Iowa Housing Market Analysis - August 2024
The Iowa housing market in August 2024 presents a mixed picture with several key indicators showing both positive and negative trends. The Median Sales Price for homes in Iowa stands at $240,600, reflecting a slight decrease of 1.5% year-over-year (YoY). Similarly, the Median List Price is $243,600, down by 0.7% YoY. These figures suggest a modest cooling in home prices compared to the previous year.
Conversely, the median Price Per Square Foot has increased by 2.3% YoY to $155, while the Median List Price per square foot has seen a more substantial rise of 6.6% YoY, reaching $159. This indicates that while overall home prices have slightly declined, the value attributed to the space within homes has appreciated.
In terms of sales activity, the number of Homes Sold in August 2024 is 3,488, marking a 6.4% decrease YoY. Pending Sales have experienced a more significant drop of 23.7% YoY, totaling 3,516. New Listings have also declined by 1.7% YoY, with 4,033 new homes entering the market. Despite these declines, inventory levels have increased by 14.0% YoY, reaching 8,333 homes, and the Months of Supply have surged by 40.0% YoY to 2.4 months. These figures suggest a shift towards a more balanced market, with increased availability of homes for potential buyers.
The Median Days on Market for homes in Iowa is now 31 days, up by 9.0% YoY. This indicates that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio has decreased by 0.8% YoY to 98.0%, and the percentage of Homes Sold above list price has dropped by 5.1% YoY to 24.2%. These metrics suggest that buyers may have more negotiating power than they did a year ago.
Price Drops have increased by 3.2% YoY, with 32.9% of homes experiencing a reduction in their asking price. Additionally, the percentage of homes going off the market within two weeks has risen by 3.8% YoY to 41.2%, indicating that while some homes are taking longer to sell, a significant portion is still moving quickly.
Overall, the Iowa housing market in August 2024 shows signs of stabilization with increased inventory and a slight cooling in prices. Buyers may find more opportunities and negotiating power, while sellers may need to adjust expectations in terms of pricing and time on the market.
