Iowa Real Estate
Iowa is one of the most rapid growing states in the US. This growth is represented in almost all areas of development such as food processing, agriculture, construction, mining, real estate, etc. Just like any other state, Iowa did bear the brunt of recession in the real estate market, but if we look at the current market analysis and stats, it is gaining on at a very rapid pace.
Though the prices show a greater variation depending on the cities, the current stats show that there is high appreciation seen in almost all the major cities of Iowa. It is important to mention here that North Central and Western Iowa have low property values as compared to other parts of the state.
Current Market Trends of Real Estate in Iowa
It would not be wrong to mention that Iowa’s real estate market is recovering at a very rapid pace. A lot of buyers and sellers are currently making the bulk of the market. It is amazing to learn that a lot of real estate professionals are saying that they are having a very busy season now. This clearly shows that the real estate deals are on the rise. Current market trends show more activity of buyers as compared to sellers.
One of the reasons that buyer activity is on the rise is because of a lot of foreclosures. The majority buyers are stating that it is high time for them to buy homes because they want to own as many properties as they can before the prices really shoot up. This activity has really kicked off the demand and supply chain. The most real estate transactions are currently seen in the major cities.
Another interesting phenomenon that has caused high appreciation of homes in Iowa is a high rate of people moving to Iowa. This is generally because of increased industry setups and translocation of major businesses to Iowa in the categories as mentioned above. In the following paragraphs we are going to look at the current market trends in various cities of Iowa to have a better understanding of the market dynamics.
Ames, Iowa is showing a high influx of buyers in the market. The majority of the clients are first time home buyers as they are able to gain the maximum benefit from the first time home buyers tax credit. The price range that has the most demand ranges from $125,000 to $225,000. A lot of sellers were not listing their houses, even though they wanted to sell, because they though that they will not get a good price of it. But now, it is quite evident that it is the best time for the sellers to get the right price for their home.
Urbana, Iowa is currently presenting a 1.8% jump in the listings, which comes to about $2000 price hike according to the stats gathered on May 12, 2009. The median sale price of a home in Urbana was about $151,750. This current market trend clearly reflects a rise in the housing market in Urbana, Iowa. This is good news for both buyers, as well as sellers because the trend is showing a true win-win relationship.
Iowa City, Iowa is another prime example of rapid growth in the real estate market in Iowa. It is interesting to know that in the July 2008 there were about 152 homes sold with a median price of $169,450, with an average of about 93 days on market. Whereas in July 2009, the number of homes sold was 161 with a median price of about $159,900, with an average of about 89 days on market. This clearly shows that even though the home value has gone down a bit, but there is still a high market activity seen.
The housing data for North Liberty, Iowa shows that in July 2008 there were 95 homes sold with a median price of $147,500 with about 116 days on market. On the other hand, in July 2009, the number of homes sold raise at a good high of 130, with a median price of $144,900 with an average of about 90 days on market. The home values are almost the same as in July 2008 and there is a good market activity seen in 2009 as compared to 2008.
Coralville, Iowa is another very promising area for both buyers and especially sellers. In July 2008, there were 67 homes sold with a median price of $157,000 with an average of 98 days on market. In July 2009, the number of homes sold were 52, but the median price rose to a good $171,500 with an average of 100 days on market.
This shows that the current market activity in Iowa is doing really good as compared to other states.
In summary, the current real estate market trends in Iowa have gains for both buyers and sellers at this time. Before any decisions are made to either buy or sell a home, it is important to go through the current market trends to understand the current market setting.