Des Moines Area March Home Sales Up 3.2%, Prices Jump 13.2%

Des Moines Area March Home Sales Up 3.2%, Prices Jump 13.2%

April 12, 2022

Des Moines metro home sales in March increased 3.2% from a year ago reported by the Des Moines Area Association of REALTORS® (DMAAR).

1,296 residential properties sold in March 2022 while 1,256 homes sold in March of 2021. The median sale price rose by 13.2% when compared to March of 2021. $264,943 was the median sale price in March. The median number of 7 most accurately represents the data set for Days on Market in this case. The average days on market calculated to 46 days.

The amount of available properties on the market in March rose slightly from last month with 1,702 properties on the market compared to 1,667 properties in February. In March of 2021, there were 1,786 properties on the market.

950 properties or 73 percent of sold properties were financed conventionally. Cash purchases amounted to 11 percent of the sold properties. Almost 8 percent of sold homes were financed with an FHA Loan.

“It was reassuring to see March’s activity jump up from February, typically our slowest month of the year. We’re seeing an uptick in new properties on the market and overall activity in March and early April, which bodes well for a strong spring season. New construction is providing the boost the market needs as we ramp up into spring and summer. The median days on market of only 7 days helps illustrate the pace of our market and highlight that homebuyers demand continues to grow even though the interest rate is creeping up,” stated DMAAR President Jen Stanbrough.

“We encourage potential buyers and sellers to use a local Realtor to be their professional guide through this fast-paced market,” continued Stanbrough.

Additional March statistics and past history information about the Des Moines area housing market are available at the DMAAR Housing Stats web page.

The Des Moines Area Association of REALTORS® is a professional association that represents more than 2,700 REALTOR® members. The mission of DMAAR is to be the voice of real estate in the Des Moines area. The term REALTOR® is a registered trademark, which identifies real estate professionals who adhere to a strict Code of Ethics as members of the National Association of REALTORS®.