Real Estate

Des Moines rents are cooling off

Illustration of apartment doorbells with an intercom shaped like a dollar sign.

Illustration: Brendan Lynch/Axios

Rents are coming down for one- and two-bedroom apartments in Des Moines, according to rentals site Zumper.

Why it matters: Affordability concerns are starting to weigh down the booming rental market.

Des Moines' priciest home sales of 2022

A photo of a home in Urbandale.

12951 Oak Brook Drive in Urbandale. Photo courtesy of Cy Phillips/Space Simply

Des Moines metro home pricing finally hit its ceiling in 2022 after several years of spikes.

  • That's according to a new year-end report published by Les Sulgrove, a local realtor and former president of the Des Moines Area Association of Realtors.
Jason Clayworth
Jan 18, 2023 - News

A $9.6 million rowhouse project pitched for Des Moines' Ingersoll Ave

A photo of an apartment complex in Des Moines.

This 74-year-old apartment complex in Des Moines' Waterbury neighborhood will be demolished to make way for rowhouses. Photo via the Polk County Assessor

An Ingersoll Avenue apartment complex would be demolished to make way for a $9.6 million rowhouse project under a plan that goes before DSM Plan and Zoning Commission Thursday.

Details: Developers of "4820 Ingersoll PropCo" propose four buildings that will each have four units.

Linh Ta
Dec 12, 2022 - Real Estate

Des Moines home prices projected to decrease 2023

Data: Zillow; Chart: Erin Davis/Axios Visuals

Home prices in the Des Moines metro are projected to fall by nearly half a percentage point next year, according to Zillow estimates.

Driving the news: Existing home sales nationwide have fallen for nine straight months as mortgage rates continue to rise and people are boxed out of the market due to lack of affordability.

$10.5 million apartment building planned for Des Moines' Sherman Hill

A rendering of an apartment project.

Rendering: Streamline Architects via the city of Des Moines

A $10.5 million apartment building will be constructed in the Sherman Hill neighborhood, under a preliminary agreement approved by the Des Moines City Council this week.

State of play: Hoyt Investments, an Iowa company, is proposing a 47-unit, four-story building at 610 16th St.

Jason Clayworth
May 31, 2022 - News

West Des Moines to launch $4 million home improvement program

An illustration of a house.

Illustration: Annelise Capossela/Axios

West Des Moines is launching a home improvement program to beautify properties in the city's oldest neighborhood, Valley Junction, a city official tells Axios.

Why it matters: Valley Junction is the most affordable area of the city, making it an important piece to West Des Moines' housing puzzle, says Clyde Evans, the city's community development director.

Des Moines residents need to make more money to buy a home

Illustration of a gold-plated house-for-sale sign.

Illustration: Brendan Lynch/Axios

Des Moines locals have to earn 30% more than a year ago to afford the region’s median-value home, per the latest analysis by real estate company Redfin.

The big picture: The income needed to afford a home has soared as limited inventory and strong demand drove up sale prices, and surging mortgage rates have made home loans more expensive.

Surging mortgage rates make home buying more expensive in Des Moines

Illustration of a doctor's hands holding a small house with a sales tag

Illustration: Annelise Capossela/Axios

Mortgage rates have surpassed 5% — their highest in more than a decade, according to data shared by Freddie Mac.

Why it matters: Low mortgage rates made buying in a sellers' market more affordable in the pandemic.

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