Iowa Real Estate Market Insights for July 2024
Analysis of Iowa's Housing Market - July 2024
The housing market in Iowa has shown a mixed performance in July 2024, reflecting both positive and negative trends across various metrics. This analysis delves into the key indicators to provide a comprehensive overview of the current state of the market.
Median Sales Price
The median sales price in Iowa for July 2024 stands at $244,700. This figure represents a slight decrease of 0.01% year-over-year (YoY). Despite this marginal decline, the market remains relatively stable in terms of sales prices.
Median List Price
The median list price for homes in Iowa is $247,400, which has decreased by 1% YoY. This reduction in list prices may indicate a slight cooling in seller expectations or a response to market conditions.
Price Per Square Foot
The median price per square foot has increased to $156, reflecting a 5% YoY rise. Similarly, the median list price per square foot has also seen an 8% YoY increase, now standing at $161. These increases suggest that while overall prices may have slightly dipped, the value per square foot has appreciated, indicating a demand for quality over quantity.
Homes Sold and Pending Sales
In July 2024, a total of 3,497 homes were sold in Iowa, marking a 1% YoY increase. However, pending sales have decreased by 7% YoY, with 3,454 homes currently under contract. This discrepancy between sold and pending sales could suggest a lag in the market or potential buyer hesitation.
New Listings and Inventory
The number of new listings in Iowa for July 2024 is 3,900, showing no change YoY. On the other hand, inventory levels have risen significantly by 16% YoY, reaching 8,016 homes. This increase in inventory, coupled with stable new listings, may provide more options for buyers and potentially ease competitive pressures.
Months of Supply
The months of supply, a critical indicator of market balance, has increased by 30% YoY to 2.3 months. This rise suggests that the market is moving towards a more balanced state, with a slight tilt towards a buyer's market.
Median Days on Market
Homes in Iowa are spending a median of 28 days on the market, which is a 6% YoY increase. This longer duration may indicate a slower pace of transactions or more discerning buyers.
Sale to List Price Ratio
The average sale to list price ratio is 0.98, reflecting a 1% YoY decrease. This ratio indicates that homes are selling slightly below their list prices, which could be a sign of increased negotiation power for buyers.
Sold Above List Price
Only 25% of homes sold above their list price in July 2024, a 7% YoY decrease. This decline suggests that bidding wars are less common, and sellers may need to adjust their expectations accordingly.
Price Drops
The percentage of homes experiencing price drops remains unchanged YoY at 33.63%. This stability indicates that while some sellers are adjusting their prices, the overall market dynamics have not shifted dramatically in this regard.
Off Market in Two Weeks
Homes going off the market within two weeks have decreased by 8% YoY, now at 0.42%. This reduction could imply that homes are taking longer to sell, possibly due to increased inventory and more cautious buyers.
In conclusion, the Iowa housing market in July 2024 presents a mixed bag of trends. While there are signs of stability in certain areas, such as median sales prices and price drops, other indicators like pending sales and days on market suggest a more cautious and balanced market environment. Buyers may find more opportunities with increased inventory and longer market times, while sellers may need to adjust their strategies to align with the current market conditions.
