Kansas Real Estate Market Trends & Analysis

The Kansas real estate market has made great strides since the latest recession. Over the course of a decade, nearly every economic indicator has made massive improvements. In the past two years, however, steep tax cut repeals have stimulated the economy and placed the state’s budget back in the black. The entire state of Kansas is now working with a budget surplus, which has facilitated the creation of more jobs and decreased the unemployment rate.

As a result, the state’s housing sector has seen activity rise in conjunction with lower mortgage rates. It is worth noting, however, that demand persists in the face of appreciation. Despite nearly eight consecutive years of price gains, Kansas buyers are still eager to get into a market that is relatively affordable.

Kansas Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Title Companies, Lenders, Real Estate Agents, Attorneys, Independent Escrow Firms
Conveyance: Warranty Deed

Foreclosure Procedure

Primary Foreclosure Method: Judicial
Process Period: 3 - 5 months
Notice of Sale: Sheriff
Redemption Period: Up to 12 Months

Taxes

Income Tax: 2.90% - 5.20%
Corporate Tax: 4 - 7%
Sales Tax: 6.50%
Estate Tax: No
Inheritance Tax: No
Median Property Tax: 1.29%
Property Taxes by County: http://www.tax-rates.org/kansas/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,582.00
Transfer Fee: Mortgage 0.26%
Origination Fee: $1,956.00

Overview

  • Median Home Value: $140,900
  • 1-Year Appreciation Rate: +3.5%
  • Median Home Value (1-Year Forecast): +1.5%
  • Median Rent Price: $1,050
  • Price-To-Rent Ratio: 11.18
  • Average Days On Market: 58
  • Unemployment Rate: 3.2% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 2,911,505 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $55,477 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 9.90%
  • Foreclosure Rate: 1 in every 4,256

Kansas Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Deed Sale
  • Interest Rate: N/A
  • Redemption Period: 2 years for vacant land; 3 years for improved property