July Des Moines Metro Housing Market Thrives with Increased Sales and Inventory

August 14, 2024

 The Des Moines metro housing market remained strong in July. The market showed an uptick in almost all statistics measured by the Des Moines Area Association of REALTORS®, including inventory and home sales.

“With summer heading to a close, homeowners are busy settling in before the new school year and the last swing of summer vacations,” Erika Hansen, DMAAR president, said, “Home buyers and sellers who are wanting to jump into the thriving market, should work with their trusted REALTOR® to looking for their dream home before summer is gone.”

Home Sales Remain Steady
July home sales saw a slight increase of 0.7% with 1,287 homes sold compared to the 1,278 sold in June. Year-over-year, July saw an upward trend of 5.32% compared to the previous year’s 1,222 homes sold.

Pending sales in July were down 3.02% from last month’s 1,225 contracts written. This month, the market saw 1,188 contracts written, and pending sales slipped 6.16% compared to last year’s 1,266.

Active listings were encouraging in the metro market with 3,512 homes listed. There was an increase of 4.06% from the previous month’s 3,375 active listings. Compared to the July 2023 active listing of 2,880, the month saw a 21.94% jump in listings.

Median sale price in the Des Moines metro area for July fell 2.60%, bringing the new median sale price to $299,000 compared to last month’s $307,000. Year-over-year, July saw a 4.43% increase in price compared to the July 2023 median of $286,300.

Days on the market decreased 4.25% in July to 45 days, compared to the 47 days recorded in June. Last year, the number of days on market was listed at 42 days, resulting in an increase of 7.14%.

Of the properties sold in July, 72.34% or 931 were financed conventionally. Cash purchases amounted to 11.5% of the properties sold, and 9.09% 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 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®.