Slow, Steady Start to 2024 Housing Market

The new year brought renewed activity to the Iowa housing market. Despite cold temperatures and feet of snow, metrics tracked by the Iowa Association of REALTORS® saw slight increases.

“January brought wild shifts in weather but more subtle changes in the real estate market for Iowa,” Shaner Magalhães, IAR president, said. "We believe these small increases will add up over time creating a more stable and prosperous market as we move further into 2024.”

Home sales in Iowa increased 1% in January, with 1,685 homes sold compared to the 1,669 sold in January 2023. Pending sales, however, saw that opposite movement, thanks in part to an increase in volatile weather. Pending sales fell 14.7% with 2,004 pending sales recorded in January, compared to the 2,349 pending sales of one year ago.

Inventory saw a minuscule increase with 2,360 new listings added in January, a 0.1% increase from the 2,357 that were added. Days on the market also saw an increase of 8.3% from 48 days in January 2023 to 52 last month.

The median sales price jumped 8.5% in January to 215,500 from the $191,993 median price of last year.

Townhouses and Condos

The townhouse and condo market saw fewer strides than the single-family housing market, but made improvements none-the-less.

Closed sales increased 6.7% in January with 224 properties sold compared to the 210 properties sold at the same time last year. Pending sales saw a downward swing, with a decrease of 15.5% with 289 properties pending versus the 342 pending in January 2023.

New listings also declined in January. The 428 new listings represented a 8.2% decline from the 466 new listings recorded last year.

Days on the market increased to 78 days in January from 63 days. Median sales price declined 0.8% to $243,000 from $245,000.

“As we enter a new year, we’ve seen shifts in the right direction,” Les Sulgrove, statewide housing analyst, said. “We’re optimistic that buyers and sellers utilizing REALTORS® will find a more palatable market as they explore their options this year.”  

The information used to create the IAR December and Year-End Housing Trends Report was current as of February 20. 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.

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