Wichita, Kansas, has been a popular destination for families to move to in the Midwestern United States. The city of Wichita has become increasingly higher in demand, meaning that the prices of homes have increased, as well as the demand.
However, based on predictions for 2020, this may change in the coming year. Here is what we know about the real estate forecast for Wichita, KS in 2020.
Home Value
Homes have been increasing in value in Wichita steadily, and are predicted to grow by 7.1 percent in value in 2019 by Zillow. In the year 2020, homes are forecasted to appreciate by another 4.3 percent.
While this is almost 3 percent less growth for home appreciation value, it is still promising for sellers, but means that it will be a very competitive market for buyers, which could impact sales.
Limited Availability
A factor that can impact the housing market as well is the limited number of houses available. Not only has this been an impact in Wichita, but it has impacted people all over the United States.
With a growing population of home buyers and renters has come limited housing availability, and has made it a sellers market across the nation.
Wichita home inventories are expected to cause Kansas home sales to drop continually. Home builders will also be impacted by the coming 2020 year, because the increasing costs of construction. This will cause new home builds to remain steady instead of surpassing their current build rate.
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