Des Moines Enjoy Strong, Active Market To Start Year

February 13, 2023

The housing market in Des Moines remains strong and active, providing potential homebuyers with a variety of options in the metro. 

The number of homes on the market in the Des Moines metro area rose again in January with 2,475 properties available, a 46% increase over the same time last year, reported the Des Moines Area Association of REALTORS® (DMAAR).  

However, the current inventory of properties represents a 10% decrease from the 2,747 on the market last month. 

Despite the robust market, buyers appear to be slowing in their purchases. Home sales dropped nearly 38.6% in January, with 596 homes sold, compared to the 976 sold in January 2022. Similarly, home sales in January represented a 34% drop from the 906 sold in December 2022. 

An end-of-year push to complete sales combined with the extreme cold temperatures and the holidays may have buoyed December’s numbers, as pending sales in January were nearly double that of the prior month. In all, there were currently 1,104 pending sales in January, a 67% increase from the 661 pending sales recorded in December. 

The median sale price of $255,000 remained steady with a slight 2% uptick from both January 2022 and December 2022. Last month, homes averaged 52 days on the market. 

Of the properties sold in January, 396, or 66%, were financed conventionally. Cash purchases amounted to 17.6% of the sold properties and 7.5% were financed with an FHA Loan. 

“Though the number of available houses on the market fell slightly from last month, it is still a markedly robust market compared to a year ago, offering potential homebuyers a variety of opportunities and value,” said Kim Bakey, DMAAR president. “The cooling market we are currently experiencing with regard to sold homes, was to be expected with interest rates ticking up. However, those interested in a new home are enjoying a variety of lending options that allow them to feel comfortable in their purchase. We encourage anyone looking to buy or sell a home to work in an experienced Realtor® to guide you through this unique market.” 

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®.