Dr. Stan Longhofer is a Professor of Real Estate and Finance in the Barton School of Business at Wichita State University. He was the founding director of the Center for Real Estate, a position he held for 25 years until stepping down in the summer of 2025. In this role, he provided research services and educational programs to real estate professionals throughout the region and was the author of the Center’s annual Kansas Housing Markets Forecast.

Dr. Longhofer’s insights regarding real estate market conditions are widely quoted in local and national media outlets, including the Economist, Forbes, USA Today, and the Christian Science Monitor, and he has been featured as an op-ed columnist in the Washington Post and the Wall Street Journal’s online edition.

Dr. Longhofer earned his Ph.D. in economics from the University of Illinois and worked as an economist with the Federal Reserve Bank of Cleveland prior to coming to WSU.

Because of his deep engagement with real estate professionals throughout the region, the Realtors of South Central Kansas recognized Dr. Longhofer as their 2019 Citizen of the Year, and in 2021 he received the Lifetime Achievement Award from the Kansas CCIM Chapter and WSU Center for Real Estate for his contributions to the commercial real estate industry in Wichita.

DegreesPh.D. in Economics, University of Illinois at Urbana Champaign, 1995
M.S. in Economics, University of Illinois at Urbana Champaign, 1991
B.B.A. in Economics, Wichita State University, 1989
Research InterestsReal Estate Markets
Housing Market Dynamics
Land Valuation
Teaching InterestsMortgages and Mortgage Markets
Real Estate Investment Analysis
Real Estate Valuation
Principles of Real Estate

Land Leverage: Decomposing Home Price Dynamics

Raphael W. Bostic, Stanley D. Longhofer and Christian Redfearn Final Draft: March 2007 Real Estate Economics, vol. 35, no. 2, Summer 2007, pp. 183-208 This paper demonstrates the importance of separating the bundled good of housing into land and improvements, arguing that changes in a property’s overall value will depend critically…

Estimating Location Premia using Fixed Effects – A Semi-Local Approach

Stanley D. Longhofer and Christian L. Redfearn Current draft: March 2024 Forthcoming, Real Estate Economicshttp://doi.org/10.1111/1540-6229.12523 In this paper, we develop a novel method for measuring the value of location within a metropolitan area. By estimating overlapping “semi-local” regressions and exploiting the symmetry among them, we are able to construct a…

Estimating Land Values using Residential Sales Data

Stanley D. Longhofer and Christian L. Redfearn Final draft: August 2022 Journal of Housing Economics, Vol. 58, Part A, December 2022 Land prices are at the heart of urban economics but are generally not observed directly. Though they are central to household and firm location choices, land-only sales in urban…

Land Values and External Obsolescence

Stanley D. Longhofer Final draft: February 2021 The Appraisal Journal, Spring 2021, vol. 89, no. 2, pp. 95-103. External obsolescence is perhaps one of the trickiest aspects of implementing the cost approach in appraisal. Because it is driven by factors outside the property, it is important for appraisers to make…

Less Than Nothing: Land Value Taxation when Land Values are Negative

Stanley D. Longhofer Current draft: March 2012 If ownership of land entails holding costs that exceed the land rents that accrue to the property owner, land values can be negative.  This analysis considers the conditions under which land values might be negative and demonstrates that negative land values would not…