Fall Housing Market in Des Moines Saw Increased Inventory Offers Opportunities Amid Sales Dip
October 10, 2024
As fall ramps up, the Des Moines metro housing market presents a mix of stability and change, offering buyers and sellers important insights into the housing market. Listing inventory has seen a notable increase, giving buyers more choices, while the median sales price and days on the market have remained steady year-over-year.
“In September, the metro saw closed transactions decrease from last month,” Erika Hansen, DMAAR president, said. “But an increase in inventory saw buyers having more choices when searching for their dream home. This fall is a great time for home buyers to work with their trusted REALTOR® to find the perfect home for them.”
Home Sales dip
September home sales decreased month-over-month and year-over-year by 10.40% each. September saw 973 contracts closed compared to August’s 1,182 contracts closed. Last year there were 1,086 homes sold.
Pending sales in September saw a slight dip of 1.29% with 1,146 contracts written compared to last month’s 1,161. Last year’s pending sales were lower by 16.94% or 980 contracts written.
In September, there were 3,889 homes listed in the Des Moines metro. Year-over-year comparisons for September show an impressive 20.37% increase in active listings compared to the 3,231 homes listed last year. Monthly, growth was also on the rise by 5.45% from the 3,688 homes listed in August, giving buyers more options in the current market in recent weeks.
Median sale price in the metro fell 0.34% in September, bringing the new median sale price to $290,000 compared to August’s $291,000. The median sale price did not change from last year.
Days on the market remained the same from August to September at 49 days. Year-over-year, there was a slight increase of 6.52% from 46 days.
Of the properties sold in September, 71.74% or 698 homes were financed conventionally. Cash purchases amounted to 16.03% of the properties sold, and 6.68% 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®.