Topeka, KS 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 Q4 2020. 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, KS Housing Market Trends

With a population of 125,310, 53,757 total housing units (homes and apartments), and a median house value of $111,682, the cost of homes in Topeka is among some of the lowest in the nation. Compared to Kansas, however, Topeka real state is not on the lower end of the price spectrum.

Single-family detached homes are the single most common housing type in Topeka, accounting for 65.84% of the city's housing units. Other types of housing that are prevalent in Topeka include large apartment complexes or high rise apartments ( 20.22%), duplexes, homes converted to apartments or other small apartment buildings ( 6.52%), and a few row houses and other attached homes ( 4.67%).

People in Topeka primarily live in small (one, two or no bedroom) single-family detached homes. Topeka has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Topeka's housing was primarily built during this period, from the '40s through the '60s. A full 38.37% of the city's housing hails from this era. Other housing ages represented in Topeka include homes built between 1970-1999 ( 34.81%) and housing constructed before 1939 ( 18.69%). There's also some housing in Topeka built between 2000 and later ( 8.13%).

Vacant housing appears to be an issue in Topeka. Fully 11.08% 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

Topeka's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Topeka during the period has been just 1.92%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Topeka's appreciation rate, at 5.92%, has been at or slightly above the national average. In the latest quarter, Topeka's appreciation rate has been 2.64%, which annualizes to a rate of 10.97%.

Relative to Kansas, our data show that Topeka's latest annual appreciation rate is higher than 60% of the other cities and towns in Kansas.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Topeka differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Topeka - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Topeka real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$111,682

Topeka, KS HOME PRICES

> $1,162,000
0.2%
0.2%
$871,001 - $1,162,000
0.1%
0.1%
$581,001 - $871,000
0.5%
0.5%
$465,001 - $581,000
0.8%
0.8%
$349,001 - $465,000
1.8%
1.8%
$232,001 - $349,000
7.5%
7.5%
$116,001 - $232,000
34.4%
34.4%
$58,001 - $116,000
37.5%
37.5%
$0 - $58,000
17.1%
17.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Average for KS

Value Relative To Nation

Number Of Homes And Apartments:
53,757

Topeka Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KS*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
47.03% 1.85%
2
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$959 / per month

Homeownership Rate

Owners
54.2%
54.2%
Renters
45.8%
45.8%
Vacant
11.1%
11.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
8.1%
8.1%
1970 - 1999
34.8%
34.8%
1940 - 1969
38.4%
38.4%
1939 or Older
18.7%
18.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.8%
65.8%
Townhomes
4.7%
4.7%
Small Apt. Buildings
6.5%
6.5%
Apt. Complexes
20.2%
20.2%
Mobile Homes
2.7%
2.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
7.7%
7.7%
1 Bedroom
11.9%
11.9%
2 Bedrooms
29.4%
29.4%
3 Bedrooms
36.8%
36.8%
4 Bedrooms
11.5%
11.5%
5 or more bedrooms
2.7%
2.7%
0.0% 100.0%
% OF HOMES