Iowa's Housing Market Closes 2024 with Optimism Amidst Continued Adjustments


Iowa REALTORS® has released its December and year-end housing statistics for 2024, highlighting key trends that reflect resilience and growth in Iowa's housing market despite ongoing adjustments.

"Last year brought its challenges to the real estate industry, and the housing market was no different. Still, the signs of market stabilization and recovery are unmistakable," said Shaner Magalhães, Iowa REALTORS® president. "December, in particular, offered reasons for optimism as we head into 2025, with significant increases in inventory and a steady rise in sales prices."

Year-End Review: Incremental Growth Amid Shifting Dynamics
In 2024, Iowa’s housing market experienced a 1.6% increase in home sales, with 33,102 single-family homes sold compared to 32,568 in 2023. Pending sales across the year grew 0.9% with 33,592 pending transactions in 2024 versus the 33,284 recorded the year prior. 

The median sales price for single-family homes rose by 6.4% to $234,000, up from $220,000 in 2023. 

Homes spent an average of 45 days on the market in 2024, a 12.5% increase from 40 days in 2023. The percentage of list price received slightly decreased to 97.7%, down from 98.2% the previous year.

Inventory showed substantial growth, with the new listings of single-family homes growing 8.3% to 42,303 homes listed compared to the 39,046 new listings last year. Months of supply increased to 2.7 months, compared to 2.3 months in December 2023.

December 2024: Encouraging End to the Year

The final month of 2024 highlighted the market’s resilience. Home sales increased by 8.9% year-over-year, with 2,567 single-family homes sold compared to 2,357 in December 2023. Conversely, pending sales dropped 7.2% in December with 1,749 sales pending compared to the 1,884 pending transactions of one year ago. 

Available inventory for single-family homes grew by 17.8% in December 2024, reaching 7,618 homes compared to 6,469 in December 2023. New listings also climbed 6.2%, with 1,921 single-family homes added to the market during December.

The median sales price rose 7.2% to $230,000, up from $214,500 from one year ago. Days on the market continued to rise, with homes averaging 48 days until sale in December 2024, a 14.3% increase from 42 days in December 2023.

Looking Ahead
With 2024’s growth in inventory, buyers and sellers in Iowa can look forward to increased opportunities in 2025. The market’s adaptability demonstrates its resilience, offering hope for a more robust housing sector in the year ahead.

"The housing market is showing signs of balance, with inventory levels improving and price trends reflecting a healthy demand,” Les Sulgrove, Iowa REALTORS® Statewide Housing Analyst, echoed these sentiments, adding. “This creates opportunities for both buyers and sellers heading into the new year."