Sunflower Association of REALTORS®, Topeka, Kansas (October 26, 2023)
Topeka, KS one of the real estate market areas served by the members of the Sunflower Association of REALTORS®, Inc., was ranked No. 1 on the Fall 2023 Emerging Housing Markets Index issued jointly today by the Wall Street Journal and Realtor.com®. Click here to read the Index. This is the 2nd time Topeka has been included in the index in 2023.
According to information published by The Wall St. Journal and Realtor.com®, “the index analyzes key housing market data, as well as economic vitality and lifestyle metrics, to surface emerging housing markets that offer a high quality of life and are expected to see future home price appreciation. Markets offering lower-cost living, strong employment, and convenient commutes performed best as higher mortgage rates and prices have caused home sales to slow nationwide”
“Topeka’s market is showing no sign of decline and has been listed on the Wall St. Journal and Realtor.com® Emerging Markets Index seven (7) of the last eight (8) years. The cost of living is among the most affordable in the nation; our culture is diverse and inclusive; and the business environment is thriving. All reasons Topeka just might be on the Summer 2024 Index.” Linda Briden, CEO, Sunflower Association of REALTORS®, Inc.
Joining Topeka on The Top 10 Emerging Housing Markets for fall 2023 are:
1. Topeka, KS
2. Elkhart-Goshen, IN
3. Oshkosh-Neenah, WI
4. Fort Wayne, IN
5. Lafayette-West Lafayette, IN
6. Racine, WI
7. Manchester-Nashua, NH
8. Concord, NH
9. Columbus, OH
10. Johnson City, TN
The analysis highlighted the following key trends shared among markets on the list.
- More for less
- Demand outpaces inventory: price growth and dwindling for-sale listings
- Mid-sized markets gain popularity
- Home shoppers are browsing out-of-market
According to the jointly issued report, the index methodology looks at:
The ranking evaluates the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (50%) and economic health and quality of life (50%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall index is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (16.6%), based on average pageviews per property; real estate supply (16.6%), based on median days on market for real estate listings, median listing price trend (16.6%). The economic and quality of life category indicators are: unemployment (6.25%); wages (6.251%); regional price parities (6.25%); the share of foreign born (6.25%); small businesses (6.25%); amenities (6.25%), measured as the average number of stores per specific “everyday splurge” category (coffee, upscale/specialty grocery, home improvement, fitness) per capita in an area; commute (6.25%); and estimated effective real estate taxes (6.25%).
