June 14, 2022 Des Moines metro home sales dipped slightly in May by 2.9% compared to May of last year, reported the Des Moines Area Association of REALTORS® (DMAAR).
1,453 residential properties sold in May 2022 while 1,496 homes sold in May of 2021. The median sale price rose by 11.8% when compared to May of 2021. $275,000 was the median sale price in May 2022. The median number of 3 days most accurately represents the data set for Days on Market in this case. The average days on market calculated to 31 days.
The amount of available properties on the market in May rose again with 2,049 properties on the market compared to 1,791 properties in April. In May of 2021, there were 1,734 properties on the market.
1,133 properties or 78 percent of sold properties were financed conventionally. Cash purchases amounted to almost 10 percent of the sold properties. Almost 7 percent of sold homes were financed with an FHA Loan.
“The housing market continues to move quickly, oftentimes homes are sold within a couple of days. Inventory is being added every single day. With mortgage interest rates on the rise it is important to use a Realtor as your professional guide when buying or selling a home,” stated DMAAR President Jen Stanbrough.
Additional statistics and information about the Des Moines area housing market are available at the DMAAR Housing Stats web page.