The Iowa housing market continued its year-end surge, defying expectations of a seasonal slowdown, according to the latest metrics from Iowa REALTORS.
“Iowa’s housing market is drawing toward year-end on a positive note, with increased inventory and sales in many sectors,” said Shaner Magalhães, Iowa REALTORS president, in a release. “A drop in interest rates and a steady increase in listings provide buyers and sellers with a promising outlook as we head into 2025.”
November Market Highlights
New listings surged in November, with 2,911 homes entering the market – an 8.7% year-over-year increase compared to 2,677 in November 2023. However, listings fell sharply month-over-month, dropping 25% from 3,925 in October.
Inventory saw significant growth, rising 18.7% to 8,491 homes across the state from 7,155 in November 2023. Month-over-month, the inventory experienced a slight decline of 3.7% from 8,891 homes in October.
Single-family home sales increased 6.1% in November with 2,668 sales compared to the 2,172 of a year ago. Continuing a trend with monthly metrics, sales slipped 10.3% from the 2,973 homes sold in October.
Pending sales in November were relatively stable, posting a modest 1.7% year-over-year increase to 2,209, compared to 2023’s 2,172, but saw a 17.7% drop from October’s 2,685.
Homes spent more time on the market, with the average days on market rising 9.8% to 45 days compared to 41 days a year ago. The median sales price jumped 8.5% to $230,000, up from $212,000 in 2023.
“As we begin to anticipate 2025, the Iowa housing market offers a wealth of possibilities, with increased inventory providing homebuyers plenty of options to explore,” said Les Sulgrove, statewide housing analyst. “More listings mean more opportunities to find the ideal home, creating a bright outlook for the year ahead.”
Townhouse and Condo Market Trends
The townhouse and condo market also benefited from lower interest rates, though gains were less pronounced than in the single-family sector.
Inventory for townhouses and condos increased 15.3% year-over-year to 1,635 properties, up from 1,418 in November 2023. Month-over-month, inventory rose 2.3%, reaching 1,598 properties.
New listings remained in the positive, jumping 5.3% with 436 listings compared to the 414 of November 2023. Month-over-month, the change was drastically different, falling 24.3% from the 576 condo and townhomes that joined the market in October.
Closed sales saw a robust 15.4% year-over-year increase, with 389 units sold compared to 337 in November 2023. However, monthly sales fell 6.7% from October’s 426.
Pending sales declined 2.5% year-over-year, with 270 contracts compared to 277 in November 2023. Month-over-month, pending sales saw a sharper 21.3% decline from 343 in October.
Properties stayed on the market longer, with the average days on market rising 5.6% to 57 days compared to 54 last year. The median sales price dropped slightly by 2%, falling to $240,000 from $245,000 in 2023.
