Real estate ended with a very strong finish in 2020 according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Sales for the entire year rose almost 10 percent from 2019 and the median sales price increased by 7.1 percent.
2020 saw four straight months with sales growth of over 15 percent when compared to their respective months in 2019. December’s 22 percent increase capped off a great fourth quarter.
46,252 homes sold in Iowa in 2020* compared to 42,134.
The median sales price came in 7.1 percent higher at $180,000 compared to $168,000 in 2019.
“The pandemic began to impact Iowa mid-March and we definitely experienced a slow down in the market for several weeks. We are proud of how Iowa Realtors® adapted their business practices to ensure the health and safety of their clients, potential buyers and sellers and kept the real estate market going strong throughout this challenging year. The historically low interest rates continue to help buyers and sellers find homes that match their budget,” stated IAR President Jen Burkamper.
Iowa continues to gain national attention for its cost of living, a great place to start a business and raise a family. This fall, Des Moines - West Des Moines garnered a top 10 rating from the National Association of REALTORS® for its resiliency during the pandemic and its strong economy that is expected to continue for the next several years.
The number of homes on the market each month during 2020 was less than in 2019. This is a nationwide issue with multiple contributing factors.
“Nationwide, there is a housing shortage in many price ranges and we’ve seen that in Iowa as well. We’ve seen an increase in demand for new homes in many of our communities. As we enter 2021, we hope for a boost in new construction and a surge in home sellers to help balance our market in Iowa,” continued Burkamper.
December Sales Surge by 22%
Sales surged 22 percent in December compared to December 2019.
3,860 homes sold in December 2020 compared to 3,163 sales in December 2019. The median sales price increased by 8 percent to $182,500 for December 2020.
Homes sold very quickly in December with an average of 48 days on the market.
Detailed IOWA STATISTICS for december and 2020
View detailed statewide market report.
Housing market December reports based on an Iowa County.
View Reports on Single-family homes per county.
View Reports on Townhouse-Condos per county.
The information used to create the IAR 2020 Housing Trends Report was current as of January 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.
*Due to some changes with the Multiple Listing Service of the Iowa Great Lakes Board of REALTORS®, their data was not included in this year-end report. Once this data is received, this report will be updated accordingly. Iowa Great Lakes Board of REALTORS® includes the cities of Spencer, Spirit Lake, Okoboji, Estherville and their surrounding areas.
For more information, please contact Mark Gavin, Director of Communications at the Iowa Association of REALTORS® - mark@iowarealtors.com or 515-309-9345