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OVERLAND PARK HOUSING MARKET INFORMATION
With 191,278 people, 76,621 houses or apartments, and a median cost of homes of $307,774, Overland Park real estate is some of the most expensive in Kansas, although Overland Park home values aren’t among America’s most expensive.
Single-family detached homes are the single most common housing type in Overland Park, accounting for 58.61% of the city’s housing units. Other types of housing that are prevalent in Overland Park include large apartment complexes or high rise apartments ( 24.13%), row houses and other attached homes ( 10.67%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.44%).
The most prevalent building size and type in Overland Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.40% owning and 37.60% renting.
There is a lot of housing in Overland Park built from 1970 to 1999 so parts of town may have that “Brady Bunch” look of homes popular in the ’70s and early ’80s, although some of these houses were built up through the early ’90s as well. There is also a lot of housing in Overland Park built between 1940-1969 ( 24.82%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.98%). There’s also some housing in Overland Park built before 1939 ( 1.61%).
OVERLAND PARK HOME APPRECIATION RATES
In the last 10 years, Overland Park has experienced some of the highest home appreciation rates of any community in the nation. Overland Park real estate appreciated 33.54% over the last ten years, which is an average annual home appreciation rate of 2.93%, putting Overland Park in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Overland Park definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Overland Park that despite a nationwide downturn in the housing market, Overland Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Overland Park appreciation rates continue to be some of the highest in America, at 6.76%, which is higher than appreciation rates in 73.18% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Overland Park. Overland Park appreciation rates in the latest quarter were at 1.69%, which equates to an annual appreciation rate of 6.92%.
Importantly, this makes Overland Park one of the highest appreciating communities in the nation for the latest quarter, and may signal the city’s near-future real estate investment strength.
Relative to Kansas, our data show that Overland Park’s latest annual appreciation rate is higher than 80% of the other cities and towns in Kansas.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Overland Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Overland Park – or in any city or town – that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Overland Park real estate investment or home purchase decisions.
Information provided by: https://www.neighborhoodscout.com/ks/overland-park/real-estate