Should You Buy a Home This Spring in Manhattan, KS?
Spring is traditionally the busiest season in real estate — and 2026 is no exception. Buyers are coming off the sidelines, more homes are hitting the market, and the usual sense of urgency is back. But this spring comes with some important nuances that are worth understanding before you dive in, whether you're buying or selling in the Manhattan, KS area.
Mortgage Rates: The Elephant in the Room
If you've been watching rates hoping for a clear window to jump in, March has been a frustrating month. The 30-year fixed mortgage rate hit 6.53% last week — the highest it's been since September 2025 — after briefly dipping below 6% at the end of February.
The culprit is largely geopolitical. Rising oil prices are pushing inflation higher, which has caused the Federal Reserve to pump the brakes on rate cuts it had been expected to make this year. Forecasters are still projecting rates to ease later in 2026 — Fannie Mae expects the 30-year to be around 5.7% by year-end — but for now, anyone hoping for a big rate drop this spring may be waiting a while.
What this means practically: your purchasing power today is somewhat less than it was in late February. Factor current rates into your budget rather than planning around where you hope rates will be in six months.
The Good News: Affordability Has Still Improved
Here's the counterintuitive part. Despite elevated rates, affordability is meaningfully better than it was a year ago. Typical mortgage payments are down 8.4% from a year ago when you factor in rising incomes and the fact that home prices have stayed nearly flat — up just 0.7% nationally year-over-year. A median-income household can now afford roughly $30,000 more home than they could a year ago.
In practical terms, that means buyers who were priced out of the market in 2024 and early 2025 may now be in a position to purchase — even with rates where they are today.
Inventory Is Up — Buyers Have More Options
One of the most meaningful shifts this spring is on the supply side. Active listings nationally are up nearly 8% year-over-year. Homes are sitting on the market longer, sellers are more willing to negotiate, and the frenzied, offer-within-hours dynamic of a few years ago has largely cooled.
For buyers, this is significant. More inventory means more time to make a considered decision, more leverage to ask for repairs or concessions, and less likelihood of getting into a bidding war that forces you above your budget.
For sellers, it means pricing and presentation matter more than they did when demand was outpacing supply at every price point. The homes that are selling well right now are priced right from the start — not chasing the market down after sitting too long.
What This Means for the Manhattan Market Specifically
Manhattan, KS has some dynamics that differ from the national picture. The combination of K-State, Fort Riley, and a stable professional base creates consistent housing demand across multiple buyer types — which tends to smooth out some of the volatility seen in purely seasonal or single-industry markets.
A few things to keep in mind locally this spring:
For buyers: This is one of the better environments to buy in that we've seen in the past few years. More options, less competition, and sellers who are increasingly motivated. If you've been waiting, the conditions are more in your favor now than they've been in a while — even with rates above 6%.
For sellers: Don't overprice coming out of the gate. The buyers who are active right now are informed and have options. A home that's priced correctly will still move. One that's priced based on peak 2022 comparables will sit — and a price reduction carries its own cost in perceived market perception.
For anyone on the fence: Waiting for a perfect combination of lower rates and lower prices may be a long wait. History suggests that when rates do drop meaningfully, demand picks up quickly and prices follow. Buying in a softer market — even at a slightly higher rate — and refinancing later has worked out well for buyers in previous rate cycles.
New Construction: A Hidden Opportunity
One overlooked option this spring is new construction. Nationally, builders are sitting on a 9.7-month supply of homes — the highest since 2022 — and a growing share are cutting prices or offering incentives to move inventory. If you're open to new construction in the Manhattan area, this spring may be an unusually good time to negotiate.
Bottom Line
Spring 2026 is a buyer's market in most meaningful ways — more inventory, longer days on market, motivated sellers, and improved affordability compared to a year ago. Rates are higher than hoped, but they're not unprecedented, and they can be refinanced if conditions change.
If you're considering buying or selling in Manhattan, Junction City, Wamego, or the surrounding Flint Hills area, the team at The Alms Group is happy to give you a grounded, honest read on what the local market looks like right now.
