Overland Park, KS Housing Market Trends

Understanding the Overland Park housing market is crucial for potential buyers, sellers, and investors looking to make informed decisions. 

As one of the most dynamic real estate markets in Kansas, Overland Park offers a blend of suburban charm and urban amenities, attracting a diverse range of residents and investors. 

This article delves into various aspects of the Overland Park housing market, including median home prices, historic real estate prices, home values, and current trends.

The Overland Park housing market has maintained a competitive edge in 2024, with home values reflecting a steady upward trend. 

As of mid-2024, the median home price in Overland Park is approximately $444,192, marking a 4% increase over the past year. This growth is indicative of the area's ongoing desirability and robust economic conditions. 

The average home price per square foot for single-family homes stands at $199, while condos average around $190 per square foot. 

Homes in Overland Park are selling swiftly, with an average of just 21 days on the market, highlighting the high demand and competitive nature of the market.

The market's dynamics are influenced by several factors, including the influx of new residents and local developments. 

Notably, many buyers are relocating from major metropolitan areas such as Los Angeles, Denver, and Seattle, attracted by Overland Park's quality of life and economic opportunities. 

Additionally, neighborhoods like Lionsgate and Brookridge Estates have seen significant price increases, driven by their desirable amenities and strong community appeal. 

The limited inventory of available homes continues to create a seller's market, with many properties receiving multiple competing offers and selling above the list price.

As of mid-2024, the median home price in Overland Park, KS, has reached $444,192, marking a 4% increase from the previous year. 

This consistent rise in home prices reflects the robust demand and limited supply in the market. Single-family homes in Overland Park typically sell for around $199 per square foot, while condos average about $190 per square foot. 

The housing market in Overland Park is characterized by quick sales, with homes spending an average of just 21 days on the market, indicating a highly competitive environment where properties often receive multiple offers and sell above their list price.

Overland Park’s real estate market has shown notable growth over the past year, with the median listing price for homes currently standing at $510,000 as of June 2024. 

This reflects a significant increase from earlier in the year and highlights the area's ongoing appeal to homebuyers. 

The rise in home prices can be attributed to several factors, including the influx of new residents from major metropolitan areas and the development of local amenities and infrastructure. 

Additionally, the diverse range of properties, from luxury homes to more affordable condos, caters to a wide array of buyers, further fueling market growth.

Over the past decade, the real estate market in Overland Park, KS has shown a remarkable upward trend. 

From 2014 to 2024, home prices in the area have nearly doubled, reflecting a robust and steadily growing market. As of mid-2024, the median home price in Overland Park stands at approximately $444,192, which is a significant increase from earlier years. 

This growth is indicative of the area's strong appeal, driven by its excellent schools, thriving local economy, and high quality of life. Notably, in April 2024, home prices in Overland Park saw a 2.5% increase compared to the previous year, selling for a median price of $436,000.

The historical data reveals that Overland Park's housing market has been resilient, even during economic downturns. 

For example, despite the challenges posed by the COVID-19 pandemic, the market experienced only a brief slowdown, quickly rebounding as demand for suburban homes surged. 

The area's attractiveness to buyers from major metropolitan areas, such as Los Angeles and Denver, has also contributed to the sustained price increases. 

In addition, Overland Park's competitive market conditions, characterized by homes selling close to or above list prices and going pending within an average of 21 days, underscore the high demand and limited supply that have driven prices upward over the years.

As of mid-2024, the median home value in Overland Park, KS stands at approximately $444,192, reflecting a 4% increase over the past year. 

This steady rise is indicative of the strong demand and limited supply in the market. Homes in Overland Park have appreciated significantly over the past decade, with an annual appreciation rate often exceeding the national average. 

For instance, in the latest year, home values in Overland Park appreciated by about 8.67%, which is higher than the appreciation rates in most other Kansas cities. 

This trend highlights the growing attractiveness of Overland Park as a desirable place to live, driven by its excellent schools, low crime rates, and robust local economy.

The appreciation of home values is also evident in the diverse range of properties available. For example, one-bedroom homes saw a 14.2% increase in prices, while larger homes with five or more bedrooms appreciated by 5.1%. 

The highest median home values are found in neighborhoods like Deer Creek and Lionsgate, where homes are often valued well above $600,000. Conversely, more affordable options can be found in areas like Cherokee Hills and Nall Hills, with median values closer to $335,000. 

This wide range in home values and consistent appreciation rates across different neighborhoods make Overland Park a strong market for both homebuyers and investors.

The Overland Park housing market continues to exhibit robust growth and resilience, with home values steadily increasing over recent years. 

As of mid-2024, the median home price in Overland Park is approximately $444,192, reflecting a 4% rise over the past year. This steady appreciation is expected to continue, driven by the strong demand for housing and limited inventory. 

According to market predictions, the median home price in Overland Park is projected to rise to about $446,633 by mid-2025, indicating a potential long-term profit of approximately 3.81% over the next year.

The competitive nature of the Overland Park market is underscored by the quick turnaround of property sales, with homes typically going under contract within 21 days. 

The market trends are also influenced by a significant influx of buyers from other metropolitan areas, notably Los Angeles, Denver, and Seattle. This migration trend has contributed to sustained demand and higher home prices. 

The forecast for the next decade is optimistic, with expectations of continued appreciation in home values, projected to reach $447,650 by 2029. This long-term growth is supported by the area's economic stability, quality of life, and strong community appeal.

Several factors significantly influence the housing market in Overland Park, KS, contributing to its dynamic nature and robust growth. 

One of the primary factors is the local economy, which remains strong due to steady job growth and a relatively low unemployment rate. 

Overland Park benefits from a diverse economy, with major employers in sectors such as healthcare, education, and technology, which continue to attract new residents and maintain demand for housing. 

Additionally, the quality of local schools, such as those rated highly by GreatSchools, makes the area particularly appealing to families, further driving up home values and demand.

Another crucial factor is the city’s ongoing development and infrastructure projects, which enhance the overall livability and attractiveness of Overland Park. 

For example, the city council's approval of a $34 million renovation project for the downtown farmers market is expected to boost the local economy and attract more residents and visitors. 

This project includes expanding the market area and adding amenities like a new indoor pavilion, public restrooms, and improved vendor spaces, which are anticipated to invigorate the downtown area and increase property values in the surrounding neighborhoods. 

Additionally, environmental factors such as moderate risks of flooding and wildfires also play a role in shaping real estate trends and influencing property values in Overland Park.

Overland Park, KS, offers a diverse range of housing options that cater to various budgets and preferences, making it an attractive market for homebuyers. 

The primary types of homes available include single-family houses, condos, and townhomes. Single-family homes are the most common, with a median sale price per square foot of $199. These homes range widely in price, typically from $188 to $240 per square foot, reflecting different sizes, locations, and amenities. 

Condos are also a significant part of the market, with a median price of $190 per square foot, and their prices range from $111 to $203 per square foot. This variety ensures that both first-time buyers and those looking for more luxurious options can find suitable properties.

The Overland Park housing market has seen notable appreciation in recent years. For example, single-family homes have experienced a 6.18% increase in price per square foot over the past year, while condos have appreciated by 7.9%. 

This upward trend indicates a strong demand for housing in the area. Additionally, the market dynamics show that single-family homes generally sell faster than condos, with an average of just three days on the market compared to sixteen days for condos. 

The range of prices for homes sold varies significantly, with single-family homes averaging $160 sold per month, whereas condos see about nine sales monthly. 

This active market highlights Overland Park's appeal as a desirable place to live, with a wide range of housing options and price points to accommodate different needs and budgets.

In summary, the Overland Park housing market remains robust, characterized by rising home prices, low inventory, and high demand. 

Understanding current trends, historical data, and factors influencing the market can help buyers, sellers, and investors make informed decisions. 

As Overland Park continues to grow and develop, its housing market is expected to remain a strong and attractive option for many. 

If you are planning to move to Overland Park, hiring Overland Park moving companies can ease the process by efficiently transporting your belongings and helping you settle into the city.