Topeka’s Real Estate Market Climbs in May 2024 with Average Property Value Reaching $225,000

The Topeka, KS real estate market shows consistent growth in property values and prices per sq ft.

authorWritten by Manuel MartinezJun 20, 2024

In recent months, the real estate market in Topeka, KS, has exhibited a consistent upward trend in property values and per square foot prices. As of May 2024, the average property value in Topeka stands at $225,000, which shows an increase from $242,980 reported in June 2023. During this time, this was a slight decrease in April 2024 to $218,400 before rebounding in May 2024. This trend suggests a gradually increasing market with intermittent dips.

Moreover, the per square foot value has risen from $107 in June 2023 to $120 in May 2024, reflecting a growth in property values in proportion to their sizes. It’s worth noting that the average sold price and the average sold per square foot values generally remain below the listed values, which might indicate negotiation margins or the impact of market dynamics like demand and supply.

Comparative Analysis with Nearby Cities

When comparing Topeka to nearby cities, differences in property values and market activities become evident. For instance, Silver Lake’s property market, as of May 2024, shows an average property value of $249,900 and a per square foot value of $95. Interestingly, despite a lower per square foot value, the average sale price in Silver Lake is $252,595, significantly higher than Topeka’s $194,571.

In Auburn, the averages are at the higher end, with property values reaching $499,900 and per square foot values at $160, making it one of the pricier areas compared to Topeka. Conversely, Grantville and Meriden reveal limited market data, indicating lesser activity, which makes comparative analysis challenging.

Tecumseh presents a balanced market scenario with an average property value of $337,000 and a per square foot value of $138. The sale prices here average around $285,962, again higher than Topeka despite a lower per square foot value compared to Auburn.

Current Sales Trends

As of this month, Topeka reported 1,361 sold homes, which is significant compared to the sales volumes in nearby cities, where the numbers are much lower. For example, Meriden and Grantville reported no sales data, which might suggest a very static property market for the month or delayed data recording.

In conclusion, the Topeka real estate market shows robust growth with typical fluctuations that one might expect in a dynamic economic environment. The city’s market seems reasonably healthy, and when compared to neighboring cities, it offers a diverse range of investment opportunities that cater to various buyer preferences and budgets.

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