NATIONAL SOURCES REPORT TOPEKA HOUSING MARKET VALUE IS NORMAL, 17TH MOST AFFORDABLE IN U.S.
reported in April that the Topeka housing market, which has grown in value by 24.7% since 2019, is in the normal range for American housing markets. Research from CoreLogic, a leading California-based financial, property and consumer information, analytics and business-intelligence firm assessed the health of 400 metropolitan statistical areas, determining that 65% of U.S. regional housing markets are “overvalued.” Overvalued markets include New York, Miami, Seattle, Las Vegas, Arizona, Florida and Texas. Topeka was among the 26% of markets assessed that were identified as “normal” markets, meaning they are not expected to lose value in the coming year.
“This report by CoreLogic 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 show the Topeka housing market is far more affordable than the national average. The 24.7% growth in value we have seen since 2019 is a normal market response to the economic improvement Shawnee County has enjoyed over the past ten years. With GDP rising by $1 billion, poverty down 40%, household wages up 30%, and $150 million in new investment in our downtown core, the value of a home in Topeka has predictably gone up.”
In February, the National Association of Realtors assessed 146 metropolitan statistical areas, looking at affordability and market value. Their data demonstrated that the U.S. housing market has increased in value by 28.7% since 2019, driven by growth in the Northeast (+30.5%) and South (+27.4%). Topeka overperformed the Midwest region, growing at 24.7%, compared to the Midwest’s 22.9% growth.
“Topeka experienced very strong home-value growth in Q4 of 2021,” Mawyin said. “Year over year, the Topeka MSA grew by 18%, well above the national average of 14.6% and significantly better than the Midwest average of 8.6%. Home-value growth in that quarter contributed to the Topeka housing market being ranked third best in the U.S. by Realtor.com.”
The NAR data also ranks Topeka the 17th lowest-priced housing market in the United States, with a median sale price of $175,400. Housing prices in Topeka come in lower than peer cities like Wichita, Kan. ($191,200); Lincoln, Neb. ($245,100); and Kansas City, Kan./Mo. ($279,200).
“Topeka continues to be an excellent value,” said Linda Briden, CEO of the Sunflower Association of Realtors. “Our housing market in Shawnee County is hotter than ever. Our mix of accessible price points, amenities, schools and quality of life is attracting people from across the country. We look forward to working with our community partners to address housing supply so we can ensure the inventory continues to be available to meet this historic demand.”
“With cities around the country worried about another housing bubble, it’s encouraging to see the Topeka market forecasted to remain stable and healthy,” said Matt Pivarnik, CEO of the Greater Topeka Partnership. “We have been a historically undervalued market, so our growth now is occurring at the right time. We are positioned to thrive in the coming years, and this data reinforces what I’ve always said — if you don’t live and work in Topeka, you’re missing out!”