Home Values Rising in Kansas Amid Coronavirus Crisis
See how the housing market is doing in the Sunflower State during COVID-19.
Current home values in Kansas
Home values have been rising throughout Kansas and are up 8.9% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $283,862, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Kansas: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $283,862 home at 3.33% would give a typical Kansas homebuyer a monthly payment of $998, assuming a 20% down payment.
How the Kansas housing market stacks up
Older couple in Kansas enjoying the sunset in a wheat field on a weekend.
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Kansas, they're predicted to rise 4.2%.
Homes right now are going on the market in Kansas at a median price of $93 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Kansas home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $153,289 |
| 2019 | $140,750 |
| 2018 | $135,358 |
| 2017 | $129,083 |
| 2016 | $121,525 |
| 2015 | $115,875 |
| 2014 | $112,692 |
| 2013 | $109,650 |
| 2012 | $108,875 |
| 2011 | $110,617 |
| 2010 | $114,792 |
| 2009 | $116,067 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Kansas is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $233,214 |
| 2019 | $255,000 |
| 2018 | $247,500 |
| 2017 | $235,000 |
| 2016 | $220,000 |
| 2015 | $210,000 |
| 2014 | $202,500 |
| 2013 | $200,000 |
| 2012 | $197,500 |
| 2011 | $200,000 |
| 2010 | $210,000 |
| 2009 | $210,000 |
*2020 price average through March 31, 2020.
