September 2023 Wichita Real Estate Market Update

Hey there, Wichita homebuyers, sellers, and real estate aficionados! Welcome to our September 2023 market update. If you've been keeping an ear to the ground, you've probably heard whispers about rising interest rates and their potential impact on the housing market. Well, we're here to separate fact from fiction and give you the full scoop. From home sales and prices to what the future holds, we've got all the juicy details you need to navigate the Wichita real estate market like a pro!

The Interest Rate Conundrum

Let's kick things off with the topic that's been buzzing around town: "How are the rising interest rates affecting our real estate market?" You might be surprised to know that while there's been an impact, it's more like a soft tap on the shoulder rather than a hard push.

The Nitty-Gritty Numbers 

We've sifted through the MLS data for September, and here's the lowdown:

Home Sales: We saw a 12.6% decrease in home sales last month, with just over 120 homes changing hands. While this may seem like a significant drop, it's essential to remember that this is part of a broader year-over-year trend. So, no sky-is-falling scenarios here!

New Contracts & Listings: These are down too, but only by a smidgen—less than 5%. It's a slight dip, not a nosedive, so let's keep things in perspective.

Home Prices: Now, here's where things get interesting. Despite the slowdown in sales and listings, home prices are still climbing, up 8.6% to an average of over $220,000. If you're a seller, you're still in a prime position to get a great return on your investment.

Average Days on Market: Homes are flying off the shelves, spending an average of just six days on the market. 

What Lies Ahead?

As we look towards October and beyond, we're anticipating another 10-12% drop in sales. But don't fret; this is typical seasonal behavior. Winter is on its way, and the market usually cools down with the weather.

Seasonal Trends vs. Market Health

It's crucial to differentiate between seasonal trends and overall market health. While sales may slow down in winter, this doesn't necessarily indicate a weak market. In fact, we're optimistic that the spring will bring a resurgence of buying and selling activity.

To Sell or Not to Sell?

With interest rates hovering over 8%, you might be pondering whether now is the right time to make a move. If you're ready to sell, the market is still favorable. However, if you're considering waiting until spring, that could also be a strategic move, especially with the potential for higher sales.

Wrapping It Up 

And there you have it, folks—the Wichita real estate market in a nutshell! Despite the rising interest rates and seasonal fluctuations, the market remains robust and full of opportunities. Whether you're looking to sell now or waiting for the spring bloom, rest assured that the market is still in your favor. So, keep your real estate dreams alive and stay tuned for more updates as we head into the winter season. Until then, happy house hunting (or selling)!