Apr 30, 2024 - News

Des Moines' biggest home value growth is in Highland and Union Park

ZIP codes with the greatest home appreciation in the Des Moines metro area
Data: Zillow; Note: Typical home value refers to the average of the middle third of Zillow home value estimates for every home in a given region with a county record, including single-family, condominium and co-operative homes; Table: Axios Visuals

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.

avatar

Get more local stories in your inbox with Axios Des Moines.

🌱

Support local journalism by becoming a member.

Learn more

More Des Moines stories

Des Moinespostcard

Get a free daily digest of the most important news in your backyard with Axios Des Moines.

🌱

Support local journalism by becoming a member.

Learn more