Des Moines Market Enters Steady Fall Season
October 12, 2023
The Des Moines housing market entered a time of steady pace in September, a typical marker of the fall season.
“The fall season tends to usher in a more steady housing market in the Des Moines area. This year is no exception as families have settled in for the school year,” Kim Bakey, DMAAR president, said. “However, that doesn’t mean there is no action on the market. Inventory continued to grow in September, bringing more choice to those who are searching for their next home.”
The number of home sales in the Des Moines metro area decreased 17.4% to 1,086 homes sold in September, compared to the 1,314 sold in August. Year-over-year comparisons were similar, with a 16.6% decrease from the 1,302 homes sold in September 2022.
Pending sales decreased once again in both monthly and yearly measures. September saw 980 pending sales, a 15.7% drop from the 1,162 pending sales of August and a decrease of 11.2% from the 1,103 pending sales of September 2022.
The number of active listings continued to grow in September, the fifth month in a row where more inventory joined the market. With 3,231 homes on the market in September, the metro saw a 5.5% increase in available listings compared to the 3,062 homes on the market in August. The listings represent a 12.2% increase from one year ago.
September’s median sale price continued to rise from both the past monthly and yearly totals. A median sales price of $290,000 represents a 1.5% increase from August and a 5.5% increase from September 2022.
Last month, homes averaged 46 days on the market, up significantly from the 38 days on the market in August and the 34 days homes stayed on the market one year ago.
Of the properties sold in August, 700 or 64.5%, were financed conventionally. Cash purchases amounted to 19.6% of the sold properties and nearly 9.9% were financed with an FHA Loan.
Additional statistics and 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 association consists of REALTORS® from the larger metro area, including but not limited to communities such as: Adel, Perry, Polk City, Newton, Knoxville, Indianola, Pella, Winterset. 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®.