Money Magazine just reported 1st quarter information on Median home prices and projections from May, 2008 to May, 2009. Wichita ranked #10 with a projected increase in value of 1.5%. The highest ranked city was Rochester, NY at 2.7% of value. Only 24 of the top 100 cites in the US are projected to show any increase in value of homes in the next year.
Wichita also showed only a 9% increase in foreclosures from last year. Wichita ranked ahead of 90% of the top 100 markets in lowest increase in foreclosures.
NAR released their report on values for the 1st quarter of 2008 today. Wichita ranked #2 in increase in value from the 1st quarter, 2007 to the 1st quarter, 2008 at 11.7%. NAR reported the Median priced home in the Wichita metro area was $106,600. Money’s value was $114,000.
The local MLS showed an increase in property values in the last year of 5.7% for the same time period and a median value of just under $114,000. Average value of new homes was approximately $224,000. Different numbers but all were better than most of the country and all were in positive territory.