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The number of homes on the market in the Des Moines metro area continue to steadily rise with eight more homes listed in March compared to February. While the month-over-month increase is subtle, the year-over-year comparison is much wider, March’s 2,471 listings are a 45% increase compared to the 1,702 homes on the market at the same time last year.

Home sales, or homes that closed in March, rose nearly 54% with 1,070 homes sold compared to the 695 sold in February. While the uptick is encouraging for 2023, it does represent a 17% decrease from the 1,296 homes sold in March 2022.

Pending sales saw a 31% increase from 1,032 in February to 1,354 pending sales in March. The opposite was true year-over-year with about 17% fewer pending sales last month compared to the 1,648 of March 2022.

The median sale price of $269,990 represents a 10% increase from last month’s median price of $245,000. The 2023 median price is a slight increase of 1.9% compared to the $264,943 median price in March 2022. So, you can see, the 10% increase in sale price for March reflects the 31% increase of pending sales we had this month over last month. Homes averaged 58 days on the market, a decrease of one day from February, and an increase from the 46 days homes on the market in March 2022.