Overland Park remains one of the country's most active real estate markets. According to one recent study, the city ranks within the top 100 real estate markets nationwide. Currently, Overland Park is in a strong buyer's market: in Johnson County, which contains Overland Park, the supply of homes (nearly 1,200 as of July 2022) exceeds the demand. This opens the door to fantastic investment options in Overland Park real estate. Many people are interested in Overland Park, KS, homes for sale, and it's no wonder why. There is a wide range of high-end properties like luxury homes and ranch villas for sale in Overland Park.
Statewide, the number of Kansas homes for sale was down 16.5% in July 2022 from the previous July, according to the Kansas Association of REALTORS®. The luxury real estate market is at least partly responsible for the 10.8% uptick in average sale prices over the same time period. To wit: Overland Park homes sold for an average of $490,000 in July, whereas the average price of Kansas homes lagged below $300,000. This year, sellers of Johnson County homes are recouping over 105% of the original list price.
The rental market has also had a strong mid-year, with massive interest from people looking to settle in Overland Park. This is excellent news for real estate investors. Oak Park and Nall Hills (both in Johnson County) are two favorite neighborhoods to invest in rental property in Overland Park. Properties in these two neighborhoods are in high demand and may continue to be so for the rest of the year.
Statewide, the number of Kansas homes for sale was down 16.5% in July 2022 from the previous July, according to the Kansas Association of REALTORS®. The luxury real estate market is at least partly responsible for the 10.8% uptick in average sale prices over the same time period. To wit: Overland Park homes sold for an average of $490,000 in July, whereas the average price of Kansas homes lagged below $300,000. This year, sellers of Johnson County homes are recouping over 105% of the original list price.
The rental market has also had a strong mid-year, with massive interest from people looking to settle in Overland Park. This is excellent news for real estate investors. Oak Park and Nall Hills (both in Johnson County) are two favorite neighborhoods to invest in rental property in Overland Park. Properties in these two neighborhoods are in high demand and may continue to be so for the rest of the year.
An excellent mid-year market for luxury properties
The first six months of 2022 have been very lucrative for the real estate market in Overland Park. Average sales prices have increased in January, and Johnson County homes are spending an average of 14 days on the market. Luxury properties have been in the sights of buyers and investors who see Overland Park as a diamond in the rough that can deliver substantial profits by year's end.
Buyers are drawn to the luxurious lifestyle, affluent vibe, and thriving atmosphere of Overland Park. This city provides an environment of exclusivity that fosters the rapid economic and social growth that the city has experienced in recent years, making it an ideal destination to settle in one of the finest areas of Kansas.
Buyers are drawn to the luxurious lifestyle, affluent vibe, and thriving atmosphere of Overland Park. This city provides an environment of exclusivity that fosters the rapid economic and social growth that the city has experienced in recent years, making it an ideal destination to settle in one of the finest areas of Kansas.
The rental market will continue to grow in 2022
Most experts agree that the rental market will follow the hot housing market’s growth throughout 2022. Even considering the significant increase compared to the first half of 2021, it is not unreasonable that market growth could accelerate. MBA economists forecast a 9.9% yearly increase for home prices in 2022 compared to 2021, and without a surplus of homes to purchase, many will opt to rent instead. In addition, the rise in interest rates has moderately affected the average buyer, causing them to opt for the rental market as they cannot afford a property. This makes for an attractive base of renters for the real estate investor.
The rental market in Overland Park is becoming more relevant as the months go by, making it a desirable real estate investment option. With a median rental price considered “affordable” by most, Overland Park condominiums offer viable alternatives for the average renter in Kansas.
The rental market in Overland Park is becoming more relevant as the months go by, making it a desirable real estate investment option. With a median rental price considered “affordable” by most, Overland Park condominiums offer viable alternatives for the average renter in Kansas.
Options for the high-end and average buyer
One of the best things about Overland Park is the wide variety of options. Whether you're a high-end buyer willing to spend millions on a luxury property or an average buyer looking for a single-family home that fits your budget, there is always an option.
Mills Farm is the destination par excellence for lovers of exclusivity, luxury, high-end, and comfort. This neighborhood is the epicenter of a thriving community in southern Johnson County. Mills Farm boasts some of the most unique and luxurious properties in Kansas. These high-end properties grace an ornate neighborhood with unparalleled glamor and a sophisticated vibe. Mills Farm is, without a doubt, the benchmark for luxury and high-end lifestyle that has become a trend in recent years.
On the other hand, if you are an average buyer, you will be delighted to know that Historic Overland Park is considered the most affordable area of Overland Park. This neighborhood is an affordable alternative with all the amenities and advantages in the heart of Overland Park.
In sum, variety is a healthy characteristic of any real estate market, and Overland Park provides options that fit different budgets.
Mills Farm is the destination par excellence for lovers of exclusivity, luxury, high-end, and comfort. This neighborhood is the epicenter of a thriving community in southern Johnson County. Mills Farm boasts some of the most unique and luxurious properties in Kansas. These high-end properties grace an ornate neighborhood with unparalleled glamor and a sophisticated vibe. Mills Farm is, without a doubt, the benchmark for luxury and high-end lifestyle that has become a trend in recent years.
On the other hand, if you are an average buyer, you will be delighted to know that Historic Overland Park is considered the most affordable area of Overland Park. This neighborhood is an affordable alternative with all the amenities and advantages in the heart of Overland Park.
In sum, variety is a healthy characteristic of any real estate market, and Overland Park provides options that fit different budgets.
No need to fear rising interest rates
Contrary to popular belief, rising interest rates are nothing to fear. These are at a relatively low point from their all-time highs. However, the average buyer has seen their purchasing power slightly diminished. Fortunately, there are no signs of a rapid escalation of interest rates in the remainder of the year.
Rising interest rates could signal a window of opportunity for rental property investors. When interest rates rise, buyers tend to opt for the rental market. Occasionally, this causes a slight increase in the rental price, leaving greater profits for the landlords.
It is normal to be concerned about the news of rising interest rates; however, as long as they stay well below their all-time highs, they do not represent a critical threat to the health of the real estate market.
Rising interest rates could signal a window of opportunity for rental property investors. When interest rates rise, buyers tend to opt for the rental market. Occasionally, this causes a slight increase in the rental price, leaving greater profits for the landlords.
It is normal to be concerned about the news of rising interest rates; however, as long as they stay well below their all-time highs, they do not represent a critical threat to the health of the real estate market.
Work with the experts in Overland Park real estate
We've had a terrific first half in the Overland Park real estate market, and the next six months are forecast to see significant growth in real estate activity for Overland Park.
If you want to know more about the Overland Park real estate market or read more exciting content about real estate, news, tips, and more, visit our blog to stay up to date with everything related to the real estate industry in Kansas.
I'm Trent Gallagher an honest, driven, and results-oriented real estate professional who is part of Leawood's #1 real estate office. I will use my extensive knowledge of Kansas real estate to provide you with top-notch advice and help you meet your goals. If you are interested in Leawood Kansas real estate, I am at your disposal to answer any questions.
If you want to know more about the Overland Park real estate market or read more exciting content about real estate, news, tips, and more, visit our blog to stay up to date with everything related to the real estate industry in Kansas.
I'm Trent Gallagher an honest, driven, and results-oriented real estate professional who is part of Leawood's #1 real estate office. I will use my extensive knowledge of Kansas real estate to provide you with top-notch advice and help you meet your goals. If you are interested in Leawood Kansas real estate, I am at your disposal to answer any questions.
