We first covered Wichita, Kansas in November 2020 and at that time the real estate experienced zero signs of slowing down - amidst the pandemic. This holds true as we update this market series. This means that more and more people are looking for homes in this peaceful Midwest City.
As 2021 approaches its 3rd quarter, it's time to move forward with Wichita's real estate trends.
Quick Facts
- 319,352 June 2021 population
- The cost of living is 89. It is higher than Kansas (88) and lower than the national average (100).
- Wichita's median home prices dropped from $246,717 to $136.3K-$184.9K.
- According to Realtor.com, the average price per square foot is $98.
- The city is currently a strong seller's market.
Wichita, KS, in a Nutshell
Besides being known as the "Air Capital of the World," Wichita, KS, offers many good things. From a good patch of history in its community to its comfort in living.
Sought-After Neighborhood
Realtor.com suggests buying or renting a house in these places:
- College Hill
- South Central
- Southwest Wichita
As of writing, there are 1726 homes for sale and 270 homes for rent. The median listing price around the area is $79.9K to $239.9K.
Weather
Wichita's average weather is 25F to 93F and is rarely below 10F or above 103F. The summers are usually hot, humid, and mostly clear. Meanwhile, the winters are freezing, windy, and partly cloudy.
Industry
While the city is known for aircraft manufacturing, the overall employment comprises office workers, sales jobs, management support. Moreover, the city is a magnet for young, single, and upwardly mobile career starters.
Public Schools
There are over 128 public schools in the city. Some of the best public schools around the city are:
- Bostic Traditional Magnet Elementary School
- Andover Middle School
- Eisenhower High School
In addition, there are 27 private and charter schools.
Transportation
Wichita's transportation has changed from convenient commuting to car ownership. To clarify, most people (86.22%) now in the city drive their cars, and only a few people use public transportation.
Real Estate Condition in Wichita, KS
(Data from June 2021)
Buyers may need patience when looking for a home in Kansas. Since April 2021, houses are sold within 12-24 hours, making the city's real estate condition a seller's market. But, it also means there is a significant change in the housing inventory.
After the height of the pandemic, Wichita, KS, experienced a low inventory. The reason behind this is the slow house construction issue all across America. Due to this, housing construction went up 50% higher than the average costs. As a result, there are a few listed new homes for sale.
That is to say, houses are either pending, sold - or just simply outdated. Thus, working with a pre-qualified lender has become the new norm in Wichita, KS, to find the best house in a tight market.
Home Values in Wichita, KS
In November 2020, the median home price for real estate was $246,717. Then, in May 2021, the median home price went down around $136,314K to $184.9K. This is lower than the national average. So, the number of people who want to move to Wichita is continually growing. Furthermore, the number of days in the market is only 29 days, which is faster than the previous months and years in Wichita.
Housing Market
Homeowners still dominate the real estate trend in Wichita, KS. Around 58.0% of the population owns a home, and only 42.0% are renters. The remaining 10.9% is vacant. In addition, renters pay $1,027 per month on average.
There's nothing much changed in the styles of homes in Wichita from November 2020. The majority of the homes for sale were built in 1970-1999. Only 14.4% are homes above the 2000s. This - in fact - relates to the slow construction problems mentioned above.
Types of Homes:
- Single-Family - 67.9%
- Apt. Complexes - 16.8%
- Small Apt. Buildings - 9.0%
- Townhomes - 3.5%
- Mobile Homes - 2.8%
Final Thoughts
The market has shifted from the last time Wichita was covered. The market is paving its way to regaining the number of houses, buyers, and sellers to make a balanced market.
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