Dodge City, KS Housing Market

Market Overview

Dodge City’s PropertyIQ Score of 22 out of 100 places it in weak territory relative to broader market health benchmarks. The score is shaped by cooling home value momentum, a median days on market of 86 days, and a 13.9% share of listings with a price cut. The median home value is $211,857, well below the state average of $250,918, while the rent index is $1,174, above the state average of $1,029. This creates a mixed picture: purchase prices are comparatively affordable, but rental costs are relatively high for the area.

The local unemployment rate of 3.8% matches the state average, and median household income is $70,495, slightly below the state average of $72,639. Home value year over year is -$5, essentially flat, while momentum measures are split: 12-month home value momentum is 3.06%, but 3-month momentum is -1.61%. With 113 homes for sale and population growth data not available, the low PropertyIQ Score appears driven more by slowing price momentum and slower turnover than by sharp economic decline.

Key Trends

One clear trend is cooling home value momentum. The 12-month momentum of 3.06% indicates modest appreciation over the past year, but the 3-month momentum of -1.61% shows recent softening. The year-over-year median home value change of -$5 reinforces that price growth has stalled rather than fallen sharply.

A second trend is the rental premium. The rent index of $1,174 is $145 above the state average of $1,029, even though the median home value is below the state average. This suggests relatively strong rental demand or a limited rental supply, which may support investor interest even as sale prices cool.

A third trend is slower sales conditions. The median days on market is 86 days, meaning homes are taking nearly three months to sell on average. Additionally, 13.9% of listings have had a price cut, indicating that sellers are adjusting expectations. With 113 homes for sale, the combination of longer marketing times and price reductions points to a buyer-leaning environment.

A fourth trend relates to affordability and income. The median home value of $211,857 and median household income of $70,495 produce a price-to-income ratio of about 3.0, which is relatively moderate. However, median household income is slightly below the state average, and the above-state rent index may create affordability pressure for renters despite the lower home values.

Who Is This Market For

This market may suit first-time homebuyers seeking a lower purchase price relative to the state average. The median home value of $211,857 is roughly $39,000 below the state average, which can make homeownership more attainable for local households earning around $70,495. That said, buyers should be prepared for a slower resale environment, given the 86-day median days on market and cooling price momentum.

Buy-and-hold investors may find the rent index attractive. At $1,174, the rent index is above the state average of $1,029, which could support rental income relative to the lower median home value. However, the PropertyIQ Score of 22, negative 3-month home value momentum, and 13.9% price-cut share suggest this is not a short-term flip or rapid-appreciation market. Move-up buyers may also be cautious because recent price momentum has turned negative and the year-over-year change is flat. Population growth data is not available, so demographic-driven demand cannot be fully assessed.

Outlook

The near-term outlook for Dodge City is cautious. The 3-month home value momentum of -1.61% and the essentially flat year-over-year change of -$5 point to continued softness in sale prices. The 86-day median days on market and 13.9% share of listings with a price cut suggest buyers may retain negotiation power. The 12-month momentum of 3.06% shows the market has not experienced a sharp annual decline, but the recent negative turn indicates that earlier strength is fading. The rent index of $1,174 remains above the state average, which could support rental demand and investor interest even if sale prices stagnate. Without population growth data, the demand picture is incomplete. Based strictly on the provided numbers, the most supportable expectation is for flat to slightly soft home values in the near term, with rental performance as a relative bright spot.