Des Moines Market Experiences Sure Sign of Spring: Increase in Housing Market Activity

April 13, 2023

The Des Moines metro began to experience a sure sign of spring in March: home buyers and sellers are circling the market, adding inventory and exploring their buying options.

“Homes sold and listed grew in March as is often the case when spring rolls around in the Des Moines metro,” Kim Bakey, DMAAR president, said. “As the weather continues to warm, we expect to see an influx of home buyers in the metro, bringing a bit more competition to the market. We suggest potential buyers move quickly when they find the right home. Multiple offers aren’t uncommon with this market, and REALTORS with local connections can make all the difference when it comes to getting your dream home. Conversely, sellers can also gain by using a local REALTOR, leveraging expertise on the market to maximize the exposure and value of their homes.” 

The number of home sales in the Des Moines metro area rose nearly 54% in March with 1,070 homes sold compared to the 695 sold in February. While the uptick is encouraging for 2023, it does represent a 17% decrease from the 1,296 homes sold in March 2022. 

Pending sales saw a 31% increase from 1,032 in February to 1,354 pending sales in March. The opposite was true year-over-year with about 17% fewer pending sales last month compared to the 1,648 of March 2022. 

Active listings in the metro continue to steadily rise with eight more homes listed in March compared to February. While the month-over-month increase is subtle, the year-over-year comparison is much wider, March’s 2,471 listings are a 45% increase compared to the 1,702 homes on the market at the same time last year. 

March’s median sale price of $269,990 represents a 10% increase from last month’s median price of $245,000. The 2023 median price is a slight increase of 1.9% compared to the $264,943 media price in March 2022. Last month, homes averaged 58 days on the market, an decrease of one day from February, and an increase from the 46 days homes averaged on the market in March 2022.

Of the properties sold in March, 726, or 68%, were financed conventionally. Cash purchases amounted to 15% of the sold properties and almost 11% 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®.