Jul 9, 2021 - News
Des Moines' housing market mellows
Chart: Axios visual; Data: Century21

Des Moines residents have spent the last year talking about our frenetic housing market, but there are early signs that some equilibrium is on its way.

Why it matters: Nobody wants to be priced out of home ownership.

  • Also, it's nice to have a larger inventory so you don't have to pounce on every listing that pops up.

State of play: Homes are still moving at a historically fast pace, but this month, the city is seeing increased inventory and lower home prices, said Ted Weaver, president of the Des Moines Area Association of Realtors (DMAAR).

  • In May, Des Moines' inventory hovered around 1,600 available homes, but it's since risen to 1,800, Weaver said.
  • Yes, but: The average is typically 4,000+ homes.

Cost wise, a search on Zillow now shows a number of houses in Des Moines marked with "reduced price."

  • Some sellers became unrealistic about how high they could list their homes and as a result, there's an uptick in reductions, Weaver said.

Between the lines: It's good things are mellowing out, Weaver said. The market is still great for sellers, but well — they also need to buy homes too.

  • "A couple months ago, it felt like a feeding frenzy," Weaver said. "It's not as much of a frenzy right now."
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