Wichita housing market to have a good year in 2017
After many of years of swinging too far left or too far right as critics are concerned with a proper real estate market, analysts have predicted the perfect housing market for Wichita in 2017. Wichita home sales will rise 5.1 percent and home prices 3.5 percent in 2017, according to the 2017 Wichita Housing Forecast published by the Wichita State University Center for Real Estate. It will be the sixth straight year of growth, following the housing bubble and the housing bust of 2008.
It has taken close to 6 years for the region to finally balance itself out, but Wichita is on track for sustainable, healthy growth in 2017.
While there has been good demand for houses, there is a dramatic shortage of houses for buyers to buy in Wichita, even as new construction and downtown building renovations continue at a historically fast clip. This past August, half of the houses on the market sold in less than 22 days. A balanced market witnesses close to 180 days for a home sale to close. A trend common in other Midwestern cities this year, the community supply simply can’t meet the demand as millennials look to settle down in affordable cities.
As a result, prices are expected to rise 5.8 percent this year, and slightly more than half of that next year.