The Des Moines, IA metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 2.6% year-over-year, settling at $285,000. In contrast, the Median List Price has seen a modest increase of 1.7%, reaching $300,000. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions.

Price Per Square Foot metrics indicate a more positive trend. The median Price Per Square Foot has risen by 4.3% to $205.34, while the Median List Price per square foot has increased by 1.4% to $216.58. These figures suggest that while overall sales prices have dipped, the value attributed to each square foot of property has appreciated, reflecting a nuanced demand for quality space.

Sales activity shows a mixed picture. The number of Homes Sold has increased by 2.0% year-over-year, totaling 599 units. However, Pending Sales have dropped significantly by 17.9%, indicating a potential slowdown in future transactions. New Listings have also decreased by 11.2%, with 874 properties entering the market, suggesting a tightening supply.

Inventory levels have risen by 11.3%, reaching 2,310 units, which, coupled with a 40.0% increase in Months of Supply to 3.9 months, indicates a shift towards a more balanced market. This increase in inventory could provide buyers with more options, potentially easing upward pressure on prices.

The Median Days on Market have increased by 4.0% to 58 days, reflecting a slightly slower pace in the market. The average sale to list ratio has decreased marginally by 0.3% to 97.6%, indicating that homes are selling slightly below their list prices. The sold above list ratio has also declined by 4.2% to 16.0%, further emphasizing the cooling market conditions.

Price Drops have become more prevalent, with a 6.2% increase, affecting 29.0% of listings. This trend suggests that sellers are adjusting their expectations in response to market dynamics. Additionally, the percentage of homes going off the market within two weeks has decreased by 3.8% to 31.6%, indicating a slower turnover rate.

Overall, the Des Moines housing market in February 2025 reflects a period of adjustment, with sellers recalibrating their strategies in response to changing buyer behavior and increased inventory. While certain metrics show growth, others highlight areas of caution, suggesting that both buyers and sellers need to navigate the market with careful consideration.