Kansas housing market forecast: Is it a good time to buy or sell?

WICHITA, Kan. (KWCH) – Is it a good time to buy or sell a home? That’s a question Wichita State University’s Center for Real Estate seeks to answer in its 2024 Kansas Housing Market Forecast.

It’s currently a limited housing market for buyers with about 1,500 listings in the Wichita area. Realtors say this is significantly below a normal housing market that features about 3,000 listings. The Center for Real Estate’s 2024 Housing Forecast said many aren’t buying right now.

“Home sales activity started dropping off last year and it’s continued to fall this year,” said Wichita State Center for Real Estate Director Dr. Stan Longhoffer.

One issue, he said, is the increase in mortgage rates from “ridiculously low levels that we saw back in 2021 and 2021.”

“That increase has affected homebuyers. It makes it more difficult to afford,” Dr. Longhoffer said.

He also discussed how the lack of available homes has impacted prices.

“The shortage of inventory means that home price appreciation is going to continue in the coming year,” Dr. Longhoffer said.

Adam Crowder, 2023 Multi Listing Service president, said buying a home isn’t going to be any cheaper heading into next year.

“If you’re looking at moving up or moving school districts or whatever the reason may be to move, holding off and waiting to play the market is most likely not going to be a benefit to people,” he said.

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