Home Prices Continue Upward Climb Despite COVID
Five-year home appreciation in our region was between 13.52% and 15.82% with all of our regional Metropolitan Statistical Areas experiencing positive gains.
In the past year, home prices have increased: +1.75% in Dubuque; +1.95% in Iowa City; +1.90% in Cedar Rapids; and +3.01% in the Quad Cities. This compares to other cities: Des Moines up 1.73% and Chicago up 1.79%. Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more and expensive properties appreciating less, if at all.
“Home prices [nationally] grew by 5.4 percent in the second quarter of 2020 compared to a year ago, despite the impacts of COVID-19,” said Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA.
The appreciation of home prices reflects the continuing strength of the real estate market, as families are now, more than ever, finding value in home-ownership. To learn what is happening in your neighborhood, ask a Ruhl&Ruhl agent for a real estate review.