Johnson County releases 2023 market study analysis, sees residential and commercial growth
Johnson County has released its Market Study Analysis for the Assessment Year 2023, examining the real estate market in the county – including both the residential and commercial markets.
The analysis is completed by the county’s Appraiser’s Office, using data from its annual valuation process. During the process, the office reviewed the sale of more than 19,000 residential properties, completing a sales comparison analysis to developed market values.
The study found that nearly 90% of residential properties increased in value for 2023. The median single-family residential sale price rose 13.8% from 2021 to 2022, leading to an average increase in residential values of 12%.
Commercial real estate also remained steady, specifically within the office and retail sectors. Overall, commercial values also increased at a rate of 12%. The commercial market includes the following sectors:
- Industrial: The industrial market remained hot due to the county’s geo-central location and saw development of several large-scale industrial parks.
- Multifamily: The multifamily market continues to perform better than many markets in the country, despite a slowdown in sales due to economic concerns.
- Office: Office market rental rates and occupancy remained stable, despite the continued popularity of work-from-home.
- Retail: Retail remained stable due to redevelopment, often as mixed-use. Key areas of development included the Metcalf corridor in Overland Park and Sonoma Plaza in Lenexa.
- Hotel/Motel: The hotel/motel market has largely recovered from the COVID-19 pandemic, now operating near pre-pandemic levels.
View the full Market Study Analysis for 2023. You can also view individual property data in Johnson County using the land records search tool.