Des Moines Metro Housing Market Sees Increases in Sales & Listings in May

June 14, 2024

The Des Moines metro housing market showed vitality in May with an uptick in nearly all statistics measured by the Des Moines Area Association of REALTORS®, including homes sold and active listings.  

“In this spring market, we are seeing a continued rise in the number of homes listed but we are also seeing a higher median for days on the market,” Erika Hansen, DMAAR President said. “This is a good thing for home buyers, giving them the chance to view multiple properties and make informed decisions with the help of their trusted REALTOR®.” 

Home Sales increase

Home sales in the month of May increased 19.95% with 1,371 homes sold, compared to the 1,143 sold in April. May 2023 saw 1,270 homes sold resulting in an uptick of 7.95% year-over-year.

May pending sales were down 7.81% with 1,322 contracts written compared to April’s 1,434. Year-over-year pending sales slipped 5.16% with 1,394 contracts written in May 2023.

Active listings continue to rise. In May, DMAAR saw an increase of 5.77% with 3,279 houses listed on the market compared to last month’s 3,100 homes. Last year, the May market included 2,651 homes listed, resulting in the year-over-year statistic jumping 23.69%.

The median sale price for the Des Moines metro area for May was a record high at $299,500, an increase of 6.02% from April’s $282,500 median sale price. Year-over-year there was an increase of 3.63% in price compared to last year’s $289,000. 

Days on the market increased 5.17% with 61 days in May compared to last month’s 58 days. In May 2023 the number of days on market were 51 causing an increase of 19.61% of days on the market. 

Of the properties sold in May, 902 or 65.79% were financed conventionally. Cash purchases amounted to 16.56% of the properties sold, and 11.23% were financed with an FHA Loan.

Additional statistics and information about the Des Moines area housing market are available at theDMAAR Housing Stats web page.

Additional Housing Relief Available for Storm Victims 

The Iowa Association of REALTORS®  in partnership with the REALTORS® Relief Foundation (RRF) are providing storm relief for Polk, Warren, and Jasper county residents who were impacted by the recent storms on May 21. Applicants may receive up to $1,500 per household. All grants are contingent upon the availability of funds. As a result, aid will be provided on a first-come, first-serve basis. Learn more about available relief and apply at iowarealtors.com. 

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®.