Wichita Small Business
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The Wichita Metropolitan Statistical Area is the fourth-best in the nation for home price appreciation, according to a study released by the National Association of Realtors.
Wichita's third-quarter 2008 median price of $125,300 was up 5.5 percent, ranking the area behind Elmira, N.Y., Decatur, Ill., and Bloomington-Normal, Ill.
The reason: Housing markets with good economies produce steady but slow price appreciation to top the list, said NAR spokesman Walter Molony and Stan Longhofer, director of Wichita State's Center for Real Estate.
"The strongest price gains tend to be in affordable markets with healthy economies," Molony said. "A lot of mid-section American areas."
That's the case in Wichita, Longhofer said. Years of steady home price appreciation have blended with a shift in buyer demographics toward upscale housing.
