Iowa Housing Market: September 2024 Analysis
The Iowa housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Iowa stands at $237,000, reflecting a year-over-year decrease of 1.4%. This decline indicates a slight cooling in the market compared to the previous year. Conversely, the Median List Price has seen a modest increase of 0.4%, reaching $244,200, suggesting that sellers are maintaining their pricing expectations despite the dip in sales prices.
Analyzing the Price Per Square Foot, both the Median Sales Price and list Price Per Square Foot have experienced a 4.0% increase year-over-year, with the Median Sales Price per square foot at $155 and the Median List Price per square foot at $160. This rise in Price Per Square Foot indicates a sustained demand for quality space, even as overall sales prices have slightly decreased.
The number of Homes Sold in Iowa has dropped significantly by 10.1% year-over-year, with 2,913 Homes Sold in September 2024. However, Pending Sales have shown a slight increase of 0.8%, totaling 3,236, suggesting a potential rebound in the coming months. New Listings have surged by 8.3%, reaching 3,853, which may contribute to the increased inventory levels.
Inventory levels have risen by 15.5% year-over-year, with 8,795 homes available on the market. This increase in inventory, coupled with a 60.0% rise in Months of Supply to 3.0 months, indicates a shift towards a more balanced market, providing buyers with more options and potentially easing competitive pressures.
The Median Days on Market have increased by 8.0% to 32 days, reflecting a slower pace in the market. The average sale to list ratio has slightly decreased by 0.6% to 97.8%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 6.3% to 20.3%, further highlighting the cooling trend in the market.
Price Drops have become more prevalent, with a 4.7% increase year-over-year, affecting 34.1% of listings. This trend suggests that sellers are adjusting their expectations in response to market conditions. Meanwhile, the percentage of homes going off the market within two weeks has remained relatively stable, with a slight increase of 0.2% to 40.7%, indicating that well-priced homes continue to attract quick interest.
Overall, the Iowa housing market in September 2024 is characterized by a mix of cooling sales prices, increased inventory, and stable demand for quality space. While some metrics indicate a slowdown, others suggest potential stabilization and opportunities for both buyers and sellers in the coming months.
