A dynamic market characterized by balanced sales and median prices was revealed as the Des Moines Area Association of REALTORS® looks back on the 2024 housing market.
"The 2024 housing market in Des Moines has shown remarkable resilience," said Erika Hansen, DMAAR President. "With moderate increase in sales and steady price increases we anticipate this positive momentum to continue into 2025, offering promising opportunities for both buyers and sellers."
In 2024, the Des Moines metro area experienced a largely unchanged - mild 0.4% - increase in home sales, with 13,293 homes sold compared to 13,246 in 2023. The median sales price rose by $4,900, reaching $299,900, indicating sustained demand. Homes lingered on the market a bit longer in 2024, averaging 79 days on the market—an increase of 7 days from the previous year.
The total volume of homes sold in 2024 amounted to $4.3 billion, reflecting a nearly $200 million increase from 2023's total of $4.1 billion.
“The inflation rate is not contained but moving ever so slightly into a better spot. The conquering of inflation will be a key factor in bringing down the mortgage rates, which so far have refused to budge even as the Federal Reserve has been cutting other interest rates.
Moreover, with oil prices falling by about 30% from three years ago, more calming effects on inflation are embedded in the future inflation data. Mortgage rates will move slightly lower – perhaps to 6.5% just in time for the spring home-buying season”, says Economist Lawrence Yun.
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