Johnson County Appraiser Beau Boisvert says although we’re facing economic challenges due to the COVID-19 pandemic, Johnson County is seeing an increase in real estate prices compared to last year.
“It’s evident the market has remained active throughout 2020 so far,” Boisvert said. “If the residential market remains active, we are looking at an approximately 3-5% increase in average sale prices.”
Boisvert says if this forecast is correct, the overall increase in residential appraised value could be in the 4-7% range. The Johnson County real estate market continues to be affected by low interest rates and the low inventory of residential properties on the market, putting upward pressure on sale prices.
Initial figures for commercial property may result in reductions for specific property types, such as retail, offices and hotels.
Susan Bowers, a Johnson County real estate agent with more than 40 years of experience, says it’s a great time to sell home.
“This is an unusual market. Our spring market was delayed. Normally things slow down in September, but we’re still seeing great movement. Things started to increase around June,” Bowers said. “I expect a steady seller’s market for a while. We definitely need more inventory in all price ranges to help things even out.”
For much more on this topic, view the latest JoCo on the Go webcast, or listen to our podcast,which both include Boisvert and Bowers discussing the market and associated impacts of increased prices. For more information about property values in Johnson County, visit the Johnson County Appraiser’s Office website. Boisvert is available for media interviews.