Des Moines real estate prices dip slightly in January
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Des Moines housing prices dipped just over 2% last month, according to new data from Redfin/MLS.
- But year-over-year prices are still up 1.8%.
Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up, Axios' Brianna Crane reports.
By the numbers: Des Moines' median home sales price was $260K in January.
- Homes sat on the market for 46 days on average, twice as long as this time last year.
What they're saying: Nobody saw 2022's massive rise in mortgage interest rates coming, Les Sulgrove, a local realtor and former president of the Des Moines Area Association of Realtors, wrote in his annual year-end report.
- Metro home pricing finally hit its ceiling in 2022 after several years of spikes, per Sulgrove.
Zoom out: Nationally, median home sales prices have crept up 1.3% from one year ago.
- The national median home sales price in January was $383,000.
- Sales fell for the 12th month in a row, according to the latest from the National Association of Realtors.
- As demand falls, homes sit on the market a little longer, which gives buyers a little more room to negotiate.
What's next: Spring — typically marked by high demand, more competition and higher home prices — is right around the corner.
- If spring 2023 follows the typical trends, we should expect home prices to rise again in the near future.
Yes, but: Experts predict 2023 will still see a far less frantic housing market than in 2022.
💰 1 fun thing to go: The metro's priciest home sales in 2022.
Editor's note: This story was corrected to note that homes sat on the market in January 2023 for twice as long as this time last year, not 70% as long.