I currently have a bit of business in south Johnson County, Kansas, and being the numbers girl that I am, I wanted to share some of my research.
Prices Have Been Rising in Leawood and Overland Park
I looked up the average home sales prices over the last five years in southern Leawood and Overland Park (south of I-435). As you might assume, the average sales price has risen. A few factors contribute to this jump: desirable location, healthy economy and new developments in Johnson County, extremely low mortgage interest rates and a stable economy.
Overall, prices have increased 22%; that is a big jump and a very healthy increase in value.
Interestingly, although perhaps not all that surprisingly, there is quite a different picture between the upper and lower price brackets.
The average sales price of upper-bracket homes priced above $600,000 has actually stagnated (-3%).
While the average sales price of homes priced from $0-$600,000 has increased by 17%.
So what’s ahead for 2017? Nobody knows! But the lenders all tell me rates will continue to creep upwards, which may have a slowing effect on our real estate market.