Des Moines' housing market mellows
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."
More Des Moines stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Des Moines.