Des Moines' biggest home value growth is in Highland and Union Park
Add Axios as your preferred source to
see more of our stories on Google.
Highland and Union Park saw the metro's highest jumps in typical home values compared to a year ago, per Zillow data shared with Axios.
Why it matters: Fewer homes on the market kept prices growing in most areas, even as affordability dwindled, according to Zillow chief economist Skylar Olsen.
State of play: Typical home values rose annually in nearly all major U.S. metros, including Des Moines.
- The 50316 and 50314 ZIP codes saw the biggest changes in home values, encompassing some of the metro's older neighborhoods like Highland Park, Sherman Hill and River Bend.
What they're saying: Those homes typically have lower price points, but with so little inventory, those prices are going up, Hilary Tetrick, a local realtor with RE/MAX Precision, tells Axios.
- People used to be able to find $150K homes in Des Moines, but it's now challenging for first-time buyers using an FHA loan, she adds.
Reality check: Zillow's analysis includes some smaller and rural ZIP codes, where there tend to be fewer, and less expensive houses, like 50139 and 50257 in Warren and Madison counties.
- "In a small ZIP code, a few houses selling for higher prices may make the entire ZIP look like prices are appreciating quickly," Zillow data scientist Anushna Prakash says.
Between the lines: Growth varies locally because of factors like job opportunities, development and population trends, which impact supply and demand.