Wichita weekly real estate update
Real estate platform
ZeroDowncompiled major statistics for the Wichita, KS metro area real estate market for the four weeks ended June 19, 2022.
Wichita weekly real estate update
Updated
This past Wednesday, the Federal Reserve raised interest rates by half a percentage point, in effort to curtail the current rate of inflation, which as of March 2022 is up 8.5% year over year. This marks the first time in more than 20 years that the Fed has raised interest rates to such a degree, and it follows swiftly on the heels of a quarter-percentage point raise this past March.
While this move exhibits a measure of confidence in the job market, it nonetheless marks a growing concern over a continually rising cost of living. As to how this rate hike will affect potential homebuyers, the effects of the Fed’s March rate increase are already being felt, and the expectation is that those effects will only strengthen as 2022’s homebuying season progresses. The Mortgage Banker’s Association reported on May 4, that mortgage applications were up slightly (2.5%) over last week; however, this was based on survey data for the week ending April 29, well in advance of the Fed’s announcement. With the average 30-year fixed mortgage interest rate at 5.48%—up from 5.37% last week and still the highest since 2009—it is anticipated that application rates will drop in the coming weeks, continuing a downward trend in both new and existing home sales since March of last year.
To help you stay current on the market, ZeroDown compiled a weekly real estate market report in Wichita, KS metro area using data from Redfin. Statistics are as of the four weeks ending May 1, 2022. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.
Median sales price
Updated
Wichita, KS metro area:
- Median sales price: $210,312
- One-year change: +6.3%
Metros with highest median sales price
#1. San Francisco, CA metro area: $1.7 million
#2. San Jose, CA metro area: $1.6 million
#3. Santa Cruz, CA metro area: $1.3 million
Metros with lowest median sales price
#1. Cumberland, MD metro area: $111,312
#2. Davenport, IA metro area: $120,125
#3. Peoria, IL metro area: $120,238
Median sales price per square foot
Updated
Wichita, KS metro area:
- Median sales price per square foot: $110
- One-year change: +12.7%
Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,126
#2. San Jose, CA metro area: $948
#3. Kahului, HI metro area: $938
Metros with lowest median sales price per square foot
#1. Carbondale, IL metro area: $71
#2. Cumberland, MD metro area: $76
#3. Peoria, IL metro area: $84
Sales to list price ratio
Updated
Wichita, KS metro area:
- Average sales to list price ratio: 1.03
- One-year change: +0.02
Metros with highest sales to list price ratio
#1. Oakland, CA metro area: 1.15
#2. San Jose, CA metro area: 1.14
#3. San Francisco, CA metro area: 1.13
Metros with lowest sales to list price ratio
#1. Carbondale, IL metro area: 0.96
#2. Cape Girardeau, MO metro area: 0.97
#3. Beaumont, TX metro area: 0.97
Homes sold with price drops
Updated
Wichita, KS metro area:
- Homes sold with price drops: 4.6%
- One-year change: +4.6%
Metros with most homes sold with price drops
#1. New York, NY metro area: 28.5%
#2. Utica, NY metro area: 28.5%
#3. Kingston, NY metro area: 26.8%
Metros with least homes sold with price drop
#1. Carbondale, IL metro area: 0.0%
#2. Lake Charles, LA metro area: 0.0%
#3. Davenport, IA metro area: 0.0%
Off market in two weeks
Updated
Wichita, KS metro area:
- Off market in two weeks: 81.2%
- One-year change: +77.1%
Metros with the most homes off market in two weeks
#1. Rochester, NY metro area: 89.9%
#2. Seattle, WA metro area: 88.9%
#3. Olympia, WA metro area: 88.7%
Metros with the least homes off market in two weeks
#1. Morristown, TN metro area: 0.0%
#2. Urban Honolulu, HI metro area: 4.0%
#3. Appleton, WI metro area: 4.7%
Months of supply
Updated
Wichita, KS metro area:
- Months of supply: 3.6 months
- One-year change: -8.0 months
Metros with the most months of supply
#1. Atlantic City, NJ metro area: 18.1 months
#2. New York, NY metro area: 17.7 months
#3. Beaumont, TX metro area: 16.2 months
Metros with least months of supply
#1. Lewiston, ME metro area: 2.7 months
#2. Portland, ME metro area: 2.9 months
#3. Seattle, WA metro area: 3.3 months
This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.
Median sales price
Updated
Wichita, KS metro area:
- Median sales price: $227,000
- One-year change: +9.4%
Metros with highest median sales price
#1. San Francisco, CA metro area: $1.7 million
#2. San Jose, CA metro area: $1.6 million
#3. Santa Cruz, CA metro area: $1.3 million
Metros with lowest median sales price
#1. Saginaw, MI metro area: $118,475
#2. Carbondale, IL metro area: $127,150
#3. Cumberland, MD metro area: $127,825
Median sales price per square foot
Updated
Wichita, KS metro area:
- Median sales price per square foot: $114
- One-year change: +13.0%
Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,106
#2. San Jose, CA metro area: $974
#3. Kahului, HI metro area: $934
Metros with lowest median sales price per square foot
#1. Carbondale, IL metro area: $79
#2. Cumberland, MD metro area: $87
#3. Peoria, IL metro area: $87
Sales to list price ratio
Updated
Wichita, KS metro area:
- Average sales to list price ratio: 1.03
- One-year change: +0.02
Metros with highest sales to list price ratio
#1. Rochester, NY metro area: 1.15
#2. Oakland, CA metro area: 1.14
#3. San Jose, CA metro area: 1.13
Metros with lowest sales to list price ratio
#1. Carbondale, IL metro area: 0.97
#2. Utica, NY metro area: 0.97
#3. Gadsden, AL metro area: 0.97
Homes sold with price drops
Updated
Wichita, KS metro area:
- Homes sold with price drops: 5.4%
- One-year change: +5.4%
Metros with most homes sold with price drops
#1. The Villages, FL metro area: 28.0%
#2. Beaumont, TX metro area: 27.9%
#3. New York, NY metro area: 26.6%
Metros with least homes sold with price drop
#1. Carbondale, IL metro area: 0.0%
#2. Springfield, IL metro area: 0.0%
#3. Hanford, CA metro area: 0.0%
Off market in two weeks
Updated
Wichita, KS metro area:
- Off market in two weeks: 80.6%
- One-year change: +77.4%
Metros with the most homes off market in two weeks
#1. Rochester, NY metro area: 88.0%
#2. Olympia, WA metro area: 87.8%
#3. Seattle, WA metro area: 87.3%
Metros with the least homes off market in two weeks
#1. Oshkosh, WI metro area: 1.9%
#2. Urban Honolulu, HI metro area: 2.7%
#3. Morristown, TN metro area: 3.1%
Months of supply
Updated
Wichita, KS metro area:
- Months of supply: 3.8 months
- One-year change: -7.5 months
Metros with the most months of supply
#1. Brownsville, TX metro area: 35.7 months
#2. New York, NY metro area: 19.4 months
#3. Atlantic City, NJ metro area: 18.4 months
Metros with least months of supply
#1. Portland, ME metro area: 3.2 months
#2. Lewiston, ME metro area: 3.6 months
#3. Jacksonville, NC metro area: 3.7 months
This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.
Originally published on zerodown.com, part of the TownNews Content Exchange.
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