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10
Local Housing Prices Continue Upward Trend
Five-year home appreciation in our region was between 23.45% and 28.98% with all of our regional Metropolitan Statistical Areas experiencing positive gains. In the past year, home prices in our area have increased: +12.68% in Dubuque; +9.93% in Iowa City; 12.34% in Cedar Rapids; and +10.54% in the Quad Cities. This compares to other cities: Des Moines +15.08% and Chicago +13.35%. Of course, there is variation based on price range and location of properties, with more affordable properties appreciating more and expensive properties appreciating less. "High appreciation rates continued across housing markets during the first quarter of 2022," said William Doerner, Ph.D., Supervisory Economist in FHFA's Division of Research and Statistics. "Strong demand coupled with tight supply have kept prices climbing. Through the end of March, higher mortgage rates have not yet translated into slower price gains."
| Metropolitan Statistical Areas (MSAs) | Percent Change in House Prices | |
| 1 Year | 5 Year | |
| Cedar Rapids, IA |
|
+ 27.36% |
| Davenport-Moline-Rock Island, IA-IL | +10.54% | + 23.45% |
| Des Moines-West Des Moines, IA | +15.08% | + 32.99% |
| Dubuque, IA | +12.68% | + 28.98% |
| Iowa City, IA | + 9.93% | + 23.45% |
| USA | + 18.73% | + 59.81% |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the first quarter of 2022. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov.
"In May, newly pended home sales in our region began to slow compared to May of last year. As demand slows due to higher interest rates and inflation, we expect to see the rate of appreciation slow in our markets" noted Caroline Ruhl, CEO of Ruhl&Ruhl Realtors.
National economists predict 2022 appreciation in home values to range from 6.2% - 10.8%, with an average of 7 forecasts coming in at 9% appreciation for 2022, compared to 11.59% appreciation in all of our regions in 2021.
Photo courtesy of Keeping Current Matters
Selling now is a great way to take advantage of today's home price appreciation. If you are looking to sell your home, reach out to your Realtor to gain their insights on why today's housing market is still very opportunist for you.
