Here is your local real estate market update for July 2024. (I apologize to those of you who love to watch the video version, I just couldn’t find the time this month! But don’t worry, next month I will be back on track!)

The Des Moines metro housing market remained strong in July. The market showed an uptick year over year in almost all statistics measured by the Des Moines Area Association of REALTORS®, including inventory and home sales.

Active listings were encouraging in the metro market with 3,512 homes listed. There was an increase of 4.06% from the previous month’s 3,375 active listings. Compared to the July 2023 active listing of 2,880, the month saw a 21.94% jump in listings.

July home sales saw a slight increase of 0.7% with 1,287 homes sold compared to the 1,278 sold in June. Year-over-year, July saw an upward trend of 5.32% compared to the previous year’s 1,222 homes sold.

Pending sales in July were down 3.02% from last month’s 1,225 contracts written. This month, the market saw 1,188 contracts written, and pending sales slipped 6.16% compared to last year’s 1,266.

Median sale price in the Des Moines metro area for July fell 2.60%, bringing the new median sale price to $299,000 compared to last month’s $307,000. Year-over-year, July saw a 4.43% increase in price compared to the July 2023 median of $286,300.

Days on the market decreased 4.25% in July to 45 days, compared to the 47 days recorded in June. Last year, the number of days on market was listed at 42 days, resulting in an increase of 7.14%.

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