Topeka, KS, one of the real estate market areas served by members of the Sunflower Association of REALTORS®, Inc. was ranked No. 7 on the Summer 2023 Emerging Housing Markets Index issued jointly today by The Wall Street Journal and Realtor.com®. This is the 2nd time that Topeka has been on the WSJ “emerging market” list in 2023 and the 4th time since October of 2021.

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.” Joining Topeka on The Top 10 Emerging Housing Markets for summer 2023 are:

1. Lafayette-West Lafayette, Ind.
2. Fort Wayne, Ind.
3. Elkhart-Goshen, Ind.
4. Bloomington, Ill.
5. Sioux City, Iowa-Neb.-S.D.
6. Columbus, Ohio
7. Topeka, Kan.
8. Johnson City, Tenn.
9. South Bend-Mishawaka, Ind.
10. Kingsport-Bristol-Bristol, Tenn.-Va.

The analysis highlighted the following key trends shared among markets on the list.

Emerging markets offer lower cost of living - Home prices have begun to ease nationally, falling 0.9% in June. However, the cost of purchasing a home continues to strain many buyers. Similar to previous quarters, Summer 2023’s emerging markets continue to lean heavily on affordability. Home list prices in all but four of the top 20 markets are lower than the median-priced U.S. home for sale, which was $445,000 in June.

- Sustained demand drives high price growth, quick market pace - The median price of the typical home for sale is just slightly lower than last June. While the national market has slowed, this quarter’s emerging markets have continued to attract attention due to their affordability and desirability, which has kept price growth strong. The average increase in listing price was 25% among the top 20 markets compared to 8.9% nationally for the 12 months ending in June 2023.

- Mid-sized markets with strong employment and convenient commutes – The job market has remained near recent unemployment lows, notching 3.6% unemployment in June. Remarkably, the emerging markets have even better employment trends, with an average unemployment rate of just 2.9% in May. Only three of the top 20 markets had an unemployment rate above the 300-market average (3.5%).

- Affordability attracts out-of-market shoppers - The real estate markets on this list tend to be smaller, more affordable destinations in the Midwest with strong job markets. Those lower prices have proven to be a strong draw for out-of-towners.

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%).

Release issued by WSJ-Realtor.com: https://www.dowjones.com/press-room/the-wall-street-journaland-realtor-com-release-summer-2023-emerging-housing-markets-index-report/

Total home sales in Shawnee County fell last month to 243 units, compared to 264 units in June 2022. Total sales volume was $55.8 million, down from a year earlier.

The median sale price in June was $210,000, up from $200,850 a year earlier. Homes that sold in June were typically on the market for 3 days and sold for 100.0% of their list prices.
Shawnee County Active Listings Up at End of June

The total number of active listings in Shawnee County at the end of June was 157 units, up from 137 at the same point in 2022. This represents a 0.8 months' supply of homes available for sale. The median list price of homes on the market at the end of June was $300,000.

During June, a total of 204 contracts were written down from 260 in June 2022. At the end of the month, there were 213 contracts still pending.

Shawnee County Home Sales Fell in May

Total home sales in Shawnee County fell last month to 205 units, compared to 239 units in May 2022. Total sales volume was $45.6 million, down from a year earlier.

The median sale price in May was $187,000, down from $198,500 a year earlier. Homes that sold in May were typically on the market for 3 days and sold for 100.0% of their list prices.

Shawnee County Active Listings Up at End of May

The total number of active listings in Shawnee County at the end of May was 123 units, up from 105 at the same point in 2022. This represents a 0.6 months' supply of homes available for sale.

The median list price of homes on the market at the end of May was $309,777. During May, a total of 216 contracts were written down from 253 in May 2022. At the end of the month, there were 243 contracts still pending.

Shawnee County Home Sales Fell in April

Total home sales in Shawnee County fell last month to 176 units, compared to 232 units in April 2022. Total sales volume was $33.9 million, down from a year earlier.

The median sale price in April was $179,450, up from $155,000 a year earlier. Homes that sold in April were typically on the market for 3 days and sold for 100.0% of their list prices.

Shawnee County Active Listings Up at End of April

The total number of active listings in Shawnee County at the end of April was 123 units, up from 96 at the same point in 2022. This represents a 0.6 months' supply of homes available for sale. The median list price of homes on the market at the end of April was $249,000.

During April, a total of 199 contracts were written down from 241 in April 2022. At the end of the month, there were 212 contracts still pending.

Shawnee County Home Sales Rose in March

Total home sales in Shawnee County rose by 13.7% lastmonth to 183 units, compared to 161 units in March 2022. Total sales volume was $35.7 million, up 18.5% from a year earlier.

The median sale price in March was $169,000, up from $154,000 a year earlier. Homes that sold in March were typically on the market for 4 days and sold for 100.0% of their list prices.

Shawnee County Active Listings Up at End of March

The total number of active listings in Shawnee County at the end of March was 103 units, up from 82 at the same point in 2022. This represents a 0.5 months' supply of homes available for sale. The median list price of homes on the market at the end of March was $320,000.

During March, a total of 186 contracts were written down from 255 in March 2022. At the end of the month, there were 191 contracts still pending.

Shawnee County Home Sales Rose in February 

Total home sales in Shawnee County rose by 8.9% last month to 147 units, compared to 135 units in February 2022. Total sales volume was $26.8 million, up 18.3% from a year earlier. 

The median sale price in February was $160,000, up from $140,000 a year earlier. Homes that sold in February were typically on the market for 13 days and sold for 100.0% of their list prices. 

Shawnee County Active Listings Up at End of February 

The total number of active listings in Shawnee County at the end of February was 101 units, up from 65 at the same point in 2022. This represents a 0.5 months' supply of homes available for sale. 

The median list price of homes on the market at the end of February was $245,000.During February, a total of 163 contracts were written up from 160 in February 2022. At the end of the month, there were 184 contracts still pending.

Shawnee County Home Sales Fell in January

Total homes sales in Shawnee County last month fell to 131 units, compared to 179 units in January 2022, Total sales volume was $22.2 million, down from a year earlier.

The median sale price in January was $147,000, down from $150,000 a year earlier. Homes that sold in January were typically on the market for 9 days and sold for 100.0% of their list prices.

Shawnee County Active Listings Up at End of January

The total number of active listings in Shawnee County at the end of January was 107 units, up from 75 at the same point in 2022. This represents a 0.5 months' supply of homes available for sale. The median list price of homes on the market at the end of January was $252,500.

During January, a total of 159 contracts were written up from 154 in January 2022. At the end of the month, there were 155 contracts still pending.

 Shawnee County Home Sales Fell in December Total home sales in Shawnee County fell last month to 151 units, compared to 207 units in December 2021. Total sales volume was $27.8 million, down from a year earlier.  

There is fear from home sellers that real estate prices may dip in the coming months.  It will take ALOT more that the few percent we might see here in the Topeka Kansas area to undo the record appreciation we’ve experienced over the past couple of years!

Take a look at how much a home price would need to fall to cancel out the recent equity gained!

Well...... we knew it was coming..... The interest rates have started to increase again after many weeks in decline. Also, wow check out those year end numbers!!!