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 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.
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.
The median home sales price in Des Moines is $234,900, as of February.
- So we looked into what you can get around that price point in the metro's real estate market.
West Des Moines is considering approving a development of single-family rental homes that the city says would be unique in the Midwest.
Why it matters: The proposed 21-acre development near Jordan Creek Town Center could help fill a housing gap, especially as Des Moines' suburbs consider how to not only attract employees but encourage them to live there.
If you're looking for a home that can fit all of your friends and all of their friends — look no further than more than 10,000-square-foot property in West Des Moines.
State of play: The home is the largest private residence in Polk County — and it's a stunner with its own private gated fence, marble floors and 20-foot ceilings.
Des Moines' real estate market is hot.
- The city saw nearly 17,500 home sales last year, worth a record $4.8 billion, according to data from the Des Moines Area Association of Realtors (DMAAR).
Play golf in a sports simulator room or grill out on the rooftop at a new upscale apartment complex opening near downtown Des Moines.
What's happening: Sherman Associates is developing a five-story, 174-unit complex called "The Meridian" at Gray's Landing, just south of its other apartments at The Nexus.
- It’s a part of Sherman Associates' multiphase plan of building a blend of residential and commercial properties in an area once blighted by a nearby industrial site.
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