Topeka Named Top Emerging Housing Market

The Wall Street Journal/Realtor.com Fall 2023 Emerging Housing Markets Index ranked Topeka, Kan., as the nation’s top emerging market this fall due to favorable factors such as a higher-than-average share of affordable housing and a lower cost of living. While the national median home price was $430,000, homes in Topeka averaged just $250,000.

Following Topeka were other Midwestern cities such as Elkhart-Goshen, Ind., Oshkosh-Neenah, Wis., and Fort Wayne, Ind., all attracting prospective buyers with relatively affordable home prices, lower living costs, and employment opportunities, MarketWatch reports.

Liesel Kirk-Fink, a Topeka-based real-estate agent with Kirk & Cobb Inc. who worked with [Prateek] Ghatage, told MarketWatch that homes priced within the range of $150,000 and $250,000 are particularly hot in the city.

“You look at a $250,000 [house] and people are competing for it,” she said. “People are buying as-is, no inspections, paying over asking price. … These homes are going very fast.”

Kirk-Fink, who grew up in Topeka, said that part of the allure of the city was the lower cost of living for those who are considering moving from more expensive areas. There are also many employers there — from a new mall operator to the Frito-Lay PEP, 0.94% plant to medical institutions. Topeka, with a population of about 125,000, is also the state capital and home to Lake Shawnee, arts and entertainment districts, and the Evel Knievel museum.

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