Topeka, IN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Topeka, IN Housing Market Trends

With 1,225 people, 332 houses or apartments, and a median cost of homes of $456,454, Topeka house prices are not only among the most expensive in Indiana, Topeka real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Topeka, accounting for 65.77% of the town's housing units. Other types of housing that are prevalent in Topeka include large apartment complexes or high rise apartments ( 17.85%), mobile homes or trailers ( 9.05%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.11%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Topeka. Owner-occupied housing accounts for 67.17% of Topeka's homes, and 46.94% have either three or four bedrooms, which is average sized relative to America.

The housing in Topeka was primarily built before 1939 ( 40.34%), making the housing stock in Topeka some of the oldest overall in America, although there is a range of ages of homes in Topeka. The next most important housing age is between 1970-1999 ( 38.14%), followed by between 1940-1969 ( 18.09%). There's also some housing in Topeka built between 2000 and later ( 3.42%).

Vacant housing appears to be an issue in Topeka. Fully 18.83% of the housing stock is classified as vacant. Left unchecked, vacant Topeka homes and apartments can be a drag on the real estate market, holding Topeka real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Topeka Home Appreciation Rates

In the last 10 years, Topeka has experienced some of the highest home appreciation rates of any community in the nation. Topeka real estate appreciated 92.32% over the last ten years, which is an average annual home appreciation rate of 6.76%, putting Topeka in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Topeka definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Topeka that despite a nationwide downturn in the housing market, Topeka real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Topeka appreciation rates continue to be some of the highest in America, at 8.46%, which is higher than appreciation rates in 79.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Topeka. Topeka appreciation rates in the latest quarter were at 2.15%, which equates to an annual appreciation rate of 8.88%.

Relative to Indiana, our data show that Topeka's latest annual appreciation rate is higher than 70% of the other cities and towns in Indiana.

Average Home Values

 

Median Home Value:
$456,454

Topeka, IN HOME PRICES

> $1,399,000
3.6%
3.6%
$1,049,001 - $1,399,000
7.4%
7.4%
$699,001 - $1,049,000
15.2%
15.2%
$559,001 - $699,000
10.1%
10.1%
$420,001 - $559,000
13.4%
13.4%
$280,001 - $420,000
18.9%
18.9%
$140,001 - $280,000
17.1%
17.1%
$70,001 - $140,000
10.6%
10.6%
$0 - $70,000
3.6%
3.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for IN

Value Relative To Nation

Number Of Homes And Apartments:
332

Topeka Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
136.01% 4.12%
10
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$989 / per month

Homeownership Rate

Owners
67.2%
67.2%
Renters
32.8%
32.8%
Vacant
18.8%
18.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.4%
3.4%
1970 - 1999
38.1%
38.1%
1940 - 1969
18.1%
18.1%
1939 or Older
40.3%
40.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.8%
65.8%
Townhomes
1.2%
1.2%
Small Apt. Buildings
6.1%
6.1%
Apt. Complexes
17.8%
17.8%
Mobile Homes
9.0%
9.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.7%
0.7%
1 Bedroom
8.3%
8.3%
2 Bedrooms
33.3%
33.3%
3 Bedrooms
35.0%
35.0%
4 Bedrooms
12.0%
12.0%
5 or more bedrooms
10.8%
10.8%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Topeka

Zip Codes in Topeka, IN