Median sale price of Des Moines-area home reaches record-setting $254,000
KATHY A. BOLTEN Jul 21, 2021 | 8:07 pm
2 min read time398 wordsAll Latest News, Real Estate & Development
The median sale price of a home sold in the Des Moines area in June shot up to $254,000, the highest it has ever been, data from the Des Moines Area Association of Realtors shows.
In addition, homes sold at a blistering pace in June, staying on the market an average of 24 days. In May, houses were on the market an average of 31 days, and in June 2020, they were on the market an average of 50 days, association data shows.
The number of residences listed for sale in June rose to 1,838, the first monthly increase in listings since September 2019 when there were 4,252 homes listed for sale. Since then, the number of residences listed for sale each month has decreased. In May, there were just 1,734 listings in the Greater Des Moines market, which includes Polk, Dallas, Warren, Jasper, Marion, Madison and Guthrie counties.
“We believe we are seeing the first signs of a turn in the market to being a bit more balanced with an increase in the listing of new properties,” Ted Weaver, the association’s president, said in a prepared statement. “We hope to see this trend continue, which would help stabilize the market in the long term.”
Interest rates for home mortgages continue to remain near historic lows, helping spark consumer interest in buying a house. However, there is a shortage of newly constructed houses on the market because of increased costs of materials and the limited supply of some products.
Specifically in June, association data shows:
- 1,743 residences were sold, up 16.5% from the 1,496 sold in May and 7% more than the 1,628 sold in June 2020. In the first six months of 2021, 7,588 residences were sold. During the same period a year ago, there were 6,681 sales.
- The median sale price of residences sold was $254,000, 3.2% more than May’s median sale price of $245,950 and nearly 13% higher than June 2020’s median of $225,000.
- 1,331, or 76.3%, of the 1,743 properties were financed conventionally; 148 properties were paid for with cash.
- 527, or 30%, of the 1,743 residences sold were priced at $199,999 or less. In June 2020, 40%, or 654, of the 1,628 residences sold were priced at $199,999 or less.
- 12 residences were sold for $1 million or more. In June 2020, three homes were sold for $1 million or more.