Manhattan, KS Housing Market

Market Overview

Manhattan, KS presents as a moderate housing market, supported by a PropertyIQ Score of 61 out of 100. The score is driven by solid 12-month home value momentum of 6.96%, a relatively quick median days on market of 47 days, and a 23.4% share of listings with a price cut. However, a much lower 3-month home value momentum of 0.29% suggests that price growth has cooled recently. Compared with state benchmarks, Manhattan’s median home value of $271,847 sits above the Kansas average of $249,603, while its rent index of $1,294 is also well above the state average of $1,029.

At the same time, Manhattan’s median household income of $64,096 trails the state average of $72,639. That creates a mixed picture: housing costs are higher than typical for Kansas, but local incomes are lower. The unemployment rate of 3.0% is below the state average of 3.8%, indicating a relatively healthy labor market. With 367 homes for sale and a median days on market of 47, the market is not overheated, but it is not deeply distressed either.

Overall, the data positions Manhattan as a steady, moderate market. The PropertyIQ Score of 61 reflects balanced conditions rather than rapid appreciation or sharp decline. The combination of above-average home values and rents with below-average household income means affordability is a key watchpoint.

Key Trends

First, home value growth is decelerating. The 12-month home value momentum of 6.96% is healthy, but the 3-month momentum of only 0.29% points to a meaningful slowdown. The listed home value year-over-year figure is $7, which is difficult to interpret in isolation, but the percentage momentum figures suggest that most recent price growth occurred earlier in the year. With 23.4% of listings showing price cuts, sellers appear to be adjusting to softer near-term demand.

Second, housing costs are elevated relative to state norms. Manhattan’s median home value of $271,847 is about $22,000 above the Kansas median of $249,603. The rent index of $1,294 exceeds the state average of $1,029 by $265. However, median household income is $64,096, below the state average of $72,639. This creates affordability pressure for local residents and may limit how much further prices or rents can rise without income growth.

Third, the labor market provides a source of strength. Manhattan’s unemployment rate of 3.0% is below the state average of 3.8%, suggesting steady employment and likely housing demand. However, population growth is listed as N/A, so there is no confirmed demographic tailwind in the provided data.

Fourth, the market pace is balanced but not urgent. A median days on market of 47 days is moderate, and with 367 homes for sale, buyers have some choice. The 23.4% share of listings with a price cut indicates that sellers need to remain competitive, but the overall inventory level does not signal a distressed buyer’s market.

Who Is This Market For

Manhattan may appeal to buy-and-hold investors focused on rental income. The rent index of $1,294 is significantly above the state average of $1,029, and the low unemployment rate of 3.0% supports tenant stability. However, the median home value of $271,847 combined with a below-state median household income could limit aggressive rent growth. Investors should underwrite carefully rather than assume rapid appreciation.

First-time buyers may find opportunities because of the 47-day median time on market and the 23.4% share of listings with price cuts, which can create negotiation room. Still, affordability is a hurdle: the median home value is above the state average, while local incomes are below the state average. Buyers with stable employment and modest down payments may need to target lower-priced inventory.

Move-up buyers could benefit from the 12-month home value momentum of 6.96%, which suggests some existing homeowners have gained equity. However, the 3-month momentum of 0.29% indicates less urgency in the current market, so move-up buyers may be able to shop without intense competition. This is not a market suited to short-term speculators seeking rapid price gains.

Outlook

The near-term outlook for Manhattan is one of continued moderation. The sharp difference between 12-month home value momentum of 6.96% and 3-month momentum of 0.29% points to flattening price growth. With 367 homes for sale, a median days on market of 47, and 23.4% of listings with price cuts, sellers will likely need to remain flexible on pricing and terms. The low unemployment rate of 3.0% should continue to support housing demand, but the missing population growth data limits any long-term demand forecast. Absent new data on population or income growth, Manhattan is best characterized as a stable, moderate market consistent with its PropertyIQ Score of 61.