A great fall Iowa real estate market continues with sales up 15 percent in November according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Median sales price was up 9.4 percent when compared to November 2019. Pending sales climbed 14.8 higher than last year which bodes well for a strong finish in December.
3,727 homes sold in November compared to only 3,228 solds in November of last year. Home sales are up 8.3 percent so far this year in comparison to the first eleven months of 2019. A total of 42,219 homes have been sold thus far this year.
Pending sales continued to outpace last year with a 14.8 percent increase, equaling 3,340 properties. In November 2019, only 2,910 properties had a pending status.
Homes sold very quickly in November with an average of 48 days on market. This eclipses last year’s pace by 11 days. The last time homes sold this fast was in the summer of 2018.
The median sales price rose 9.4 percent coming at $180,000 last month compared to $164,500 in November 2019.
Total number of homes available on the market continues to be tight in many price ranges. Inventory of homes dropped 30.1 percent when compared to November of last year.
Iowa’s real estate sales continues to be very strong in most areas of the state. For three months in a row, we have had near record-lows for the number of days on market. It has been two and half years since we have seen homes selling this fast! The Des Moines metro was recently named by NAR’s Chief Economist, Dr. Yun, as a Top 10 Market for its resiliency during the pandemic and for its strong forecast for the next few years. We are in a unique situation this year. Buyers are attracted by the extremely low interest rates, while the low number of homes creates a seller’s market,” stated IAR President Jen Burkamper.
View Details of Statewide Market Report for November
View the Detailed PDF Report on Statewide Statistics
View Housing Market Reports based on an Iowa County
View Reports on Single-Family homes
View Reports on Townhouse-Condo homes.
The information used to create the IAR November Housing Trends Report was current as of December 15. 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 7,900 members and affiliates. The IAR releases a Housing Trends Report each month.
For more information, please contact Mark Gavin, Director of Communications at the Iowa Association of REALTORS® - mark@iowarealtors.com or 515-309-9345.