Overview of the Commercial and Residential
Real Estate Market in Kansas
Originally home to several Native American tribes, Kansas is named after the Kansa people. This tribe's name is commonly believed to mean "people of the wind," though it is unlikely that was the original meaning. However, it does suit the state of Kansas. The legendary Dodge City is the windiest city in the United States. In addition to being famous as the home-place of Dorothy from the Wizard of Oz, Kansas is known for grain. A 1/2 mile-long grain elevator in Hutchinson can hold 46 million bushels in its 1,000 bins. With a population of 386,552, Wichita is the largest city and one of five in the state with more than 100,000 people. It has a median home value of $117,000 and a median household income of $46,218. The state of Kansas has a median home value of $127,400 with a median household income of $51,273. Lawrence is likely to be the next city to crest 100,000 people. According to the U.S. Census, it has a current population of 90,811, a median home value of $176,500, and a homeownership rate of 45.5 percent.
The 2014 Beige Book report of economic conditions in each of the Federal Reserve's twelve district reported that the Tenth District-Kansas City economy showed an increase and this expected to continue for the foreseeable future. Residential real estate dipped slightly, but commercial real estate activity increased. The state unemployment rate was at 4.9 percent in August 2014 and continues to decline. The report notes low vacancies, strong sales, and increased construction in the commercial real estate sector. It predicts the commercial real estate market for Kansas will continue to expand in coming months.
Office Rental and Executive Suites in Leawood, KS
How to Become a Realtor in Kansas
In addition to licensing and overseeing real estate agents, the Kansas Real Estate Commission places a strong emphasis on continually improving real estate services in the state through a customer-oriented consciousness. Applicants must be 18 years of age or older. They must have a high school diploma or equivalent. To take the state exam, applicants must first successfully complete a 30-hour course on the Principles of Real Estate and a 30-hour Kansas Practice course. They must then pass both the general and state parts of the Kansas licensing exam within 12 months of completing their Principles of Real Estate course. Prospective agents must apply for their license within six months of passing the exam. If the two exam sections were completed on different days, the six months begins on the earlier date of the two.