House Values in Neighborhoods Popular with Medical Residents at KUMC in Kansas City

This is the time of year that many medical doctors are making plans to move to KC for their residency. Here are some statistics that will help you become familiar with the house values in neighborhoods within about 15 minutes from KUMC [Kansas University Medical Center]. For this study, I looked at 3+ bedroom, 1 and 1/2+ baths, and 2+ garage. I looked at all the Single Family Homes listed between $180,000 and 250,000 which sold over the last 180 days.

Zip Code 64113 had 16 homes sold with an Average Days on Market (DOM) of 107. 2 homes were on the market more than 300 days; after discarding those, the Average DOM was 74. It's not unusual to see homes in this zip sell in less than 30 days providing they are priced right for their condition. Brookside has been a popular place to live for more than a hundred years and shows no sign of losing that appeal.

  Zip code 66208 - Prairie Village - had 21 homes sell with an Avg DOM of 52. Homes that are priced right for their condition can also sell quickly in this area. The Shawnee Mission East High School is highly valued by parents in the area. Many people will sacrifice house size, garage space, or extra bathrooms to make sure their children attend this school. That helps to keep home values stable.

  Zip 64114 had 17 sold at an Avg DOM of 97. This area includes Waldo, traditionally popular amongst buyers who cannot quite afford a house in Brookside. Waldo is actually now preferred by some of the younger buyers who want to be close to the growing nightlife in Waldo. (The Well, The Gaf, 75th Street Brewery, Kennedy's, Waldo Pizza, The Piano Room, Governor Stumpy's, etc.) It's also chosen by some retirees who want a ranch style home or small bungalow. Betty Tillotson, who owns a dance studio in Waldo, told me about taking the Trolley over to Waldo for dances during the 1930's and 40's. Ask her about it sometime - Waldo's been a fun place for eons.  I believe Waldo is an area we will see price increases over the next 2 years. The southern part of 64114 may be too far from KUMC but around Waldo is ok.

 Zip 66205 had 5 sold with 124 Avg DOM. Parts of this zip code are more difficult than others. A quick sale would not be routinely anticipated. Westwood and Fairway would, of course, be exceptions.

The charts above depict the Median Sold Price for 3+bedroom homes with 1and1/2+baths and 2+ car garages priced between $180-250,000.    This is a good range if you're considering selling in a few years - after a medical or dental residency, for instance.

For 3+ bedroom, 1and1/2+ bath & 2 car garage, the average home price in 64113 is around $350,000. Average home price in 66208 is around $490,000. Both have had REO's as low as $95,000 and both have sold multi-million dollar homes within their borders.

64114 Low $38,000; High $340,000; Avg $168,000.

66205 Low $83,000; High $610,000; Avg $268,000.

Residents at Kansas University Medical Center may also consider neighborhoods along I-35, if they are willing to do the highway commute from Overland Park.  Borders used were I-35, Shawnee Mission Pkwy, Metcalf, and I-435 to the south. Overland Park is a newer area of Kansas City. It is the largest city within our city. In the last 2 years, Overland Park is just beginning to experience some of the infrastructure problems that come with age. Road and bridge wear, old water and sewer lines, etc. I expect to see some special assessments levied as the city updates their systems.

This area encompasses multiple zip codes. [Plans for expanding Metcalf are extensive and may be disruptive to traffic for a prolonged period of months, perhaps longer.] There were 18 homes sold within the parameters during the last 180 days. Avg DOM = 70. Eliminating the price restriction, the low was $67,000; high $350,000; Avg $160,000.

So, these are the areas that many recent graduates consider when buying a home in Kansas City to live in during their residency. Other areas we may consider are the West Plaza, Westport, Roeland Park, KCK, Valentine, Roanoke, Hyde Park, western Overland Park, Shawnee, and the Plaza. The areas selected for this article are ones in which we expect to have an easier time when selling in a few short years. Some residents prefer condo living and that's certainly a viable option.

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♪♫ Maria Morton,SeniorRealEstateSpecialist, 816-560-3758.mobile ♫ ♪