Sherwood Lake Real Estate Market Report | Current Trends & Year-Over-Year Growth

Quick Facts: Sherwood Lake at a Glance

Frequently Asked Questions About Sherwood Lake Real Estate

How much do homes cost in Sherwood Lake?

The median home price in Sherwood Lake is $377,000 based on recent market data. That said, this neighborhood has a pretty wide range. You can find entry-level homes starting around $185,000, while the upper end stretches into the $600,000–$700,000+ territory (and there was one standout $3M sale that skews the average). For most buyers, the sweet spot sits between about $335,000 and $460,000, which is where the bulk of transactions happen.

The average price comes in higher at $443,189, but that number gets pulled up by a handful of premium sales. The median is the better number to focus on if you want a realistic picture of what most people are paying.

Are home prices going up or down in Sherwood Lake?

Prices are trending up, but at a measured, sustainable pace. The median sale price increased 4.49% year over year, climbing from $365,000 to $381,400. That kind of growth is healthy. It shows solid demand without the kind of runaway appreciation that often signals trouble ahead.

Sherwood Lake is holding its value well and delivering steady returns for homeowners, which is exactly the kind of neighborhood performance you want to see whether you're buying or already own here.

How long does it take to sell a home in Sherwood Lake?

Here is where the numbers tell two different stories, and both matter. The median days on market is just 12 days, meaning more than half of homes go under contract in under two weeks. That is fast by any standard and tells you that well-priced homes in good condition are moving quickly.

The average days on market is 32 days, which is noticeably higher. The gap exists because a small number of properties lingered much longer (some 60–90+ days), dragging the average up. Those tend to be homes that were initially overpriced or needed significant updates. The takeaway: price it right and your home will likely sell fast. Overshoot and you could be waiting a while.

Is Sherwood Lake a buyer's market or a seller's market?

Sherwood Lake is best described as a balanced-to-slight seller's market. The quick median time on market (12 days) favors sellers, and prices are growing. However, the 97.78% list-to-sale ratio means buyers aren't being forced to pay over asking. In a true seller's market, you'd see that ratio pushing above 100%.

Buyers do have a bit of negotiating room, and 27.5% of sellers have offered concessions over the past two years. So while sellers hold a slight edge on timing, this is not a market where buyers are getting squeezed out. It is competitive but fair.

Do homes in Sherwood Lake sell for asking price?

Close, but not quite. The average home in Sherwood Lake sells for 97.78% of the asking price, so buyers are typically negotiating about 2.2% off the listed price. That works out to roughly $8,000–$9,000 off a typical listing.

It is also worth noting that 37.5% of properties had at least one price reduction before selling, with an average reduction of about $36,767. That tells you a good number of sellers initially overshoot on pricing and have to adjust. For buyers, that creates opportunity. For sellers, it underscores why accurate pricing from the start matters so much.

What types of homes sell best in Sherwood Lake?

Ranch-style homes dominate the market, accounting for nearly half of all sales (39 out of 80). They sell the fastest too, averaging just 18 days on market compared to the neighborhood average of 32. Ranches are clearly the most in-demand style here.

1.5-story homes are the second most popular with 17 sales, though they take longer to sell at an average of 68 days. Two-story homes (10 sales) move quickly at 16 days on average but show a wide price range. Split-levels and bi-levels are less common and tend to sit a bit longer.

What is the price per square foot in Sherwood Lake?

The average price per square foot in Sherwood Lake is $196.87, calculated using above-grade finished living area. This is a useful benchmark when comparing homes of different sizes, but keep in mind that many Sherwood Lake homes also have significant finished basement space that adds livable square footage beyond what this number reflects.

Are sellers offering closing cost assistance in Sherwood Lake?

Yes, and more often than you might expect. About 27.5% of sellers (22 out of 80) offered some form of concession over the past 24 months. The average concession amount was $7,359, though individual amounts ranged from as low as $225 to over $16,000.

This is useful information for buyers, especially those stretching to afford closing costs on top of their down payment. Concession requests are not unusual here and many sellers are willing to work with buyers to close the deal.

What's the best time to sell a home in Sherwood Lake?

Transaction volume has been consistent in Sherwood Lake, with 40 sales in each 12-month period analyzed. That steady pace suggests demand holds up across seasons, which is encouraging for sellers. That said, well-priced homes in good condition are moving in under two weeks regardless of timing, so the condition and pricing of your home likely matters more than which month you list it.

How does Sherwood Lake compare to other Topeka neighborhoods?

Sherwood Lake positions itself as one of Topeka's more established and desirable neighborhoods. With a median home price of $377,000 and homes dating from the mid-1960s through the 2020s, it offers a mix of mature trees, larger lot sizes (many in the 0.3–0.8 acre range), and a strong sense of neighborhood character. The 4.49% year-over-year price appreciation and consistent sales volume point to a neighborhood that buyers continue to seek out.

What size lots are available in Sherwood Lake?

One of Sherwood Lake's biggest draws is the lot sizes. Most homes sit on lots ranging from about a quarter acre to over three-quarters of an acre. That is significantly larger than what you will find in many newer Topeka developments. Several properties feature lots over an acre, giving homeowners genuine space and privacy, which is harder to come by in many neighborhoods at this price point.

Market Overview

Over the past 24 months, Sherwood Lake has recorded 80 closed residential sales, split evenly at 40 per year. That consistency is a good sign. It tells us demand is not spiking or fading; it is steady, and steady markets tend to be healthy markets.

The neighborhood's median sale price of $377,000 puts it solidly in the upper-middle tier of the Topeka market. Prices have climbed 4.49% year over year, which tracks well with sustainable growth rather than speculative behavior. This is not a neighborhood that is overheating. It is a neighborhood that is holding and slowly building value.

Market speed varies depending on how you look at it. The median of 12 days says most homes sell quickly. The average of 32 days says a minority of homes take considerably longer, usually because of pricing missteps. The 97.78% list-to-sale ratio confirms that the market rewards accurate pricing and gives buyers a small but real window for negotiation.

Overall, this is a balanced-to-slight seller's market. Sellers benefit from quick absorption and steady appreciation, but buyers are not being priced out or forced into uncomfortable situations. It is competitive, fair, and functioning the way a healthy residential market should.

Deeper Dive: What the Numbers Really Mean

Days on Market Analysis

The gap between the average (32 days) and median (12 days) is one of the most telling stats in this report. When the median is that much lower than the average, it means a small group of outlier properties are dragging the average up while the majority of homes are moving briskly.

What this means for sellers: If you price your home correctly from day one and it shows well, you can realistically expect an offer within two weeks. The homes that sat for 60, 90, or even 150+ days almost always share something in common: they were overpriced at listing. Some underwent price reductions of $50,000 or more before finally selling. The lesson is clear. Start at the right price and you will sell fast. Start too high and you will chase the market down.

What this means for buyers: When you find a home you like in Sherwood Lake, move with purpose. At a 12-day median, desirable homes are not sitting around waiting. Have your financing buttoned up and be ready to make an offer quickly. That said, if a home has been sitting for 30+ days, you likely have more room to negotiate.

Pricing Trends

The 97.78% list-to-sale ratio is a useful reality check. Sellers are getting close to their asking price, but not all of it. That roughly 2% gap translates to about $8,000–$9,000 on a typical Sherwood Lake home.

37.5% of sellers reduced their price at least once before selling, and the average reduction was a significant $36,767. That is not a small adjustment. It tells us a meaningful number of sellers enter the market with unrealistic expectations and have to correct course. Homes that did not need a price cut sold faster and likely netted the seller more money in the end.

The 4.49% year-over-year growth rate is healthy and sustainable. It is outpacing inflation without reaching the kind of double-digit appreciation that often leads to corrections. For homeowners, that means your equity is growing at a reasonable clip. For buyers, it means prices are not running away from you, but they are moving upward, so waiting too long has a cost.

Seller Concessions

About 27.5% of sellers offered concessions, averaging $7,359. This tells us a few things. First, sellers in Sherwood Lake are generally motivated to close deals and are willing to meet buyers partway. Second, concessions at this level are not a sign of weakness in the market. They are a normal part of negotiation in a balanced environment.

For buyers, this means asking for concessions toward closing costs or repairs is completely reasonable and not unusual here. For sellers, budgeting for a potential concession of $5,000–$10,000 when pricing your home is just smart planning.

Comparative Analysis by Home Style

*The 2 Story average is heavily influenced by a single $3,000,000 sale. The median of $392,500 is a more accurate reflection of typical two-story pricing.

Ranch Homes: The Clear Favorite

Ranch-style homes are the engine of the Sherwood Lake market. With 39 sales (48.8% of all transactions), they are the most frequently bought home style by a wide margin. They also sell the fastest at an average of just 18 days on market, which is 44% faster than the neighborhood average.

At a median price of $395,000, ranches sit right in the heart of the neighborhood's pricing. They command a premium over split-levels (approximately $73,000 more at median, or about 22.7% higher) and bi-levels (approximately $96,000 more at median, or about 32.1% higher). The demand is clear: Sherwood Lake buyers want single-story living, and they are willing to pay for it.

1.5 Story Homes: Higher Price, Slower Pace

The 1.5-story homes are the second most common style with 17 sales and carry the highest median price at $439,000. That is approximately $44,000 (11.1%) more than the median ranch. However, they take significantly longer to sell at 68 days on average, more than three times the pace of ranches.

The 96.1% list-to-sale ratio is also the lowest among the major categories, meaning 1.5-story sellers tend to give up more in negotiations. These homes often have more square footage and features, but the narrower buyer pool means they require more patience and sharper pricing.

Two-Story Homes: Quick Sales, Wide Price Range

Two-story homes show interesting dynamics. They sell quickly at 16 days on average, on par with ranches. Their 100.5% list-to-sale ratio is the only category averaging above asking price, suggesting strong demand when these homes come to market. The median price of $392,500 is comparable to ranches, making them a solid alternative for buyers who want more square footage across levels.

Split-Level and Bi-Level Homes: The Value Play

Split-levels and bi-levels represent the most affordable entry points in Sherwood Lake. Split-levels have a median price of $322,000, which is approximately $55,000 less (14.6%) than the neighborhood median. Bi-levels come in at a median of $299,000, about $78,000 below (20.7%) the neighborhood median.

The tradeoff is time. Split-levels average 38 days on market and bi-levels average 47 days, both well above the neighborhood median of 12. These styles appeal to a narrower set of buyers, but for those looking for value and space in Sherwood Lake, they represent a genuine opportunity.

What This Means for You

If You're Selling in Sherwood Lake

Price it right from the start. This is the single most important takeaway from the data. Homes priced accurately are selling in under two weeks. Homes priced too high are sitting for months and eventually selling for less than they would have if priced correctly from day one. With 37.5% of sellers needing at least one price reduction, there is real evidence that overpricing is common here, and it costs sellers time and money.

Presentation matters. In a market where the median sale happens in 12 days, first impressions are everything. Buyers are making quick decisions, so investing in cleaning, staging, and minor updates before listing will pay dividends. The homes that sell fast and close to asking are the ones that show well.

Budget for concessions. About one in four sellers is contributing toward buyer costs, averaging around $7,359. This is not a sign your home is not worth the price. It is simply how deals get done in a balanced market. Factor this into your net proceeds estimate and you will not be caught off guard.

If You're Buying in Sherwood Lake

Get your financing locked in before you start looking. With a 12-day median time to contract, the best homes do not wait. Having a pre-approval in hand gives you the ability to move quickly and make a competitive offer on day one.

You have some room to negotiate, but not much. The 97.78% list-to-sale ratio means you can expect to negotiate 2–3% off asking, but lowball offers are not going to work here. Start within a reasonable range of the asking price and focus your negotiation energy on concessions, which sellers have been willing to offer.

Watch the days on market. If a home has been listed for 30+ days, the seller is likely more flexible. If it just hit the market and it is priced well, do not wait. The data says it probably will not last two weeks.

Consider the value of different styles. If you love the Sherwood Lake area but ranches are above your budget, split-levels and bi-levels offer a $55,000–$78,000 discount at median versus the neighborhood midpoint. That is a meaningful savings for the same location and similar lot sizes.

Looking Ahead

Sherwood Lake's fundamentals look strong heading forward. The 4.49% annual appreciation is sustainable, transaction volume is consistent, and the neighborhood continues to attract buyers across a wide price spectrum. There are currently 5 active listings and 6 homes under contract, which suggests continued healthy activity.

The neighborhood benefits from generous lot sizes, a mature tree canopy, proximity to Topeka amenities, and a diverse housing stock that serves first-time buyers and move-up buyers alike. These are the kinds of factors that support long-term value retention.

Barring a significant shift in interest rates or the broader economy, Sherwood Lake is positioned to continue its pattern of steady, measured growth.