The Iowa housing market took small steps in the positive direction in March. While listings and sales continue to fall below metrics from last year, they are consistently climbing month-to-month in 2023, showcasing the strength of the early spring market across the state.
“Each metric in Iowa’s housing market for March showed an improvement upon the previous month, proving our optimism in the spring market was well warranted,” Krista Clark, IAR president, said. “Although interest rates have continued to tick up, putting pressure on sales prices, we expect homeowners to see the thawing of the Iowa market as a sign to list their homes, creating a more balanced market in terms of inventory.”
Sales and listings for single-family homes in Iowa once again saw a decrease in March compared to the prior year. However, the measures provide a slight upswing in month-over-month housing markets, bringing promise that later spring and summer months will see a plentiful housing market.
March saw 3,410 new single-family listings, the Iowa market saw a decrease of 14.9% compared to the same month in 2022 when 4,009 homes listed. Those figures are a stark contrast to the month-over-month progress, as Iowa’s market saw a 47.6% increase from February’s 2,310 homes sold.
The story was the same year-over-year for Iowa’s home sales. Sales dropped 15.7% in March with just 2,543 homes sold compared to the 3,017 sold in March 2022. Again, the monthly stats are a stark contrast, as home sales increased 54.4% from those sold last month. Year-to-date, closed sales of single-family homes remained down 22%, with 5,891 sales closed compared to the 7,588 during the same three month period of time in 2022.
The pending sales of 2,892 homes represents a 17.5% decrease year-over-year, but a 32% increase from the 2,175 homes sold last month.
The days on the market remained the same month-over-month at 52 days in March, but represented an increase from the 42 days homes remained on the market in March of last year. Median sales prices increased 5% year-over-year to $210,000.
Townhomes and Condos
The sales and listing of townhomes and condos in Iowa continue to follow the trajectory of single-family homes with nearly all markets continuing to represent decreases year-over-year.
New listings decreased 11.5% with 587 properties listed, compared to the 665 on the market one year ago. February’s market also represents a decrease of 6.7% month-over-month. Much like single-family homes, March’s listing of townhomes and condos represented an increase - 36% - compared to last month’s 430 listed properties.
The 367 townhomes and condos that sold in March represent a 17.9% decline compared to those sold one year ago. The sales did represent an increase when monthly stats are explored, with about 123 more homes sold since February 2023.
While pending sales of townhomes and condos had remained mostly the same year-over-year in recent months, they took a bit of a dive in March. The 427 pending sales for the month represent a 24.4% decrease year-over-year. The opposite was true for monthly statistics, with 24.1% more pending sales taking place since February.
Days on the market increased significantly for townhomes and condos. On average, the properties were listed for 62 days, an increase of 24% compared to the 50 days on market last year. Median sales price once again increased, this time by 9.1% year-over-year to an average of $240,000.
View housing market reports based on an Iowa county
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The information used to create the IAR March Housing Trends Report was current as of April 17. The information is subject to change due to the dynamic nature of the IAR’s housing statistics system, which is based on data from the local participating MLS (multiple listing service) systems.
The term Realtor® is a registered trademark, which identifies real estate professionals who follow a strict Code of Ethics as members of the National Association of REALTORS®.
The Iowa Association of Realtors® is the state’s largest real estate professional organization representing over 8,000 members and affiliates. The IAR releases a Housing Trends Report each month.
Sources: National Association of REALTORS®, Iowa Association of REALTORS®, Data from Multiple Listing Services in Iowa, and ShowingTime.