In an earlier post, we looked at the market forcasts for 2016 for Kansas City from the market reserach conducted by the Wichita State University Center for Real Estate.
You can read the post here:
Today, we will look at another city within Kansas State, called Wichita.
Wichita is the largest city in the State of Kansas, located in south-central Kansas on the Arkansas River, Wichita metropolitan area, according to the United States Census, is 641,076.
Wichita housing forecast for 2016
- Home sales –After a slow first quarter, Wichita home sales are now on pace to increase 4.6 percent this year. This trend should continue in 2016, with sales rising 3.3 percent to 9,970 units.
- Construction –New home construction in the Wichita area rose last year to just above 1,000 units. This pace of activity should continue in the foreseeable future, with permits rising 4.9 percent in 2016 to 1,065 units.
- Home prices–Wichita area home prices are beginning to rise in the wake of tight inventories of homes available sale. Wichita home values are expected to rise by 3 percent in 2016.
In the third part of the series, we will review the city of Manhattan.