Market Update & 2023 Predictions

by Ruhl&Ruhl Realtors

Each quarter the Federal Housing Finance Agency (FHFA) releases home appreciation data that reflect changes to our regional markets or Metropolitan Statistical Areas (MSAs).  The third quarter data shows percent changes in the last year and over a 5-year range.

In the past year, home prices in our area have increased: +0.45% in Dubuque; -0.66% in Iowa City; +0.34% in Cedar Rapids; and -1.06% in the Quad Cities. This compares to other cities: Des Moines +1.34% and Chicago +0.84%. Of course, there is variation based on price range and location of properties, with more affordable properties appreciating more and expensive properties appreciating less.  

“House prices were flat for the third quarter but continued to remain above levels from a year ago,” said William Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics. “The rate of U.S. house price growth has substantially decelerated. This deceleration is widespread with about one-third of all states and metropolitan statistical areas registering annual growth below 10 percent.”


Metropolitan Statistical Areas (MSAs) Percent Change in House Prices
  1 Year 5 Year
Cedar Rapids, IA ·  0.34% + 11.71%
Davenport-Moline-Rock Island, IA-IL  –  1.06% + 8.35%
Des Moines-West Des Moines, IA + 1.34% + 13.70%
Dubuque, IA + 0.45% + 13.06%
Iowa City, IA – 0.66% + 10.76%
USA + 12.40% + 60.58%

Information courtesy of the Federal Housing Finance Agency (FHFA) for the third quarter of 2022. FHFA stats always run one-quarter behind. Their full report is available at  

The National Association of Realtors also shared their 2022 summary and 2023-2024 housing market forecast all predicting a positive home price and dollar volume gain by end of 2024. In 2022 Ruhl&Ruhl markets performed better than many national markets with a +9% home price game and +0.4% dollar volume increase over the national -5%.


Market Update

Analyzing The Data

For sellers, the market has changed where homes will stay active longer, as affordability may be a concern for some home buyers, but much more in line with days on market (DoM) numbers we have seen in previous years. Median home prices are expected to advance 5.4% nationally, meaning significate equity opportunities can still be had with the sale of your home. 

Buyers will have more options than they did previously as housing inventory is expected to increase by 22.8% nationally. It’s a good idea to be in constant communication with your real estate agent and mortgage lender to stay informed on changing market conditions and trends. Because although it’s true that mortgage rates are higher than they were last year, the mindset of, “ date the rate and marry the home,” can be helpful for buyers to remember as the opportunity to refinance when rates are lower can be a consideration later down the road. 

It’s important to note that housing market predictions and forecasts are helpful resources for homebuyers and sellers, but it’s best to contact your real estate agent and loan officer for local, real-time data to have the most accurate outlook on what is going on in your area. Real estate tends to move fast and information that is relevant today can change. Your real estate agent can provide you with a home valuation, real estate review, market reports, and reputable recommendations to help you along.

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