Des Moines Market Strong, Stable Heading Into Summer Months

June 14, 2023

Available inventory in the Des Moines metro housing market experienced a welcome boost in May, a sign that the summer months will experience a typical housing season. 

“An increase in homes on the market and a bump in sold properties last month shows that the Des Moines housing market is strong and stable,” Kim Bakey, DMAAR president, said. “Buyers are out with their REALTORS looking for a place to call home. We have no reason to expect this won’t continue for the foreseeable future.” 

The number of home sales in the Des Moines metro area increased 28.5% with 1,270 homes sold in May, compared to the 988 sold in April this year. The opposite was true year-over-year, with May’s sales declined by 12.6% when compared to the 1,453 homes sold in May 2022.  

Pending sales saw a minimal decline when both monthly and yearly stats were configured. With 1,394 pending sales in May, the figure was a 6.9% decrease from the 1,498 pending sales of April and an 11.2% decrease from the pending sales recorded in May 2022. 

Active listings on the other hand saw a nice bump in May with 2,651 properties on the market. The listings represent a 10% increase from the 2,410 homes on the market in April and a 29% increase from the active listings of one year ago.  

May’s median sale price of $289,000 represents a modest 5.4% increase from last month’s median price of $274,000. The year-over-year increase in median price was nearly identical at 5.1% compared to the $275,000 median price in May 2022. Last month, homes averaged 51 days on the market, an increase of four days from April, and an increase from the 20 days homes averaged on the market in May 2022.

Of the properties sold in May, 863, or 68%, were financed conventionally. Cash purchases amounted to 13% of the sold properties and nearly 12% 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®.