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Wichita Kansas Real Estate & Home Sales Statistics (June 2023 Update)

The future looks promising and the Wichita real estate market seems to be moving in the right direction. At least, that's what the panelists at a Wichita Business Journal BizTalk agreed upon.

Experts concur that Wichita real estate, including residential and commercial properties, has endured the worst of times and is currently anticipating steady growth.

Strong demographic and economic factors, together with increased consumer confidence, point to a prosperous future for Wichita real estate investing.

Urban Cool Homes LPT Realty Releases Home Sales Figures for May 2023

How do the real estate numbers look in Wichita Kansas?

Wichita Real Estate & Home Sales Statistics

MOVING TO WICHITA? CHECK OUR HOMES FOR SALE HERE!

According to Steven Myers, CEO of Urban Cool Homes EXP Realty®, “We are seeing the number of closed listings slightly decrease from the numbers of 2022 down by 11.8%.

But that's still a much better number than what we've been seeing in the previous months as some of them are down by 30%. 

Our active listings are up about 55.9%, so we're seeing over 1090 active listings on the market, which is usually a sign that the market is kind of getting a little bit more healthy.

We still want to be around that six months of inventory and right now we're just sitting at 1.3, an 85.7% increase, so we still have another 1,002,000 houses to hit the market before we're starting to see the swing to a seller or to a buyer's market.

It is still a super heavy sellers' market, but the prices have stabilized. We're still at the $220,000 average price point, which is great, and even though the market's down prices are holding steady and we're gonna keep seeing, seeing that trend kind of continue for the rest of the year.

We are projected to have a 3% increase this year in terms of value, so obviously not the high 10 to 12 to 15% we've seen in previous years, but we'll still see a nice increase and you normally ride on what interest rates do.

So interest rates were projected to kind of fall in May.

However, It went slightly up just with the economic numbers, so we'll see exactly what happens.

So stay tuned and see.

Let's see what June numbers say.

But I have a feeling that June's numbers look pretty good in terms of the market and we'll see what happens as we go into the summer”

Wichita Real Estate & Housing Market Summary:

  • The area has a population of 394,574 residents, with a median age of 35.4. The population consists of 49.54% males and 50.46% females. Among the residents, 89.22% are US-born citizens, while 5.42% are non-US-born citizens. Non-citizens make up 5.36% of the population.

  • A significant portion of the population (315,739 people) currently reside in the same house as they did last year.
  • There are 173,659 housing units in the area, and the median year of construction for these properties is 1973. Out of the 155,184 occupied housing units, 57.84% are owner-occupied, while 42.16% are rented.
  • Regarding housing financing, 62.52% of the units were purchased with mortgages. The median value of a home with a mortgage is $153,700. On average, housing costs amount to $900 per month.

 

Final Thoughts on Wichita, Kansas Real Estate & Home Sale Statistics

The Wichita real estate market is showing signs of improvement and steady growth.

Despite a slight decrease in closed listings compared to the previous year, the market has seen an increase in active listings, indicating a healthier market.

Although it remains a sellers' market, prices have stabilized at an average of $220,000.

The projected increase in property value for the year is 3%, and this will likely be influenced by interest rates.

The market outlook for June appears positive, and experts expect the trend to continue throughout the summer.

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FREQUENTLY ASKED QUESTIONS

What is the real estate trend in Wichita, KS?

The real estate trend in Wichita, KS is currently showing signs of steady growth and improvement. Despite a slight decrease in closed listings compared to the previous year, the market has seen an increase in active listings, indicating a healthier market. Prices have stabilized, and experts project a 3% increase in property values for the year.

What will happen to the US housing market in 2023?

While it's challenging to predict with certainty, experts anticipate a positive outlook for the US housing market in 2023. Factors such as strong demographic and economic conditions, along with increased consumer confidence, suggest a favorable environment for real estate investing. However, it's important to note that market conditions can vary across different regions and cities.

Is Wichita a buyer's market?

Currently, Wichita, KS is still considered a seller's market. However, prices have stabilized, and there are indications of a healthier market with an increase in active listings. The market is gradually moving towards balance, but it may take more time for it to become a buyer's market.

How much does it cost to live in Wichita, KS in 2023?

The cost of living in Wichita, KS in 2023 varies depending on factors such as housing, utilities, transportation, and personal expenses. On average, housing costs in Wichita amount to $900 per month. It's important to note that individual circumstances and lifestyle choices can greatly impact overall living expenses.

Is Wichita a good place to invest in real estate?

Wichita, KS can be a favorable place to invest in real estate. The market is currently showing signs of growth and stability, with prices holding steady and a projected increase in property values. However, it's crucial to conduct thorough research, consider market trends, and consult with local experts to make informed investment decisions.

How is the economy in Wichita, Kansas?

The economy in Wichita, Kansas is generally robust, with diverse sectors contributing to its strength. The city has a significant presence in industries such as aviation, manufacturing, healthcare, and technology. The region's economy benefits from a skilled workforce, a business-friendly environment, and a strong entrepreneurial spirit. However, economic conditions can fluctuate, so it's advisable to stay updated with current trends and indicators.

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