Homes on the Market Rose 32.5% in Des Moines Area
November 10, 2022
Sales Declined while Prices Remained Steady
The number of homes on the market in the Des Moines metro area rose again this past month, to 32.5% over this time last year, reported the Des Moines Area Association of REALTORS® (DMAAR). 2,989 properties were on the market in October 2022 compared to 2,880 properties in September 2022, while in October of 2021, there were 2,255 properties on the market.
Home sales dropped in October 27.6% compared to October 2021. 1,083 residential properties sold in October 2022 while 1,496 homes sold in October of last year.
The median sale price remained on pace with a slight 1% uptick when compared to October of 2021. $262,500 was the median sale price in October 2022. The average days on market calculated to 34 days.
782 properties or 72% of sold properties were financed conventionally. Cash purchases amounted to 12.7% of the sold properties.9.2% of sold homes were financed with an FHA Loan.
“The increase of available homes on the market is giving our buyer many more choices, as well as a bit of time to breathe during their home search. The leveling of home prices is great news for buyers right now while sellers are still able to realize great values while selling. Homes that are priced right are still selling quick - in just over a month. While the market is cooling off a bit, we expected this trend due with interest rates ticking up a bit & current economic trends. However, remember what we were seeing over the spring & summer months was not a typical market. In addition, we are seeing lenders offering many financing options such as rate buydowns, adjustable rate mortgages and more which are allowing buyers to get into the homes they desire at payments they feel comfortable with. We encourage anyone looking to buy or sell a home to work in an experienced Realtor® to guide you through this unique market,” stated DMAAR President Jen Stanbrough.
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®.