Topeka real estate market ranked as hottest in the country
TOPEKA, Kan. (WIBW) - Topeka is ranked in the realtor.com top ten ‘Hottest Zip Codes of 2020.'
The zip code 66614 in Topeka landed at #6 in the top ten hottest zip codes this year.
Bob Ross, Sr. Vice President of Marketing & Communications with the Greater Topeka Partnership said, “This has been incredible data to point to because what realtor.com also showed is that it was metric based and that people are moving here, people are buying homes here and searching for homes here at a rate that greatly out pays anywhere else in the country.”
“Homes are selling sometimes within hours," said co-owner and president of Coldwell Banker & American Home, Amanda Lewis. “If a home is priced correctly, in good condition or even semi-good condition, a seller is going to sell it within maybe a few days or even hours with multiple offers a lot of times.”
She points to a few factors that explain why the market is so hot.
“Buyers are able to afford more because interest rates are so low," Lewis continued saying, “When they aren’t paying as much interest they get pre-approved for higher prices, which may be increasing prices a little bit as well. The supply is so low, demand is very high. There’s so many buyers out there that are just waiting to get into a house.”
Ross said GTP is capitalizing on this momentum to attract people to the area.
”It’s been very useful for us as an organization as we make the case to the nation that as they’re looking for places to relocate to during this time, that Topeka is an incredible place to choose,” he added.
Lewis points to the pandemic for the recent shift in the real estate world.
”Because we were shut down during that spring time, there was a lot of uncertainty, people weren’t sure if they were going to have their job after this is over or how long this was going to last, so they kind of stayed put," she said, “Now we’re just seeing everyone coming out and getting ready to buy or sell."
Ross agreed saying, ”I think especially as people are nesting, they’re going to be home more, they’re going to be working remotely more, so they want a great home to live in and I think Topeka has amazing neighborhoods all over the county to choose from and I think it’s one of the reasons people are beginning to give Topeka a second look."
Realtor.com considered three key factors when ranking the hottest zip codes: views per property, average days on the market and affordability.
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