price for houses reached $135,172². This highlights the ongoing interest and demand among buyers.

Market Growth and Price Changes

The real estate market in Topeka has been strong, with increases seen every year. By July 2024, gathered data confirmed the accuracy of this upward trend, though it's not officially verified³. The lowest prices were seen in August 2025 at $134,545². But by October 2027, prices had jumped to $149,929². This shows the market in Topeka is not just growing, but thriving.

Inventory Levels and Home Sales

Topeka's property inventory has stayed stable, without big ups and downs. The count of homes on the market has been consistent. This has helped keep the real estate market balanced. But, there was a small drop in sales, from 174 houses last year to 168 this year³. Despite this slight dip, the demand and market activity in Topeka remain high. The ongoing growth and stable supply of homes make Topeka a confident choice for buyers and sellers.

House Prices in Topeka, KS

In Topeka, house prices have gone up a lot. The median list price jumped 46.7% to $220,000 over a year⁴. This big rise shows the market is strong, with lots of people wanting to buy homes there.

Median List Prices and Changes Over Time

Home prices in Topeka have risen over time. Recently, the median sales price hit $212,000 in May⁴. With prices still competitive, Topeka's market is more appealing to buyers compared to the national average¹.

Price Trends by Bedroom Count

The prices of houses in Topek vary by the number of bedrooms. Especially, homes with five or more bedrooms have seen their values go up a lot. This increase helps families looking for bigger homes and investors in larger properties. It shows how flexible and growing Topeka's market is¹.

Comparative Analysis with Nearby Cities

Compared to nearby places, Topeka's housing market has seen faster price growth⁴. Even with prices going up, the number of houses for sale has stayed the same. This balance makes Topeka an appealing place for buyers and investors alike⁴.

Competitive Landscape of the Topeka Housing Market

In Topeka, the real estate scene is hot, with buyers racing to make offers on homes. Sellers often see multiple bids, pushing prices up. Some homes even get snapped up in a week. As of April 2024, the median home price hit $175,000, showing how much people want to live here ⁵.

Across Kansas, the average home price climbed to $266,500 in April 2024, up by 5.1% from last year⁵. That month, sales rose to 8,728 homes, a 6.5% increase. Homes in Kansas are also selling fast, usually in about 22 days⁵.

Things like jobs and more people moving to the area affect Topeka's and Kansas's housing markets. Kansas's economy grew by 9.7% in the third quarter of 2023, the best in the country⁵. Also, the state's older population has grown by 33.7% from 2010 to 2022⁵.

Topeka's housing market reflects larger trends in Kansas. Demand is high, and homes are getting more expensive. The National Association of Realtors expects U.S. home prices to rise by 15 to 25% in the next five years⁵. This fits with the busy market in Topeka.

Transformation in Topeka's Housing Market

Topeka, KS has recently transformed its housing market. On July 21, 2020, a detailed Citywide Housing Market Study was adopted. It's the first in-depth look at Topeka's affordable housing in 30 years⁶. A steering committee of 12 members, including folks from Pioneer Group and Capitol Federal, led this study. They explored important housing questions⁶.

In Topeka, homes are more affordable than in many other places. The median sale price is $170,000, which is 45% lower than the national average¹. This makes Topeka attractive to buyers and investors. Currently, the median list price for homes is $216,928. This shows positive market trends¹. Also, homes in Topeka sell fast, staying on the market for just 20 days on average. This indicates a high demand¹.

The Implementation Plan 2021 was launched on December 8, 2020, by the Topeka Governing Body⁶. It targets housing issues from the earlier study with actionable steps. Topeka's stable population, diverse economy, and solid job market attract real estate investors¹. Compared to bigger cities, Topeka's market offers sustainable investment opportunities.

In February 2024, 105 homes were sold in Topeka, a slight drop from 126 the year before. Yet, the average home value rose by 6.5% last year¹. This growth highlights the market's constant appreciation. Investors are also encouraged by growth forecasts. These predict increases between 0.5% and 2.1% from March 31, 2024, to February 28, 2025¹.

In conclusion, Topeka's real estate looks promising for growth and offers great opportunities for investment. This is due to its affordable homes, strong demand, and well-planned market strategies.

Future Market Outlook for Topeka

Topeka's housing market looks bright. Many factors make investors and potential homeowners confident. Topeka, Kansas, is ranked as the top emerging market in America, according to the WSJ/Realtor.com® Fall 2023 Emerging Housing Markets Index. This shows strong growth potential for Topeka⁷.

Market Projections for 2024 and 2025

For 2024 and 2025, the outlook for Topeka remains bright, with property values expected to grow. The city's average price increase was 19%. This is way above the national average of 9.5% for the year ending in September 2023⁷. It shows Topeka's growing appeal.

Topeka's median listing price was $250,000 in September. That's 42% less than the national median, making it a great choice for buyers. It also promises good growth for sellers. Home prices in Topeka have gone up by 8.7% over the last year⁷.

Factors Influencing Future Trends

Many important factors will shape Topeka's housing trends. Economic stability and the job market will have big impacts. The unemployment rate here is 3.2%, better than the national average⁷. Topeka's strong economy and job market mean good things for real estate.

Interest rates and who's moving to Topeka matter too. Homes here sell in 30 days on average. That's 18 days faster than the rest of the country, showing a lot of demand⁷. Also, 71.1% of Topeka's home views come from outside the metro area. This shows widespread interest and suggests a bright future for Topeka's market⁷.

The way these top markets are ranked takes into account real estate and quality of life. This thorough approach provides a strong basis for predicting Topeka's market future⁷.

Supply and Demand Dynamics in Topeka

It's essential to grasp supply and demand in Topeka's housing market. The market is stable, thanks to a well-balanced housing supply and consistent demand. Even with some swings in home sales, Topeka saw 1,361 homes sold recently. This shows more activity when compared to nearby cities like Meriden and Grantville, which lack sales data⁸.

While Topeka's inventory levels have had some ups and downs, demand stays strong. The value of properties in Topeka rose to $225,000 in May 2024 from $242,980 in June 2023⁸. The cost per square foot also increased, reaching $120 in May 2024 from $107 in June 2023⁸. This growth points to a vigorous market. Additionally, homes in Topeka tend to sell for less than the listing price. This shows ongoing interest from buyers and a dynamic bidding scene⁸.

Topeka's property costs are competitive compared to nearby areas. For example, Silver Lake's property value is at $249,900 with a cost per square foot of $95. Auburn's, however, are much higher at $499,900 and $160 respectively⁸. These differences highlight a strong market with varied investment chances, strengthening Topeka's local market stance.

A mix of different job sectors and a low unemployment rate are key. They balance supply and demand well. A varied job market lowers risks during economic slow-downs, keeping demand steady. Topeka's strong job market reflects in its unemployment rates, supporting the demand for real estate further⁹.

Median Days on Market in Topeka

The real estate scene in Topeka is changing fast, thanks to more people wanting to buy. Before, houses in Topeka would sit waiting for buyers for a long time. Now, they're selling quicker, showing the market's¹ strength.

Historical Trends and Current Statistics

On average, homes in Topeka are now listed for 20 days, a slight rise from last year's 19 days¹. This tiny bump in days on the market points to subtle shifts in the housing scene. The most sought-after homes can sell near their asking price and may only last 7 days before a sale is agreed¹.

Homes tend to go pending - meaning a sale is close - within about 15 days¹. This swift pace is different from the past, showing Topeka's real estate market is evolving.

It's key for both home buyers and sellers in Topeka to understand the median days on market. It sheds light on how lively the market is and aids in making wise property decisions.

Economic Factors Impacting Topeka Real Estate

Exploring the economic elements that affect Topeka real estate shows a complex market. It's shaped by a variety of factors. The stable jobs and diverse economy form Topeka’s housing backbone.

Job Market and Economic Stability

The real estate scene in Topeka shines due to its strong economic roots. Key sectors like government, healthcare, and education provide many jobs. This keeps the city's economy steady and helps the job growth housing market¹⁰.

Kansas focuses more on Mining, Manufacturing, and Construction than the rest of the US¹¹. Though there are some economic differences, the overall stability leads to a steady need for homes.

Population Growth and Demographics

Topeka’s population trends are vital to its real estate market. A constant population size and makeup keep housing demand steady. Kansas stands out with a lower poverty level, higher buying power, more high school grads, and more college-ed people than the average¹¹.

These demographic factors make Topeka’s housing market appealing. Plus, the mix of job options and life quality keeps people coming and staying¹⁰.

Investment Opportunities in Topeka

Topeka's real estate is attractive due to its affordable, family-friendly areas and growth. It offers many benefits, especially from the busy rental market and the chance for properties to increase in value.

Rental Market Size and Growth

The rental market in Topeka is large and growing steadily. A stable population keeps rental demand high. This is important for investors¹.

Topeka's cost of living is low. This makes it easier to make money and get a good return on your investment¹. Jobs in healthcare, education, and government support this demand. They ensure a steady income from rentals¹⁰.

Potential for Property Appreciation

Property in Topeka is also a good choice because its value tends to go up. Prices rose by 24.4% in the past year, as of February 2024¹. Areas like College Hill and Westboro are popular and likely to appreciate¹⁰.

Oakland and Indian Hills are quieter but still offer good investment chances¹⁰. Focusing on these areas can lead to benefits as property values rise.

Looking into Topeka for investment? Note the exciting rental market and the chance for property growth. You can find out more about Topeka's neighborhoods and how to invest smartly here. This guide gives you all the details to make the most of your investment¹.

Challenges Facing Topeka Real Estate Market

The Topeka real estate market faces big challenges. Inventory shortages make it tough for buyers and sellers. With fewer homes on the market, competition has gotten fierce. This shortage means higher prices and bidding wars, making it hard for first-timers to buy a home.

Inventory Shortages and Buyer Competition

Topeka’s housing shortage is a big problem for those wanting to buy a home. The city is growing, but there aren’t enough houses for everyone. This makes finding the right house tough, especially in popular areas. Plus, industrial parks have less than 1% vacancy, showing how scarce properties are¹².

Economic and Policy Uncertainties

Economic and policy uncertainties complicate things further in Topeka. Changes in the economy can shake up the real estate market. For example, construction costs have doubled, affecting commercial real estate. Also, Topeka’s low unemployment is good, but sudden job changes can upset the market¹². Policy shifts might affect loans, property taxes, and more.

Despite these challenges, Topeka’s housing market is still among the best in the U.S. since 2019. It offers great quality of life. But, inventory shortages, uncertain markets, and economic issues continue to challenge everyone¹³.

Topeka Neighborhoods and Communities

Topeka has many unique areas to live, each offering something special. Topeka neighborhoods like Westboro and Elmont boast big homes from the 1920s and 1930s. Terra Heights and College Hill have historic homes, all in the Topeka Public Schools district¹⁴.

The Topeka Metropolitan Statistical Area covers several counties, giving lots of real estate choices. Places like the Indian Hills community offer great amenities. For example, Sherwood Estates has access to a big water center, both in the Auburn Washburn Schools¹⁴. Sterling Chase has new houses on big plots within the Seaman Public Schools district¹⁴.

Prairie Trace offers new, budget-friendly homes with a neighborhood pool and close to nature. It's perfect for families who love outdoor activities, and it's in both the Topeka Public Schools and Auburn Washburn School Districts¹⁴. The Kansas Avenue Lofts and Jackson Street Lofts mix modern with history. They are in downtown Topeka and in the historic list, all within the Topeka Public Schools district¹⁴.

Potwin Place has charming Victorian homes. It's for those who love tradition with a modern touch, in the Topeka Public Schools district¹⁴. Oakland celebrates a long Mexican Fiesta history. It has local shops and eateries, also in the Topeka Public Schools district¹⁴.

For more choices, look at community profiles online. Find anything from historic homes in Holliday Park to modern Fox Lofts with covered parking. All these options are within the Topeka Public Schools district¹⁴.

Conclusion

The Topeka real estate market shines with potential for everyone. Home values have climbed nicely, from about $170,000 in April 2023 to almost $217,000 by March 2024¹⁵. This shows a market that’s both active and welcoming for people.

Despite challenges like high interest rates and not many homes for sale, sellers are seeing good times. The price for each square foot has edged up from $111 to $112¹⁵. Also, home prices rose by 2.9% in January 2024, proving the area's strength¹⁵. For a deep dive into the numbers, check out houzeo.com’s blog on Kansas real.

Looking ahead, things seem bright for Topeka's real estate. Experts think mortgage rates will stay stable, and more homes will be built. This is good news for both buyers and sellers. With over $2 million going to help the homeless and others in need, Topeka shows its commitment to its people¹⁶. All these points make Topeka an attractive spot in Kansas for buying or investing in property.

FAQ

What is the current trend in Topeka housing market prices?

As of June 2024, Topeka, Kansas, home prices went up by 5.3% compared to last year. The median sale price now stands at $179K.

How long do homes typically stay on the market in Topeka?

Homes in Topeka are selling faster now than before. On average, homes now spend 48.8% less time on the market than they did last year.

How competitive is the real estate market in Topeka?

Topeka's housing market is very competitive. Houses are sold quickly, sometimes in a week, and often for more than the asking price.

How does the real estate market in Topeka compare to nearby cities?

Topeka's market is doing better than nearby areas like Topeka Township and Tecumseh. Median home prices in Topeka have jumped by 46.7% to $220,000, a sign of strong growth.

What factors are influencing the Topeka real estate market?

Economic stability and job trends are big factors. Along with interest rates and population changes, they are making Topeka a market to watch in 2024 and 2025.

Are there good investment opportunities in the Topeka real estate market?

Yes, Topeka is a great place for investment. It has a solid rental market and a stable economy. Plus, there is a good chance for property values to go up.

What are some challenges facing the Topeka real estate market?

Right now, not enough homes are for sale, and lots of people want to buy. Uncertainties in the economy and policies could also make the market less stable.