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

Sherwood Lake Topeka Home Prices & Market Snapshot

Sherwood Lake Frequently Asked Questions

What is Sherwood Lake in Topeka, Kansas?

Sherwood Lake is a residential neighborhood in southwest Topeka, Kansas, built primarily from the 1960s through the early 2000s with a mix of ranch, 1.5-story, two-story, and split-level homes. Over the past 24 months, 89 arm's-length homes have sold here, with sold prices ranging from $175,500 to $1.2 million, reflecting a neighborhood with both modest starter-style homes and larger, higher-end properties along the lake.

The area is anchored around streets like 33rd Street, Kings Forest Road, Nottingham Road, and Blue Inn, and draws buyers looking for established lots, mature landscaping, and a range of home sizes rather than a single cookie-cutter housing type.

How much do homes cost in Sherwood Lake?

The median sold price in Sherwood Lake is $372,500, based on 89 sales over the past 24 months. The average sold price is higher, at $401,524, but that number is pulled upward by a small cluster of larger, lake-adjacent homes selling well above $500,000, including one $1.2 million sale.

Prices in the neighborhood span a wide range, from $175,500 up to $1.2 million, so the median is the more reliable number for what a "typical" Sherwood Lake home actually sells for.

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

Sherwood Lake currently functions as a balanced market leaning slightly toward sellers. Homes are selling in a median of just 11 days, and sellers are netting 98.0% of their final asking price on average, both signs of solid buyer demand.

At the same time, sales volume has slowed by 14.6% year-over-year, which points to fewer homes coming onto the market rather than fewer buyers looking. That combination, fast sales paired with limited inventory, is what creates the mild seller's-market tilt.

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

The median time on market in Sherwood Lake is 11 days, meaning half of all homes go under contract within under two weeks of listing. The average days on market is higher, at 28 days, because a few homes took considerably longer to sell.

Three homes in the past 24 months sat well past the norm, one for 281 days and two others in the 100–150 day range, and all three of those slower sales share something in common: none of them fell into the neighborhood's mainstream ranch or 1.5-story price range, which suggests pricing or condition, not weak overall demand, was the sticking point.

How have Sherwood Lake home prices changed over the past year?

Over the past year, the median sold price in Sherwood Lake dipped slightly, from $378,200 (August 2024–July 2025) to $367,777 (August 2025–July 2026), a decline of 2.8% (-$10,423). The average sold price moved the opposite direction, rising 4.5% from $393,435 to $410,993 (+$17,558).

That divergence is almost entirely explained by a single $1.2 million sale in the more recent 12 months. Strip that one transaction out and the recent average sits at roughly $391,268, essentially flat versus the prior year. Sales volume fell from 48 to 41 transactions, a 14.6% decline, which given how much faster homes are now selling points to fewer listings hitting the market rather than buyers pulling back.

Do homes in Sherwood Lake sell close to asking price?

Yes. Homes in Sherwood Lake sell for an average of 98.0% of their final list price, and that number has actually improved over the past year, from 97.5% in the prior 12 months to 98.6% in the most recent 12 months.

Roughly 36% of sales did see a price reduction at some point before going under contract, with an average reduction of about $29,250, so accurate initial pricing still matters, especially for larger or higher-priced homes that sit outside the neighborhood's typical range.

What types of homes sell best in Sherwood Lake?

Ranch-style homes dominate the Sherwood Lake market, accounting for 44.9% of all sales (40 of 89), with a median sold price of $377,500. 1.5-story homes are the second most common style at 25.8% of sales (23 homes), with a median price of $410,000, about 8.6% higher than the median ranch.

Split-level and two-story homes each make up 11.2% of sales. Split-level homes are the most affordable common style, with a median price of $315,000, roughly 16.6% below the median ranch and about 31.6% below the median 1.5-story home. Bi-level, earth contact, and raised ranch styles appear too infrequently (three sales or fewer) to draw firm conclusions.

What is the price per square foot in Sherwood Lake?

Homes in Sherwood Lake sell for a median of $125 per square foot and an average of $131 per square foot, based on total finished area (above and below grade combined) across 89 sales.

Price per square foot is a useful cross-check when comparing homes of different sizes within the neighborhood, though buyers should weigh it alongside lot size, finish quality, and whether the basement is finished, since Sherwood Lake's homes vary widely in size and layout.

Is Sherwood Lake a good investment for real estate buyers?

Sherwood Lake shows the hallmarks of a stable, established neighborhood rather than a fast-appreciating one: median prices have held essentially flat over the past year, homes are selling quickly (median 11 days), and sellers are consistently netting close to asking price (98.0% list-to-sale ratio).

For investors, that combination points to steady demand and low holding-time risk rather than rapid equity growth. The neighborhood's wide price range, from sub-$200,000 ranches to $1M+ lake-adjacent properties, also means there's flexibility to target different buyer segments, from first-time buyers to move-up families, within the same area.

How does Sherwood Lake compare to other Topeka neighborhoods?

Sherwood Lake's median sold price of $372,500 sits in the middle-to-upper range for Topeka neighborhoods we've analyzed, reflecting its mix of established ranch homes and larger lake-adjacent properties. Its 11-day median days on market is faster than many comparable Topeka neighborhoods, suggesting above-average buyer demand for the area.

For side-by-side context, see our reports on other Topeka neighborhoods linked below, including areas with similar home styles and price points.

Are sellers offering closing cost assistance or concessions in Sherwood Lake?

Yes, roughly 30.3% of Sherwood Lake sellers offered some form of concession over the past 24 months, with an average concession amount of about $6,394 among those who did.

That's a meaningful minority of deals, not the norm, so buyers shouldn't assume concessions are automatic, but it's a reasonable starting point to raise in negotiations, particularly on homes that have been sitting longer than the neighborhood's 11-day median.

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

The data doesn't show a strong seasonal pattern strong enough to call out a single best month in Sherwood Lake, but the recent 12-month period shows a market moving faster and pricing more accurately than the prior year, with median days on market dropping from 15.5 to 8 days.

Sellers are generally best positioned right now given how quickly homes are moving and how close sellers are getting to their asking price, but pricing accurately from day one still matters given that over a third of sales saw at least one price reduction.

Sherwood Lake Market Overview

Over the past 24 months, 89 arm's-length homes have sold in Sherwood Lake, with a median sold price of $372,500 and an average of $401,524. That gap between median and average is driven by a cluster of higher-end sales, several homes sold between $500,000 and $1.2 million, pulling the average upward while the median stays anchored to the neighborhood's more typical price point.

Homes are moving quickly, with a median of just 11 days on market, and sellers are netting close to their asking price at a 98.0% list-to-sale ratio. Taken together, the data points to a balanced market with a mild lean toward sellers: strong buyer demand and pricing accuracy, offset by a meaningful drop in sales volume that looks more like a supply story than a demand story.

Deeper Dive: Sherwood Lake Pricing, Speed & Concessions

Days on Market Analysis

The gap between Sherwood Lake's median days on market (11) and average (28) comes down to a small number of slow-selling outliers rather than broad market softness. Three homes took considerably longer than the rest, one Bi-Level sitting 150 days, a 2 Story at 108 days, and a 1.5 Story that sat 281 days, and all three were priced or positioned outside the neighborhood's fast-moving ranch and mainstream 1.5-story segments.

For sellers, this means accurate initial pricing is the single biggest lever for a fast sale, especially for homes that fall outside the neighborhood's most common styles and price bands. For buyers, it means well-priced homes in Sherwood Lake don't sit long, so being ready to move quickly on a home that fits the median profile is important.

Pricing Trends & List-to-Sale Accuracy

Sellers in Sherwood Lake are getting close to their asking price, averaging a 98.0% list-to-sale ratio across all 89 sales, and that number has been improving, up from 97.5% in the prior 12 months to 98.6% in the most recent 12 months. At the same time, 36.0% of sales saw at least one price reduction before closing, with an average reduction of roughly $29,250, so initial pricing missteps are common enough to plan around, particularly for larger or higher-priced homes.

Year-over-year, the median sold price dipped 2.8% while the average rose 4.5%, a divergence explained almost entirely by mix shift rather than a genuine price swing in either direction (see the Year-Over-Year Snapshot below for the full breakdown). This pattern, tightening pricing accuracy and faster sales alongside roughly flat median pricing, reads as sustainable market stability rather than either overheating or softening.

Year-Over-Year Snapshot (August 2024–July 2025 vs. August 2025–July 2026)

Comparing the two most recent 12-month periods: the median sold price moved from $378,200 (August 2024–July 2025) to $367,777 (August 2025–July 2026), a decrease of 2.8% (-$10,423). The average sold price moved from $393,435 to $410,993, an increase of 4.5% (+$17,558).

That average increase is driven almost entirely by a single $1.2 million sale in the recent period; excluding it, the recent average comes in around $391,268, essentially flat year-over-year. Sales volume fell from 48 sales in the prior period to 41 sales in the most recent period, a decline of 14.6%. Given that homes are also selling much faster (median days on market fell from 15.5 to 8, and average from 34.4 to 20.7) and closer to asking price (list-to-sale ratio improved from 97.5% to 98.6%), the drop in volume looks more like fewer homes coming onto the market than any pullback in buyer demand.

Seller Concessions

About 30.3% of Sherwood Lake sellers offered some form of concession over the past 24 months, with an average concession amount of roughly $6,394 among those who did. That's a meaningful share of deals but still a minority, which suggests concessions are a negotiating tool used selectively rather than a standard expectation across the board.

For sellers, this points to some room to remain firm on price in most cases, while staying open to targeted concessions, like closing cost help, on homes that are drawing less immediate interest. For buyers, it means asking for concessions is reasonable but shouldn't be assumed as a given.

Sherwood Lake Home Style Comparison

*Bi-Level, Earth Contact/Sheltered, and Raised Ranch styles had three sales or fewer over the analysis period. These figures should be read as individual data points rather than reliable style-level trends.

Ranch homes are the backbone of the Sherwood Lake market, making up nearly half of all sales (44.9%) with a median price of $377,500 and a solid 22-day average time on market. 1.5-story homes command a premium, selling for a median of $410,000, about 8.6% more than the median ranch, though they also take noticeably longer to sell on average (36 days versus 22).

Split-level homes are the entry point into Sherwood Lake, with a median price of $315,000, roughly 16.6% below the median ranch and 31.6% below the median 1.5-story home. They also take the longest to sell among the mainstream styles, averaging 33 days. Two-story homes land in between on price but sell the fastest of the four common styles, averaging just 24 days with the highest list-to-sale ratio (97.7%) in the neighborhood.

What This Means for Sherwood Lake Buyers and Sellers

If You're Selling in Sherwood Lake

Price accurately from the start. With 36% of sales seeing a reduction before close, homes that launch above market tend to sit longer and often end up settling closer to where they should have started. Given the median 11-day time on market for well-priced homes, a strong first-two-week showing is the clearest early signal of whether your pricing is on target.

If your home falls into a less common style or price tier, ranch and 1.5-story homes dominate buyer attention here, be prepared for a longer runway and consider that upfront in your pricing and marketing strategy. Concessions aren't the norm (only 30.3% of sales included them), so you're not obligated to offer them, but keep them in your back pocket for negotiation leverage if a showing period runs longer than expected.

If You're Buying in Sherwood Lake

Come prepared to move quickly and with financing in order. At a median of 11 days on market and a 98.0% list-to-sale ratio, well-priced homes here don't leave much room for a leisurely decision timeline. That said, the neighborhood's list-to-sale ratio still leaves a little room to negotiate, particularly on homes that have been listed longer than the norm.

If your budget points you toward split-level homes, you're generally looking at Sherwood Lake's most affordable common style, but expect a longer search since they take the longest to sell (33 days average) and represent a smaller share of total inventory (11.2%).

Looking Ahead

Sherwood Lake's fundamentals point to a stable, well-established neighborhood rather than either a rapid boom or a slowdown. Flat-to-slightly-softer median pricing, paired with faster sales and improving list-to-sale accuracy, suggests demand remains solid even as fewer homes are coming onto the market. The neighborhood's mix of affordable splits, mainstream ranches, and larger lake-adjacent properties gives it broad appeal across different buyer budgets, which should continue supporting steady activity going forward.