Des Moines Housing Market Sees Balanced Growth in 2024
January 14, 2025
A dynamic market characterized by balanced sales and median prices was revealed as the Des Moines Area Association of REALTORS® looks back on the 2024 housing market.
"The 2024 housing market in Des Moines has shown remarkable resilience," said Erika Hansen, DMAAR President. "With moderate increase in sales and steady price increases we anticipate this positive momentum to continue into 2025, offering promising opportunities for both buyers and sellers."
In 2024, the Des Moines metro area experienced a largely unchanged - mild 0.4% - increase in home sales, with 13,293 homes sold compared to 13,246 in 2023. The median sales price rose by $4,900, reaching $299,900, indicating sustained demand. Homes lingered on the market a bit longer in 2024, averaging 79 days on the market—an increase of 7 days from the previous year.
The total volume of homes sold in 2024 amounted to $4.3 billion, reflecting a nearly $200 million increase from 2023's total of $4.1 billion.
As the new year unfolds, DMAAR remains committed to supporting the real estate community and providing valuable resources to navigate the evolving housing market landscape.
Community Impact
While the REALTOR® members of DMAAR spent the year serving the clients’ needs, they also worked tirelessly in their communities.
The Association’s YPN hosted a number of charitable events, including a holiday pub crawl benefiting the AHeinz 57 Pet Rescue.
The annual DMAAR Golf Outing in September raised nearly $13,250 for On With Life.
Finally, the DMAAR Foundation awarded $77,000 in annual grants to the following local charities:
You can find more information on these awards on Facebook.
Des Moines Metro Housing Market Sees Strong December to end on a High Note
The Des Moines metro housing market in December 2024 reflected seasonal trends, with typical winter slowdowns balanced by significant year-over-year growth across key metrics tracked by the Des Moines Area Association of REALTORS® (DMAAR).
“In December, we saw expected seasonal adjustments as the winter months took hold, but the market remains robust,” said Erika Hansen, DMAAR president. “With rising home prices and increased inventory, the metro area housing market continues to offer exciting opportunities for buyers and sellers alike as we move into 2025.”
Homes sold in December totaled 955, a slight decrease from November’s 1,010 sales but a notable 10.8% increase compared to the 862 homes sold in December 2023. Contracts written during the month also reflected sustained buyer activity, with 708 contracts written in December compared to 873 in November. Year-over-year, contracts written decreased by 9.9% compared to the 786 recorded in December 2023.
The inventory of active listings in the Des Moines metro area decreased slightly to 3,513 in December, down from November’s 3,769 listings. However, this marks a substantial 19.3% increase compared to the 2,945 active listings reported in December 2023, indicating a growing market for buyers to explore.
The median sale price rose to $293,000 in December, up from $290,000 in November and representing a 6.5% increase compared to the December 2023 median sale price of $274,945. Homes spent an average of 56 days on the market in December, up slightly from November’s 48 days but consistent with typical seasonal slowdowns.
Financing for sold properties in December was led by conventional loans, which accounted for 70.3% of transactions, or 671 homes. Cash purchases made up 15.7%, or 150 homes sold, while FHA loans accounted for 7.7%, or 74 homes. VA loans were used in 4.3% of transactions, totaling 41 homes.
“As we look to 2025, the Des Moines housing market remains positioned for continued growth,” Hansen added. “Now is an ideal time for buyers and sellers to work closely with their trusted REALTOR® to navigate the evolving market and achieve their goals.”