Posts made by author 'Liz Clark'
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11
Home Price Appreciation Continues To Rise Into 2024
The Federal Housing Finance Agency published the 2023 Q4 Housing Price Index report and national data shows home prices rose 6.5 percent between the fourth quarter of 2022 and the fourth quarter of 2023. House prices were up 1.5 percent compared to the third quarter of 2023. Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
The five-year home appreciation in our region was between 33.20% and 41.94% with all of our regional Metropolitan Statistical Areas experiencing positive gains.
In the past year, home prices in our markets have increased: +4.09% in Iowa City; +9.10% in Cedar Rapids; and +7.13% in the Quad Cities. This compares to other cities: Des Moines +4.59% and Chicago +6.96%. Of course, there is variation based on price range and location of properties, with more affordable properties appreciating more and expensive properties appreciating less.
| Metropolitan Statistical Areas (MSAs) | Percent Change in House Prices | Percent Change in House Prices | Percent Change in House Prices |
| 1 Year | 5 Years | 4th Quarter 2023 | |
| Cedar Rapids, IA | +9.10% | +38.55% | -0.64% |
| Davenport - Moline - Rock Island, IA-IL | +7.13% | +37.21% | -1.25% |
| Des Moines - West Des Moines, IA | +4.59% | +41.94% | +0.05% |
| Iowa City, IA | +4.09% | +33.20% | +2.45% |
| Waterloo - Cedar Ralls, IA | +11.02% | +38.55% | +2.98% |
| USA | +6.49% | +59.23% | +1.47% |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the fourth quarter of 2023. FHFA stats always run one-quarter behind. Their full report is available at www.fhfa.gov.
U.S. house prices increased modestly over the course of 2023," said Dr. Anju Vajja, Acting Deputy Director for FHFA's Division of Research and Statistics. "However, the market showed signs of softening as house price appreciation was lower in the fourth quarter of the year than in the previous quarter."
"The latest FHFA.gov HPI Report highlights the continued stability of our local housing market, with most areas still experiencing lower than normal inventory levels. While there has been a year-over-year increase in listings, strong buyer demand continues to uphold a consistent supply and demand dynamic, leading to steady overall home price appreciation. However, it's important to recognize that, just as there are significant variations from market to market, individual neighborhoods and price points within our region also experience differing rates of appreciation," said Chris Beason, President of Ruhl&Ruhl Realtors.
Wondering how appreciation has affected your home? Contact your Ruhl&Ruhl Realtor to receive your free market analysis! Or contact us at 1.866.441.1776 or customerservice@ruhlhomes.com to be put in touch with a local, trusted expert!
