The Des Moines metro housing market remains stable as buyer activity continues to push sales higher and home prices edge upward. Increased inventory is giving buyers more options, yet demand is keeping the market firmly in seller’s territory. This steady price growth illustrates the housing market’s resilience and balance as it heads into the fall.
“The metro housing market continues to prove it’s a destination and sought-after area for buyers and sellers,” said Eric Webster, President of the Des Moines Area Association of REALTORS®.
“Increased inventory is giving buyers more options, yet demand is keeping the market firmly in seller’s territory. We are reminded that here’s plenty of options for you and your REALTOR® to work with and find the home you love.”
Home inventory rose 14% year-over-year, providing an additional 518 homes, bringing the total to 4,206, compared to the 3,688 homes the previous year. The figure also represents a -0.16% decrease from July which saw 4,213 active listings.
Home sales increased from 1,182 in August 2024 to 1,290 this August, making for a 9% increase year-over-year. This is also an increase from last month’s home sales, which were 1,267; a 1.8% increase.
Pending sales witnessed a 2% increase, up from 1,161 pending sales a year ago to 1,188 this year. However, when looking at month-to-month metrics, pending sales are down 4.5%, as July had 1,244 contracts written.
Days on market increased by 8% compared to last year, increasing from 49 to 53 days, and a 6% increase from last month’s 50 days. The Des Moines housing market is approaching two months of inventory, providing advantages for sellers looking to jump into the market before cooler months roll in.
Median sales prices increased by 4% year-over-year. In August 2024, the median sales price of a home was $291,00, this year’s median comes to $302,925. When looking at month-to-month, this is also a 1% increase from July’s $300,000.
Conventional financing was used for 858 transactions, accounting for 66.5% of total home sales in August. Homes financed via cash continue to be a significant method of financing, making up for 222 transactions, or 17.2% of total sales. Meanwhile, FHA loans accounted for 112 home sales or 8.6% of homes financed in the month of August.
If you are interested in entering the market and are looking to purchase a home, we’d be happy to help connect you to our preferred certified mortgage lender and then start the home buying process within your budget. And if you’re thinking about selling your home, we can give you a free home evaluation on our website to see a rough estimate of what your home could sell for in this current market. If you’d like to hear more details about the home buying or selling process, reach out to us at (515) 329-4667 or email us at zelda@zealtynow.com.
