Johnson County releases 2024 market study analysis

Arial view of residential neighborhood

Johnson County has released its Market Study Analysis for the Assessment Year 2024, 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 2024. The median single-family residential sale price rose 7-8% from 2022 to 2023, leading to an average increase in residential values in the 7-9% range.

Commercial real estate also remained steady, with commercial values increasing at a rate of 6-10%. The commercial market includes the following sectors:

  • Industrial: The industrial market remained steady in 2023, with more than six million square feet of industrial new construction permits issued.
  • Multifamily: The multifamily market continues to perform better than many markets in the country, with mixed-use development and vertical construction remaining popular.
  • Office: Office market rental rates remained stable. Vacancy is slightly up for some properties, but vacancy rates were well below national averages.
  • Retail: Retail remained stable due to continued redevelopment and mixed-use development – including the Metcalf corridor and Bluhawk in Overland Park.
  • Hotel/Motel: Hotels and motels are generally operating at or above pre-pandemic levels. The daily rate growth outperformed recent forecasts, and occupancy continues to climb.

View the full Market Study Analysis for 2023. You can also view individual property data in Johnson County using the land records search tool.