Topeka, Kansas Emerges as the Leading Housing Market in the United States
Topeka, Kansas has earned the top ranking among the top 20 emerging markets and is anticipated to weather the turbulent housing market relatively well in comparison to the rest of the country, as revealed by the WSJ/Realtor.com Fall 2023 Emerging Housing Markets Index.
This comprehensive index meticulously evaluates critical housing market data, economic vitality, and lifestyle metrics to discern the markets that promise an enhanced quality of life and where homes are poised for future price appreciation.
Topeka, along with its counterparts on the list, is positioned to navigate the current market conditions more favorably, particularly amidst a year that is poised to become the slowest for home buying since the housing bubble crisis of 2008. A common thread binding the markets featured in the top 20 this fall is a triad of attributes: cost-effective living, robust employment opportunities, and convenient commutes.
In August, escalating home prices underscored the intense competition among buyers for limited housing inventory. Nonetheless, a noteworthy aspect is that the majority of the emerging markets, 15 out of the 20, offered homes at prices below the national median of $430,000 in September. For instance, a typical home available for sale in Topeka bore a listing price of $250,000 in September, marking a 42% deviation from the national median.
The index also shed light on the fact that homes in the capital of Kansas, home to numerous major employers, were more than 40% less expensive than comparable properties in nearby Kansas City.
While Topeka’s housing market remains relatively affordable, the median listing price in September exceeded its 2019 level by more than $100,000 due to heightened buyer competition.
Notably, in the previous month, prices surged by 8.7% when compared to the same period in the prior year, owing to the sustained demand exerting upward pressure on housing prices. The top 10 emerging markets for the fall of 2023 are as follows:
- Topeka, Kansas
- Elkhart-Goshen, Indiana
- Oshkosh-Neenah, Wisconsin
- Fort Wayne, Indiana
- Lafayette-West Lafayette, Indiana
- Racine, Wisconsin
- Manchester-Nashua, New Hampshire
- Concord, New Hampshire
- Columbus, Ohio
- Johnson City, Tennessee