TOPEKA, Kan. (WIBW) – National sources have listed Topeka’s housing market as the 17th most affordable in the nation.
Research of CoreLogic, a California-based financial intelligence, real estate, and consumer analytics firm, analyzed the health of 400 metropolitan statistical areas to find that 65% of U.S. regional real estate markets are “overvalued.” Overvalued markets include New York, Miami, Seattle, Las Vegas, Arizona, Florida and Texas.
GTP said Topeka was among the 26% of markets assessed that were found to be “normal” markets, meaning they are not expected to decline in value over the coming year.
“This CoreLogic report reinforces our own research,” said Freddy Mawyin, senior economic advisor for GO Topeka and the Greater Topeka Partnership. “Data from the National Association of Realtors consistently shows that Topeka’s housing market is significantly more affordable than the national average. The 24.7% growth in value we’ve seen since 2019 is a normal market response to Shawnee County’s economic improvement over the past 10 years, with GDP up $1 billion, poverty down 40%, household wages up 30% and $150 million in new investments in our downtown area, the value of a home in Topeka has increased predictably.
In February, GTP noted the The National Association of Realtors rated 146 metro statistics to examine affordability and market value. This data revealed that the value of the US real estate market had increased by 28.7% since 2019, led by growth in the Northeast at 30.5% and the South at 27.4%.
GTP said Topeka outperformed in the Midwest region at 24.7% while the rest of the Midwest growth plateaued at 22.9%.
“Topeka saw very strong home value growth in the fourth quarter of 2021,” Mawyin said. “Year-over-year, Topeka MSA grew 18%, well above the national average of 14.6% and significantly better than the Midwest average of 8.6%. Growth in home values this quarter helped Topeka’s real estate market rank third in the United States by real estate agent.com.”
RAN data also ranked Topeka as the 17th cheapest housing market in the United States with a median sale price of $175,400. Prices in Topeka are lower than comparable cities like Wichita at $191,200, Lincoln, Neb., at $245,100 and Kansas City at $279,200.
“Topeka continues to be excellent value,” said Linda Briden, CEO of the Sunflower Association of Realtors. “Our housing market in Shawnee County is hotter than ever. Our combination of affordable prices, amenities, schools and quality of life attracts people from across the country. We look forward to working with our community partners to meet housing supply so we can ensure inventory continues to be available to meet this historic demand.
“As cities across the country worry about another housing bubble, it’s encouraging to see that Topeka’s market is expected to remain stable and healthy,” said Matt Pivarnik, CEO of the Greater Topeka Partnership. “We have been a historically undervalued market, so our growth is now happening at the right time. We are positioned to thrive in the years to come, and this data reinforces what I have always said: if you don’t live and don’t work in Topeka, you’re missing out!
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