Wichita, 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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

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

Wichita, KS Housing Market Trends

With 397,532 people, 154,683 houses or apartments, and a median cost of homes of $166,689, house prices in Wichita are solidly below the national average.

Single-family detached homes are the single most common housing type in Wichita, accounting for 67.20% of the city's housing units. Other types of housing that are prevalent in Wichita include large apartment complexes or high rise apartments ( 17.17%), duplexes, homes converted to apartments or other small apartment buildings ( 8.75%), and a few row houses and other attached homes ( 4.03%).

The most prevalent building size and type in Wichita are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.21% owning and 42.79% renting.

There is a lot of housing in Wichita built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Wichita built between 1940-1969 ( 36.95%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.00%). There's also some housing in Wichita built before 1939 ( 10.25%).

Vacant housing appears to be an issue in Wichita. Fully 10.48% of the housing stock is classified as vacant. Left unchecked, vacant Wichita homes and apartments can be a drag on the real estate market, holding Wichita 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.

Wichita Home Appreciation Rates

Real estate appreciation rates in Wichita's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 4.38% during the period.

Over the last year, Wichita appreciation rates have trailed the rest of the nation. In the last twelve months, Wichita's appreciation rate has been 17.28%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Wichita were at 5.93%, which equates to an annual appreciation rate of 25.91%.

Relative to Kansas, our data show that Wichita's latest annual appreciation rate is higher than 70% 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 Wichita differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Wichita - 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 Wichita real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$166,689

Wichita, KS HOME PRICES

> $1,331,000
0.4%
0.4%
$998,001 - $1,331,000
0.6%
0.6%
$665,001 - $998,000
2.0%
2.0%
$532,001 - $665,000
1.7%
1.7%
$399,001 - $532,000
4.7%
4.7%
$266,001 - $399,000
12.8%
12.8%
$133,001 - $266,000
38.0%
38.0%
$66,001 - $133,000
30.5%
30.5%
$0 - $66,000
9.2%
9.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Average for KS

Value Relative To Nation

Number Of Homes And Apartments:
154,683

Wichita Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KS*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
86.13% 2.86%
3
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,068 / per month

Homeownership Rate

Owners
57.2%
57.2%
Renters
42.8%
42.8%
Vacant
10.5%
10.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
15.0%
15.0%
1970 - 1999
37.8%
37.8%
1940 - 1969
36.9%
36.9%
1939 or Older
10.2%
10.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
67.2%
67.2%
Townhomes
4.0%
4.0%
Small Apt. Buildings
8.7%
8.7%
Apt. Complexes
17.2%
17.2%
Mobile Homes
2.8%
2.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.4%
3.4%
1 Bedroom
12.8%
12.8%
2 Bedrooms
27.5%
27.5%
3 Bedrooms
34.3%
34.3%
4 Bedrooms
14.8%
14.8%
5 or more bedrooms
7.2%
7.2%
0.0% 100.0%
% OF HOMES