National sources tout Topeka housing market as 17th most affordable in U.S.

TOPEKA, Kan. (WIBW) – National sources have touted the Topeka housing market as the 17th most affordable in the nation.

The Greater Topeka Partnership says in April Fortune magazine reported the Topeka housing market is in the normal range for American housing markets with a growth value of 24.7% since 2019.

Research from CoreLogic, a California-based financial, property and consumer analytics intelligence firm, analyzed the health of 400 metropolitan statistical areas to find 65% of U.S. regional housing markets are “overvalued.” Overvalued markets include New York, Miami, Seattle, Las Vegas, Arizona, Florida and Texas.

GTP said Topeka was among the 26% of markets assessed that were found to be “normal” markets, which means they are not expected to lose value in the coming year.

“This report by CoreLogic reinforces our own research,” said Freddy Mawyin, senior economic advisor for GO Topeka and the Greater Topeka Partnership. “Data from the National Association of Realtors consistently show the Topeka housing market is far more affordable than the national average. The 24.7% growth in value we have seen since 2019 is a normal market response to the economic improvement Shawnee County has enjoyed over the past ten years. With GDP rising by $1 billion, poverty down 40%, household wages up 30%, and $150 million in new investment in our downtown core, the value of a home in Topeka has predictably gone up.”

In February, GTP noted the National Association of Realtors assessed 146 metro stats to look at affordability and market value. That data found the U.S. housing market had increased in value by 28.7% since 2019, driven by growth in the Northeast at 30.5% and the South at 27.4%.

GTP said Topeka overperformed in the Midwest region at 24.7% while the rest of the growth in the Midwest capped at 22.9%.

“Topeka experienced very strong home-value growth in Q4 of 2021,” Mawyin said. “Year over year, the Topeka MSA grew by 18%, well above the national average of 14.6% and significantly better than the Midwest average of 8.6%. Home-value growth in that quarter contributed to the Topeka housing market being ranked third best in the U.S. by Realtor.com.”

NAR data also ranked Topeka as the 17th lowest-priced housing market in the U.S. with a median sale price of $175,400. Prices in Topeka come in lower than peer cities like Wichita at $191,200, Lincoln, Neb., at $245,100 and Kansas City at $279,200.

“Topeka continues to be an excellent value,” said Linda Briden, CEO of the Sunflower Association of Realtors. “Our housing market in Shawnee County is hotter than ever. Our mix of accessible price points, amenities, schools and quality of life is attracting people from across the country. We look forward to working with our community partners to address housing supply so we can ensure the inventory continues to be available to meet this historic demand.”

“With cities around the country worried about another housing bubble, it’s encouraging to see the Topeka market forecasted to remain stable and healthy,” said Matt Pivarnik, CEO of the Greater Topeka Partnership. “We have been a historically undervalued market, so our growth now is occurring at the right time. We are positioned to thrive in the coming years, and this data reinforces what I’ve always said — if you don’t live and work in Topeka, you’re missing out!”

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