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(Undated) -- The median sales price for homes in Iowa rose 13-percent last month, to $203,500. The Iowa Association of Realtors says nearly 3,371 homes sold last month in Iowa, similar to March of 2021. The March report found that on average, homes sold after about 43-days on the market, which is 20-percent faster than March of 2021.
The median sales price for March of 2021 was $180,000.
The number of homes available for sale continues to be low in many price ranges. Our inventory of homes was 14.4 percent lower than in March 2021 with only 7,336 homes on the market statewide.
Statewide report click HERE.
“We are seeing a gradual increase in homes on the market from our historic lows back in January. We’re hopeful that as the weather improves in April and May we will see a nice boost in new construction. Buyer demand appears to be strong despite the mortgage interest rates slowly rising. While the interest rates are increasing, we are still seeing rates in the low to mid 5 percent range which is still quite affordable compared to mortgage rates 20 years ago. With the expectation of a busy market over the next few months, we encourage potential buyers and sellers to work with a Realtor® to be their professional guide through the fast-paced market of multiple offers,” stated IAR President Byron Menke.