Here is your local real estate market update for November 2024. If you’d like to watch instead of read: (I’d love your support of my YouTube channel by subscribing!)
The Des Moines housing market in November matched our chilly weather as it seemed to pump on the brakes signaling our seasonal year end slow down. It was interesting to see, however, that the stats for our year-over-year comparisons were all in the positive numbers meaning our market this November certainly outpaced the market we experienced in November 2023. While also interesting to note is the month-over- month stats. They were all in the negative numbers. It is almost as if we were playing a game of Red light, Green light where October had the green light and then on November 1st someone yelled red light!
Let’s get to the stats and I’ll show you what I mean!
Active listings in the Des Moines metro had a slight drop of 4.3% to 3,769 listings in November compared to October’s 3,938 listings. Year-over-year comparisons for November show an impressive 16% increase in active listings versus the 3,249 active listings of one year ago.
Home sales, the homes that closed in November, showed a decrease dipping 12.5% with 1,010 homes sold compared to October’s 1,154 sales. Compared year-over-year, contracts closed jumped 10.8% from the 912 homes sold in November 2023.
Our pending sales, the contracts written in November decreased by 19.7% with 873 home sales pending, compared to last month’s 1,087 pending sales. In November 2023, there were 785 contracts written, resulting in pending sales rising 11.2% in year-over-year comparisons.
The median sale price in November increased 0.03% to $290,000 compared to last month’s $289,900. In 2023, the median sale price was $274,900 resulting in a 5.5% increase year-over-year.
Days on the market dropped this month by 5.9% to 48 days compared to October’s 51 days on the market. Year-over-year, we saw an increase of 2.1% from the 47 days on the market in November 2023.