September Market Update 2023

If you’ve been watching the housing market and want to follow along with what’s happening, here are the most up to date numbers that reflect up until the end of August 2023 for Des Moines.

These numbers are directly from the DMAAR website where they upload the monthly stats.

Active listings: 3,062

Days on market: 38

Median sales price: $285,655

Contract written: 1,162

Contract closed: 1,314

Of the 3,062 units that were listed for sale in August, 30.63% of the homes sold between 0-30 days.

Out of the 1,314 units that closed, approximately 42% of them had 3 bedrooms.

Overall in comparison to the previous years, there is much less inventory, however the market is still moving. In the month of August of this year, the median house that sold had 3 bedrooms and 2 bathrooms with a median price of $285,655. If you are considering selling your home and fall under that criteria, you are likely to sell your home for a great price and may sell your home within 30 days or less.

If you are a buyer, home prices are going up but the increase is decelerating. Instead of large price jumps that we’ve seen in recent previous months, the price increases are happening at a much slower rate. It is estimated that mortgage rates will slowly go down in 2024 so this will help balance out prices and interest rates and allow more buyers to enter the market.

That’s all for our September housing market update and if you have any additional questions please call us at (515) 329-4667 or email us at zelda@zealtynow.com.