The Housing Market in Des Moines: A Comprehensive Analysis

The Housing Market in Des Moines: A Comprehensive Analysis

Des Moines, the capital city of Iowa, is a thriving metropolis with a population of over 200,000 people. The city is known for its strong economy, low cost of living, and excellent quality of life. In recent years, the housing market in Des Moines has been on the rise, making it an attractive destination for real estate investors, homeowners, and first-time home buyers. In this article, we will provide a comprehensive analysis of the Des Moines housing market, including its current state, trends, and future prospects.

The Current State of the Des Moines Housing Market

The Des Moines housing market is currently experiencing a seller’s market, with low inventory and high demand. According to Zillow, the median home value in Des Moines is $168,000, which is a 9.5% increase from the previous year. The average price per square foot is $135, which is higher than the national average of $123. The average days on the market for a home in Des Moines is 34 days, which is lower than the national average of 60 days.

The low inventory in Des Moines is due to a combination of factors, including a lack of new construction, low interest rates, and a strong economy. This has led to increased competition among buyers, resulting in bidding wars and higher prices. However, despite the high demand, Des Moines remains an affordable housing market compared to other major cities in the United States.

The Des Moines housing market has been on an upward trend for the past few years, and this trend is expected to continue in the near future. According to a report by the National Association of Realtors, Des Moines is one of the top ten housing markets to watch in 2021. The report cites the city’s strong economy, low unemployment rate, and affordable housing as key factors driving the market.

Another trend in the Des Moines housing market is the increasing popularity of new construction homes. According to a report by the Des Moines Area Association of Realtors, new construction homes accounted for 22% of all home sales in 2020, up from 18% in 2019. This trend is expected to continue as more developers invest in the city.

The Future of the Des Moines Housing Market

The future of the Des Moines housing market looks bright, with continued growth and development expected in the coming years. According to a report by the Urban Land Institute, Des Moines is one of the top ten markets to watch in the Midwest region. The report cites the city’s strong job growth, low cost of living, and high quality of life as key factors driving the market.

Another factor that is expected to drive the Des Moines housing market in the future is the city’s growing population. According to the U.S. Census Bureau, Des Moines is one of the fastest-growing cities in the Midwest, with a population growth rate of 7.6% between 2010 and 2019. This growth is expected to continue, which will increase demand for housing in the city.

FAQs

1. Is Des Moines a good place to invest in real estate?

Yes, Des Moines is a good place to invest in real estate. The city has a strong economy, low cost of living, and affordable housing, making it an attractive destination for real estate investors. Additionally, the Des Moines housing market has been on an upward trend for the past few years, and this trend is expected to continue in the near future.

2. What is the average home price in Des Moines?

The average home price in Des Moines is $168,000, according to Zillow. However, prices can vary depending on the location, size, and condition of the home.

3. What is the current state of the Des Moines housing market?

The Des Moines housing market is currently experiencing a seller’s market, with low inventory and high demand. The median home value in Des Moines is $168,000, which is a 9.5% increase from the previous year. The average days on the market for a home in Des Moines is 34 days, which is lower than the national average of 60 days.

Conclusion

The Des Moines housing market is a thriving and growing market that offers a range of opportunities for real estate investors, homeowners, and first-time home buyers. The city’s strong economy, low cost of living, and affordable housing make it an attractive destination for those looking to invest in real estate. The current state of the market is a seller’s market, with low inventory and high demand, and this trend is expected to continue in the near future. With its growing population and strong job growth, the future of the Des Moines housing market looks bright.

Kurby Team

The Kurby Content Team is a diverse group of seasoned real estate experts dedicated to providing insightful, reliable information for homebuyers, real estate investors, and real estate agents. With backgrounds ranging from real estate brokerage, property investment, and residential home buying, our team combines decades of experience with a passion for demystifying the real estate world. We at Kurby are committed to helping you make informed, successful real estate decisions. Whether you're a first-time homebuyer, a seasoned investor, or a real estate professional, count on the Kurby Content Team to deliver the most relevant, actionable real estate content you need.