Posts with tag 'home appreciation'
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4
U.S. Home Prices Rise 4.5% Over The Prior Year
The Federal Housing Finance Agency published the 2024 Q4 Housing Price Index report, and national data show home prices rose 4.5 percent between the fourth quarter of 2023 and the fourth quarter of 2024. House prices were up 1.4 percent compared to the third quarter of 2024. FHFA's seasonally adjusted monthly index for December was up 0.4 percent from November. 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 39.04% and 43.67%, with all of our regional Metropolitan Statistical Areas experiencing positive gains.
In the past year, home prices in our markets have increased: 3.04% in Cedar Rapids and 4.87% in the Quad Cities. This compares to other cities: Des Moines, 4.10%, and Chicago, 6.77%. 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 2024 | |
| Cedar Rapids, IA | 3.04% | 39.04% | -0.20% |
| Davenport - Moline - Rock Island, IA-IL | 4.87% | 39.11% | -0.86% |
| Des Moines - West Des Moines, IA | 4.10% | 43.67% | -0.70% |
| Waterloo - Cedar Ralls, IA | 4.92% | 40.74% | -0.18% |
| Regional Average | 4.23% | 40.64% | -0.49% |
| USA | 4.51% | 57.13% | +1.43% |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the fourth quarter of 2024. FHFA stats always run one-quarter behind. Their full report is available at www.fhfa.gov.
"U.S. house prices grew at a slightly higher rate in the fourth quarter after three straight previous quarters of weaker appreciation," said Dr. Anju Vajja, Deputy Director for FHFA's Division of Research and Statistics. "The price growth accelerated during the quarter as the inventory of homes for sale tightened even further."
"Home price appreciation across our region remained positive on an annual basis in 2024, even though values softened by about 0.5% in the fourth quarter. The reported year-over-year gains, ranging from just over 3% to nearly 5% across our region, reflect the ongoing impact of strong demand and limited supply. While short-term adjustments are normal, the long-term trend remains healthy, with nearly 40% appreciation over the past five years. This sustained growth continues to reinforce the value of homeownership as a sound long-term investment. With interest rates easing and affordability improving, we're optimistic we'll see continued stability and a very active spring market," 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!
3
Home Price Appreciation Increases Across Our Region
Dubuque Ranks Highest Regionally for One-Year Gain
Five-year home appreciation in our region was between 13.25% and 16.31% with all of our regional Metropolitan Statistical Areas experiencing a positive gain. "House prices have risen consistently over the last 31 quarters," said Dr. William Doerner, Supervisory Economist.
"Although price growth is still positive, the upward pace is softening across the country, especially among states with the largest supplies of housing." In the past year, home prices have changed: +3.95% in Dubuque; +2.87% in Iowa City; +2.40% in Cedar Rapids; and +2.72% in the Quad Cities. This compares to other cities: Des Moines up 3.76% and Chicago up 2.76%. Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more. "Regionally, housing supply has been tightening," said Caroline Ruhl, CEO of Ruhl&Ruhl Realtors. "As a result, we see our home prices ap...
