Iowa Housing Market: November 2024 Analysis
The Iowa housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Iowa stands at $233,100, reflecting a decrease of 3.1% year-over-year (YoY). Similarly, the Median List Price has declined by 4.4% YoY, now at $229,100. This downward trend in pricing suggests a cooling in the market, potentially offering opportunities for buyers.
Conversely, the median Price Per Square Foot has increased by 5.3% YoY, reaching $151. This rise indicates that while overall prices have decreased, the value of space is appreciating. The Median List Price per square foot also shows an upward trend, increasing by 4.1% YoY to $157, further emphasizing the growing value of property space in Iowa.
In terms of sales activity, the number of Homes Sold has risen by 7.6% YoY, totaling 2,973 units. Pending Sales have also increased by 5.6% YoY, with 2,727 transactions awaiting closure. New Listings have grown by 4.3% YoY, reaching 2,845, indicating a healthy influx of properties entering the market. Inventory levels have surged by 14.9% YoY, now at 8,836 units, which may contribute to the downward pressure on prices.
The Months of Supply, a critical indicator of market balance, has increased by 20.0% YoY to 3.0 months. This suggests a shift towards a more balanced market, moving away from the seller's market conditions seen in previous years. The Median Days on Market have increased by 5.0% YoY to 36 days, indicating that homes are taking slightly longer to sell.
The average sale to list ratio remains unchanged YoY at 97.5%, suggesting that homes are generally selling close to their asking prices. However, the percentage of Homes Sold above list price has decreased by 2.3% YoY to 19.3%, reflecting a slight reduction in competitive bidding. Price Drops have seen a marginal increase of 0.2% YoY, now at 27.1%, while the percentage of homes going off market in two weeks has decreased by 0.8% YoY to 33.0%.
Overall, the Iowa housing market in November 2024 is characterized by declining prices and increasing inventory, alongside a rise in sales activity. These trends suggest a market that is gradually shifting towards equilibrium, offering potential opportunities for both buyers and sellers.
