Building Costs Per Square Foot in the City of Wichita (KS), USA

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Residential Construction Market Analysis in the City of Wichita (KS), USA

Newly Built House in Wichita 5833 N Edwards Street KS67204 - 5 Bedrooms and 4 Baths with 3 Attached Garages on Gross Floor Area 3,512 sqft - Built in 2022 - Price $569,900 (4)

Newly Built House in Wichita 5833 N Edwards Street KS67204 – 5 Bedrooms and 4 Baths with 3 Attached Garages on Gross Floor Area 3,512 sqft – Built in 2022 – Price $569,900 (4)

Building costs are 4% below the national average in the City of Wichita in Kansas, and equivalent to the states of Alabama, Arizona, Georgia, North Carolina and Virginia. Entering the world of the real estate market is one of the most intense and stressful tasks there is. There are numbers and statistics everywhere, and if you don’t understand them, it may be difficult for you to make the right decision.

For that reason, we bring you an article where we will explain simply what is the situation of the real estate market in Wichita (KS). In this way, whether you are a buyer or a seller, you will be able to find the necessary information and understand it without problems.

Wichita (KS) Construction Outlook

Wichita’s construction outlook is varied but not far from what you’d expect from a city in that part of the country. Its diversity is because it varies greatly according to each neighborhood. You will find the buildings almost exclusively in downtown Wichita.

The College Hills neighborhood is the one with houses most similar to luxury houses. They are not the typical mansions that you would find in another city, but they do fall into the luxury category due to their size due to their position in the real estate market. A luxury house in that neighborhood is much cheaper than a big mansion, so it is a good option if you want to have another lifestyle without leaving your budget.

Rockhurst and some parts of Riverside are the towns closest to middle-class towns. Crown Heights also falls into this category, in some cases the houses are prefabricated, and in others, they are typical brick and cement houses. Most of them have more than 3 rooms, a garden, and a garage since they are modest houses but you can live a comfortable lifestyle.

Wichita (KS) Housing Market Analysis and Forecast

The Wichita market is a very accessible one, presenting prosperous opportunities for both buyers and sellers. However, in recent years it has been marked by a series of highs and lows, varying by a few thousand dollars.

At a general level, during 2022 there was an increase of 11% in the value of the properties in total. This increase is seen in part thanks to inflation making everything more expensive, and prices last year ending at a low peak, leaving room for growth.

Do not let this data discourage you, it is expected that next year the value of properties, in general, may have another increase and that this time it will not be marked by inflation but by an increase in demand.

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One thing that makes experts optimistic is that it never fell back into the trough that took place during 2020, so the Wichita real estate market has rebounded well and may improve a bit more.

In what has to do with other numbers beyond prices, these numbers are a little more alert. Just over 300 residential properties were sold, compared to 600 the previous month. This is mostly due to a drop in the number of properties listed.

During this last year, the number of days it takes for properties to sell has greatly decreased, with average numbers of less than 15 days (compared to 38, which was the low peak of 2021). This shows that buyers are interested and that they have the possibility of finding a good property.

Wichita (KS) Average House Price (Median Home Price)

The median home price in Wichita (KS) is $215,000, which is up 11.7% compared to October of last year (when the median home price was $192,000). Every year, the highest average value was in May when it hit $225,000, and it is expected to repeat or even hit $230,000 over the next year.

In any case, the median home price is a statistical number, and may or may not correspond to what happens in reality. It is a number that is obtained by averaging the value of all listed residential properties, so the actual number can vary widely. Luxury homes tend to make the average go up, and in Wichita (KS) there aren’t that many, so the average can be quite realistic.

However, there are some differences to note between some property types. In the case of single-family homes, these are the most expensive properties you will find in Wichita (KS) since their value is $218,000. Its peak value was in May and July of this year when it reached an average value of $225,000.

In the case of condo/co-op properties, their median value is $145,000, and while that may seem like a low number, it was up 20% from last year when their median value was $119,000. Its highest peak this year was in May when it hit $155,000.

In the case of townhouses, there is no relevant record of how much a property of this type can cost in Wichita (KS). However, it is estimated that if it is a property of this style, or an apartment, with fewer than 3 rooms, its price can range from $45,000 to $100,000 depending on where it is located.

Proposed Residential Building Projects in Wichita (KS)

Wichita is a city that is modernizing, and the construction projects that stand out the most are those related to tourism and services for the inhabitants. New hospitals are being built, and also new hotels. This tells us about a change that is coming in a city that is ready to attract more people (both tourists and permanent residents).

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These projects influence those that are destined to become residential homes. Some are aimed at young people, others at the elderly, and others at families.

The famous Sutton Place building is being renovated and modified to transform it into a residential building for university students. This will help to enhance the William Street corridor, as it will be filled with youth and a new life.

In what has to do with projects focused on families in Crown Heights. These projects are a new take on the typical townhouses or condo/co-op properties since they are more spacious and are designed for families of 4 or more people. In addition, they are made new, which means that they will give the city a more modern look.

Newly Built House in Wichita 14315 E Laguna CT KS-67230 - 3 Bedrooms and 2 Baths with 3 Attached Garages on Gross Floor Area 1,410 sqft - Built in 2022 - Price $384,571 (18)

Under Construction Nearing Completion (21 Nov 2022). Newly Built House in Wichita 14315 E Laguna CT KS-67230 – 3 Bedrooms and 2 Baths with 3 Attached Garages on Gross Floor Area 1,410 sqft – Built in 2022 – Price $384,571 (18)

Building Costs Per Square Foot for Single Family Homes in the City of Wichita (KS), USA

Building costs are 4% below the national average in the City of Wichita in Kansas, and equivalent to the states of Alabama, Arizona, Georgia, North Carolina and Virginia.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in City of Wichita ranges from $331.09 per sqft to $507.55 per sqft, with the average being $390.74 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in City of Wichita ranges from $201.23 per sqft to $308.45 per sqft, with the average being $237.47 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in City of Wichita ranges from $130.08 per sqft to $197.58 per sqft, with the average being $152.30 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in City of Wichita ranges from $94.93 per sqft to $145.58 per sqft, with the average being $112.04 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in City of Wichita ranges from $77.06 per sqft to $118.01 per sqft, with the average being $90.87 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in City of Wichita ranges from $60.78 per sqft to $93.16 per sqft, with the average being $71.70 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.


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