Cherry Creek Real Estate Market Report | Current Trends & Year-Over-Year Growth

Cherry Creek at a Glance

Frequently Asked Questions About Cherry Creek Real Estate

How much do homes cost in Cherry Creek, Topeka?

The median sold price in Cherry Creek over the past 24 months is $289,500, which is the most reliable indicator of what a typical home costs here. The average sold price across all 25 transactions is $283,910, though that figure is pulled slightly downward by one off-market sale at $85,000 that wasn't a standard arms-length transaction.

For context, standard MLS sales in Cherry Creek ranged from $196,000 to $405,250 during the analysis period. The majority of homes fall in the $260,000–$330,000 range, with ranch-style homes dominating the upper end and bi-levels generally landing below $250,000.

Are home prices going up or down in Cherry Creek?

Prices are trending upward at a measured pace. The median sold price climbed from $274,500 in Year 1 (March 2024–February 2025) to $289,500 in Year 2 (March 2025–February 2026), representing +5.46% year-over-year growth. That's a healthy, sustainable rate — not the kind of speculative spike that tends to reverse itself.

Sales volume also picked up in the second year, with 16 closings compared to 9 in Year 1. More activity, higher prices, and brisk days on market all point in the same direction: Cherry Creek is gaining momentum as a desirable Topeka neighborhood.

How have Cherry Creek home prices changed over the past year?

Noticeably. Comparing the two 12-month periods within the analysis window, the median sold price rose from $274,500 in Year 1 (March 2024–February 2025) to $289,500 in Year 2 (March 2025–February 2026) — a gain of $15,000, or +5.46%. The average sold price moved from $268,572 to $292,538, an increase of nearly $24,000 (+8.92%).

Just as notable is what happened to sales volume. Only 9 homes closed in the first 12 months, compared to 16 in the second — a 78% increase in activity. More buyers competing for Cherry Creek homes, combined with rising prices and a list-to-sale ratio above 100%, paints a picture of a neighborhood with growing demand rather than a stagnant one.

How long does it take to sell a home in Cherry Creek?

The median days on market is just 7 days — meaning half of all homes that closed over the past two years went under contract within a week of listing. The average is 13.8 days, which reflects a handful of homes that sat longer and took more time to find the right buyer.

For sellers, the takeaway is clear: price it right and it moves fast. For buyers, seven days is not a lot of time to think. Homes in Cherry Creek reward buyers who are pre-approved and ready to act.

Is Cherry Creek a seller's market or buyer's market?

Based on recent market data, Cherry Creek leans toward a seller's market. Homes are selling at an average of 100.36% of list price, meaning sellers are on average receiving slightly more than they asked. Half of all homes sell within one week, and only 24% of sellers offered any closing cost assistance.

That said, it's not an extreme seller's market where buyers are completely without leverage. About 16% of homes had price reductions before selling, and a few properties took 45–63 days to find buyers. Well-priced, move-in-ready homes sell quickly; overpriced listings or homes needing work still require patience.

Do homes in Cherry Creek sell for asking price?

Yes, and in many cases a bit above it. The average list-to-sale price ratio is 100.36%, with a median right at 100%. Out of 25 sales, a meaningful number closed above list price — particularly the Split-level at 4136 NW Walnut RD, which sold for nearly 106% of asking. Several Ranch homes also closed above list in competitive situations.

Buyers should approach Cherry Creek listings with realistic expectations: lowball offers are unlikely to land. Coming in at or near list price on a well-priced home is generally the appropriate strategy.

What types of homes sell in Cherry Creek?

Ranch-style homes dominate the neighborhood, accounting for 18 of the 25 sales — that's 72% of all transactions. Bi-levels made up 16% (4 sales), with Raised Ranch and Split styles rounding out the mix. The neighborhood skews heavily toward single-story living, which tends to attract a broad range of buyers including first-time homeowners and those looking to age in place.

Most homes were built between the mid-1970s and early 2000s, with a handful of newer construction from the mid-2000s and one built in 2010. Above-grade finished square footage typically runs between 1,000 and 1,600 square feet, though many homes have significant finished below-grade space as well.

What is the price per square foot in Cherry Creek?

Based on above-grade finished area, Cherry Creek homes averaged $207 per square foot, with a median of $214 per square foot over the recent two-year period. These figures are based on above-grade square footage only — homes with significant finished basements effectively deliver more living space per dollar than these numbers suggest.

Are sellers offering closing cost help in Cherry Creek?

Seller concessions are relatively uncommon here. Only 6 of 25 sellers (24%) offered any closing cost assistance, with an average contribution of $5,647 when offered. Three of those six sellers were also selling above list price, which means some buyers negotiated concessions even in competitive situations.

The reality is that most Cherry Creek sellers are not contributing to closing costs. Buyers who need financial assistance should factor this into their planning and have a conversation with their lender early about financing options.

How does Cherry Creek compare to other Topeka neighborhoods?

Cherry Creek's median sold price of $289,500 puts it in the mid-to-upper tier of established Topeka neighborhoods. The combination of 5.46% year-over-year price growth, sub-week median days on market, and a list-to-sale ratio above 100% indicates stronger demand than many comparable areas. The neighborhood's ranch-heavy inventory tends to appeal to a wide buyer pool, which helps support consistent demand.

With 3 homes currently under contract as of March 2026 (and none sitting unsold for long), Cherry Creek shows no signs of softening.

What's the best time to sell a home in Cherry Creek?

The data shows closed sales distributed fairly evenly across the calendar, which suggests Cherry Creek doesn't have a dramatically pronounced seasonal pattern. That said, the spring and early summer months (March–June) accounted for a healthy share of closings, which aligns with the typical Topeka market rhythm when buyer activity tends to pick up.

Ultimately, the best time to sell in Cherry Creek is when your home is genuinely ready — priced right, presentable, and marketed properly. A well-prepared listing in October will outperform a sloppy one in May.

Market Overview

Cherry Creek delivered 25 closed residential sales over the past two years, with a median sold price of $289,500 and an average list-to-sale price ratio of 100.36%. Homes moved quickly — the median days on market was just 7 days — and sellers generally held the upper hand throughout the analysis period.

The neighborhood's sales volume actually increased from Year 1 to Year 2 (9 sales in the first 12 months vs. 16 in the second), which is a meaningful signal. More buyers competing for Cherry Creek homes, combined with rising prices and brisk absorption, points to a neighborhood with genuine appeal and growing recognition.

Ranch homes are the backbone of Cherry Creek's real estate market, representing nearly three-quarters of all sales and carrying a median price around $306,000. Bi-levels offer a more accessible entry point in the $220,000–$255,000 range, though they tend to take a bit longer to sell. The single Split-level sale and the two Raised Ranch transactions round out the mix, each with their own story.

Cherry Creek is a neighborhood where well-priced homes don't linger. The median days on market of 7 days tells you buyers are engaged and ready — and they've been willing to meet or beat asking price to get what they want.

Seller concessions are limited, with only 24% of sellers offering any closing cost assistance, averaging $5,647 when they did. That's a market condition that favors sellers and requires buyers to come prepared — financially and mentally.

Deeper Dive: What the Numbers Really Mean

Days on Market: Fast, But Not Frantic

There's an important distinction between average and median days on market that's worth understanding. The median of 7 days tells you what the typical selling experience looks like — half of all Cherry Creek homes went under contract within a week. The average of 13.8 days is higher because a few homes took considerably longer (45, 60, and 63 days), and those outliers pull the average upward.

For sellers, the practical takeaway is that Cherry Creek rewards accurate pricing. Homes priced in line with the market move fast. Homes that are overpriced or need significant work may sit for 6–8 weeks before an offer arrives (or before a price reduction is needed). The 16% of sellers who reduced their original list price before selling averaged a reduction of about $11,500 — that's real money left on the table compared to pricing it right from the start.

For buyers, 7 days median means you need to be ready. Get pre-approved before you start looking. When a good Cherry Creek home hits the market, the window is short.

Pricing: Sellers Are Getting What They Ask (and Then Some)

A list-to-sale ratio of 100.36% is a clear signal that demand is healthy. This isn't a market where buyers have room to negotiate 3–5% off the asking price. The median ratio is exactly 100.00%, meaning the single most common outcome is selling at list price — with a meaningful number of sales closing above asking pulling the average above the line.

Year-over-year, the median sold price grew from $274,500 to $289,500, a gain of $15,000 or +5.46%. That's a comfortable appreciation rate — meaningful enough that homeowners are building equity, but not so aggressive that it raises affordability concerns or suggests a correction is coming. This is the kind of steady growth that keeps a neighborhood stable over time.

Year-Over-Year Snapshot: Cherry Creek Is Picking Up Steam

Splitting the 24-month analysis period in half tells a more detailed story than the overall averages alone. In the first 12 months (March 2024 – February 2025), Cherry Creek recorded 9 closed sales with a median sold price of $274,500 and an average of $268,572. In the second 12 months (March 2025 – February 2026), both measures moved up meaningfully: 16 closed sales, a median of $289,500, and an average of $292,538.

That's a lot happening in one comparison. The median price increased by $15,000 (+5.46%) from one year to the next. The average price rose by nearly $24,000 (+8.92%). And sales volume jumped by 7 transactions — essentially 78% more homes sold in Year 2 than Year 1. More buyers, higher prices, and faster absorption in the second year all point to a neighborhood that gained momentum rather than plateaued.

The volume increase is particularly worth noting. It could reflect more homes coming to market, stronger buyer demand pulling off-fence buyers into action, or both. Either way, a neighborhood where activity is accelerating is a healthier long-term signal than one where volume is flat or declining. Cherry Creek's second year looks noticeably more active than its first.

Seller Concessions: The Market Doesn't Demand Them

Only 6 of 25 sellers offered closing cost assistance, averaging $5,647 per transaction. That's about 24% of sellers — a minority. The other 76% closed without contributing anything to the buyer's costs, which reflects the seller-favorable conditions of the Cherry Creek market.

Interestingly, three of the six sellers who offered concessions still sold at or above their list price. So even when concessions were part of the deal, sellers were negotiating from a position of strength. Buyers who need concessions can sometimes get them, but it's typically paired with an offer that's firm on price.

Home Style Comparison

Cherry Creek's inventory is concentrated in ranch-style homes, but there's enough variety to serve a range of buyers and budgets. Here's how each style stacks up:

* Raised Ranch average heavily influenced by one off-market transaction at $85,000. The single standard MLS sale for this style closed at $270,000.

Ranch Homes: The Market Leader

Ranch homes are the defining style of Cherry Creek, representing 72% of all sales. With a median sold price of $306,250 and an average of $308,114, they command the highest prices in the neighborhood. Ranch homes are approximately 32% more expensive than bi-levels on a median basis ($306,250 vs. $232,500), which reflects their larger typical footprint, single-floor living, and broad buyer appeal.

These homes sell at a 99.96% list-to-sale ratio, effectively at list price, with an average of 13.6 days on market. Ranches in Cherry Creek ranged from $220,000 to $405,250 depending on size, condition, and lot. The diversity within the ranch category means there's both an entry-level and a premium tier, all under the same architectural style.

Bi-Level Homes: The Accessible Alternative

Bi-levels offer a meaningful price advantage, with a median of $232,500 — about $74,000 less than the median ranch. For buyers who want to own in Cherry Creek but face budget constraints, bi-levels are the primary option. The trade-off is time: bi-levels averaged 22.8 days on market, roughly 68% longer than ranch homes, suggesting the buyer pool for this style is somewhat narrower.

All four bi-level sales closed at essentially 100% of list price, so sellers are still getting what they ask — it just takes a bit more patience to find the right buyer.

Raised Ranch & Split: Small Samples, Interesting Data

With only two Raised Ranch sales (one of which was an off-market transaction that skews the averages significantly) and a single Split sale, these styles don't offer enough data to draw broad conclusions. What is notable: the one standard Raised Ranch sale closed at $270,000, and the Split sold for nearly 106% of asking price in just 3 days — suggesting strong buyer interest when these styles come to market. More data over time will clarify these segments.

What This Means for You

If You're Selling a Home in Cherry Creek

Price it accurately from the start. The 16% of sellers who reduced their original asking price before selling averaged a reduction of $11,500. That's not just lost money — it's also extra time on market and the psychological disadvantage of a price cut that buyers notice. The data shows homes priced right sell in days, often at or above asking. Homes that start too high eventually sell, but at a discount from where they should have started.

Don't plan on concessions as a given. Three-quarters of Cherry Creek sellers closed without contributing to closing costs. Unless market conditions shift or your home has issues that require compensation, there's no reason to build concessions into your baseline expectations. That said, if a buyer needs modest assistance and it gets a clean offer closed, $3,000–$5,000 is worth considering in the context of a $300,000 sale.

Presentation still matters. Even in a seller's market, homes that show well sell faster and for more money. A clean, decluttered home that photographs well will consistently outperform a similar home that doesn't. The buyers in Cherry Creek are paying real money — they notice.

If You're Buying a Home in Cherry Creek

Get pre-approved before you look. Seven days median means you don't have time to start the mortgage process after you find a home you like. Have your lender's pre-approval letter ready, and know your budget inside and out. In a market where homes go under contract in a week, showing up unprepared is the fastest way to miss out.

Come in at list price on well-priced homes. A 100.36% average list-to-sale ratio tells you that lowball offers aren't the strategy here. If a ranch is priced competitively and shows well, plan to offer at or near list. You can often negotiate inspection-related repairs after the fact, but the initial offer needs to be credible.

Concessions are possible, but not guaranteed. If you need seller help with closing costs, it's worth asking — about 1 in 4 sellers has been willing to contribute. The key is pairing that request with a strong offer on price so the seller still feels good about the deal overall.

Looking Ahead

Cherry Creek's fundamentals look solid. A 5.46% year-over-year median price increase is healthy without being alarming. The uptick in sales volume from Year 1 to Year 2 (9 sales to 16 sales) suggests growing interest in the neighborhood rather than declining supply. And with 3 homes already under contract in early 2026, the current year is off to an active start.

The neighborhood's ranch-heavy inventory has broad appeal — single-floor living remains in demand across nearly every buyer demographic. As long as Topeka's broader market stays stable, Cherry Creek is well-positioned to continue its measured appreciation trend.

Structured Data Summary