KANSAS CITY, Kan. — Kansas City-area home prices will continue to increase next year, according to the 2022 Kansas Housing Markets Forecast released by Wichita State University's Center for Real Estate.
The report reviewed current housing market conditions in major markets across Kansas, including Kansas City, Lawrence, Manhatten, Topeka, and Wichita, and forecasts how those markets will evolve over the next year.
For Kansas City, highlights of the report include:
- Home sales are predicted to continue to rise, and could increase by 5.9% in 2022.
- New home construction is predicted to continue to go up, rising another 16.9% next year.
- Home prices will increase as well. Currently, they're rising at their fastest pace since the late 1970s. The pace will slow slightly, but prices will still increase another 9.2% in 2022.
Kathleen Spiking, a realtor with the Rob Ellerman team at ReeceNichols, said both buyers and sellers should keep a close eye on interest rates, which are also expected to increase over the next year.
"It's still going to be a really good time to buy because those prices of the homes are going to increase, but that's just something we all need to monitor going forward," she said.
For sellers, the historic number of homes being put on the market might seem intimidating, but Spiking said that shouldn't scare sellers away.
"There's still an increase in demand of those home buyers," she said. "So it's going to be a good time to sell as well."
For buyers, she also recommended keeping an open mind while searching. It may be more practical to buy a condo or build a new home if buyers aren't finding what they want on the market.
The full 2022 Kansas Housing Markets Forecast series is available on the WSU Center for Real Estate website.