Des Moines Market Steady, Inventory Increases Slightly

July 12, 2023

The Des Moines housing market experienced a warm welcome to the summer months with an increase in inventory and closed sales in June, bringing good news to both buyers and sellers looking for a productive summer season. 

“The Des Moines metro market is steady and showing signs that the remaining summer months will be good for clients looking to make purchases,” Kim Bakey, DMAAR president, said. “With more than a 100 additional homes on the market in June, buyers and sellers are certainly poised to make moves in the market.” 

The number of home sales in the Des Moines metro area increased 15.2% with 1,464 homes sold in June, compared to the 1,270 sold in May this year. Year-over-year comparisons continued to lag behind for homes sold, representing a 12.9% decrease from the 1,682 homes sold in June 2022. 

Pending sales saw a nominal decline for both monthly and yearly stats. With 1,350 pending sales in June, the figure was a mere 3% decrease from the 1,394 pending sales of May and an 8.9% decrease from the 1,483 pending sales recorded in June 2022. 

For the second month in a row, active listings were on the rise with 2,781 properties on the market in June. The listings represent a 4.9% increase from the 2,651 homes on the market in May and a 17.6% increase from the active listings of one year ago.  

May’s median sale price of $291,700 represents an almost imperceptible increase from last month’s median price of $289,000. The year-over-year increase in median price was slightly more noticeable at 3% compared to the $283,500 median price in June 2022. Last month, homes averaged 42 days on the market, an decrease of nine days from May, and a significant increase from the 22 days homes averaged on the market in June 2022.

Of the properties sold in June, 1,036, or 70%, were financed conventionally. Cash purchases amounted to 14% of the sold properties and nearly 7% 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®.