Des Moines Area Housing Update January 2024
Visual market share information.
The spring market holds promise for sellers, as an influx of buyers is expected to enter the market for various reasons. If you've been contemplating selling, this could be your cue to take action this year.
Experts anticipate a drop in rates later in the summer or fall. If you're attached to your favorable rate but not necessarily your current home, lower rates might offer the chance to sell at a good price and transition to a home you truly adore. The market is showing signs of shifting towards favoring sellers.
What does this mean for sellers?
A decrease in homes sold -25.5% compared to December 2023.
Experts predict as rates lower, more sellers will enter the real estate market.
5-6 months inventory is ideally a balanced market. The current inventory in Des Moines, IA indicates it is still a seller’s market.
Average sales price is up 2.9% compared to January 2023.
What does this mean for buyers?
If buyers are serious about purchasing a home, they’ll want a pre-approval before searching for homes.
Now is the time to buy. If interest rates drop like predicted, competition will be high again.
Current market conditions have greatly increased opportunities for buyer and seller negotiations.
What are some National market statistics for March?
NAR forecasts a rebound in the real estate market for 2024 following a swift rise in mortgage rates and constrained inventory.
According to NAR data, home sales are anticipated to surge by 14% this year, marking the most significant annual increase in four decades.
