Five-year home appreciation in our region was between 6.96% and 15.32% with all of our local Metropolitan Statistical Areas experiencing a positive gain.
"Although interest rates rose sharply during the fourth quarter, our data show no signs of a home price slowdown," said Federal Housing Finance Agency (FHFA) Deputy Chief Economist Andrew Leventis. "Although it will certainly take more time for the full effects of the elevated interest rates to be felt, there is no evidence of a normalization in the unusually low inventories of homes available for sale, which has been the primary force behind the extraordinary price gains."
In the past year, home prices are up: 4.33% in Dubuque; 2.02% in Iowa City; 5.50% in the Quad Cities and 2.44% in Cedar Rapids. This compares to other cities: Des Moines up 3.99% and Chicago, IL up 3.89%. This data is provided by the FHFA for the fourth quarter of 2016 (see chart and website below). Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more.
| Metropolitan Statistical Areas (MSAs) || Percent Change in House Prices |
| || 1 Year || 5 Year |
|Cedar Rapids, IA ||+ 2.44% ||+ 6.96% |
|Davenport-Moline-Rock Island, IA-IL ||+ 5.50% ||+ 11.39% |
|Des Moines-West Des Moines, IA ||+ 3.99% ||+ 15.32% |
|Dubuque, IA ||+ 4.33% ||+ 11.67% |
|Iowa City, IA ||+ 2.02% ||+ 12.49% |
|USA || + 6.15% || + 33.05% |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the fourth quarter of 2016. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov. *Rankings based on annual percentage change in house prices.
"With such a low inventory of houses for sale," said Caroline Ruhl, president of Ruhl&Ruhl Realtors, "This could be an ideal time for you to sell your home and move up to your dream house. We recommend that you consult with your real estate professional to learn more about the real estate activity in your local neighborhood. The public can also request a Neighborhood Report from any Ruhl&Ruhl Realtor or go to ruhlhomes.com and click on 'Get Neighborhood Market Activity' underneath the photo on the homepage."