New Housing Forecast Shows Home Prices On The Rise
The 2018 housing forecast shows that home prices will rise and brisk competition will remain among buyers for mid-ranged priced homes.
In 2017, more than one-third of the homes across the state are selling in 10 days or less. That’s especially true for homes priced between $100,000 and $250,000. Stan Longhofer, director of WSU's Center for Real Estate, says demand is really strong in the Wichita housing market, but there aren’t enough homes available for sale.
"As a result, we hav
e home sales that are actually declining slightly this year, but as I said, it’s not because there’s not demand for those homes, but because we don’t have enough homes available on the market that are being listed," Longhofer says.
Last year, Wichita home prices went up by an average of 5.6 percent. Longhofer forecasts continued steady growth over the next two years, 4. 1 percent for 2017 and another 3.7 percent for 2018.
Carla Eckels is interim news director and the host of Soulsations. Follow her on Twitter @Eckels.
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