Is Wichita’s housing market in good shape? Check out the latest data from area Realtors

Although more properties are available in south-central Kansas, home sales in the region have slowed to start 2023, according to the latest data from area realtors.

South-central Kansas maintained an inventory of 1,059 active listings at the end of March, according to the most recent market report published by Realtors of South Central Kansas, which operates throughout Butler, Cowley, Harvey, Sedgwick and Sumner counties. That figure, which reflects roughly 1.2 months’ supply of homes on the market, is up significantly from 627 homes in March 2022 and 1,002 homes this February.

Despite the elevated inventory, homes in the area are not selling at an even pace. The realtors’ association reported 805 home sales in March, down 9.7% year-over-year but up significantly from February’s 568 sales.

Here’s a look at a few takeaways from new data out of the Wichita-area real estate market.

Trends look favorable for sellers

Homes in the Wichita area are selling for a good chunk of change so far this year.

The median home sale price in south-central Kansas was $201,400 in March, Realtors of South Central Kansas report. That figure is up from $193,975 in February and $195,000 year-over-year, according to the association’s most recent data.

The area’s monthly median sale price has, so far, outpaced early 2021 and 2022, according to the market report.

Homes in the area sold for an average of $234,957 in March — again topping February’s figure ($225,688) and surpassing last March’s average sale price ($229,108).

Sellers are asking for more when they list their homes for sale, local real estate data show. The median price for active listings in March was $310,000, up 16.6% from March 2022. Meanwhile, the average price for March’s active listings was $363,583.

Thanks to rising sales, it should come as little surprise Wichita-area homes are becoming more valuable. Over the past year, south-central Kansas ZIP codes have seen their median home values increase by an average of 7.3%, according to Zillow’s Home Value Index.

Homes in Wichita-area ZIP codes reflect an average value of roughly $238,400, Zillow reports. ZIP code 67228 offers the highest median home value ($437,301), while 67214 observed the largest percent increase in value between March 2022 and 2023 (21.2%).

Here’s a ZIP code-by-ZIP code look at the median home values in the Wichita area, according to Zillow. Data is current through April 19.

Note: This graphic will automatically update as new data become available.

Activity is on the rise

Though real estate activity in the Wichita area remains below pre-coronavirus pandemic levels, the local market is observing steady growth in early 2023.

As previously noted, home sales in March (805) greatly outpaced February’s figure (568). March’s 1,059 active listings outpaced February’s total (1,002) and easily surpassed March 2022’s 627 active listings.

Realtors of South Central Kansas reported 968 new listings in March, again outpacing February’s figure (687 new listings).

Approximately 1.2 months’ worth of supply was available in the market in February and March. Though that number is still relatively low, it represents the region’s continued surge back toward normalcy after supply in early 2021 and 2022 hit two of the lowest points over the last five-plus years.

Once homes are ready to sell, they’re leaving the market quickly, according to Realtors of South Central Kansas data. Units spent a median of six days on the market in March. The average rate, however, was 28 days, possibly indicating a handful of outliers spent quite a while waiting to find a buyer.