New Data Shows Local Real Estate Market Holding Strong

CommunityHuman InterestPress Release

The Federal Housing Finance Agency published the 2024 Q3 Housing Price Index report and national data shows home prices rose 4.3 percent between the third quarter of 2023 and the third quarter of 2024. House prices were up 0.7 percent compared to the second quarter of 2024. FHFA’s seasonally adjusted monthly index for September was up 0.7 percent from August. 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 35.59% and 45.47% with all of our regional Metropolitan Statistical Areas experiencing positive gains.
 
In the past year, home prices in our markets have increased: 4.31% in Iowa City; 2.94% in Cedar Rapids; and 5.26% in the Quad Cities. This compares to other cities: Des Moines 5.20% and Chicago 7.19%. 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 Area (MSA) Percent Change in House Prices
Q3 2024 1 Year 5 Years
Cedar Rapids, IA 0.89% 2.94% 40.45%
Davenport-Moline-Rock Island, IA-IL 2.39% 5.26% 39.59%
Des Moines-West Des Moines, IA 1.36% 5.20% 45.47%
Iowa City, IA 1.31% 4.31% 35.59%
Waterloo-Cedar Falls, IA -0.52% 6.58% 40.17%
Regional Average 1.09% 4.86% 40.25%
United States 0.71% 4.34% 57.36%

Information courtesy of the Federal Housing Finance Agency (FHFA) for the third quarter of 2024. FHFA stats always run one-quarter behind. Their full report is available at www.fhfa.gov.  
 

“U.S. house price growth slowed in the third quarter, continuing a trend that started in the fourth quarter of the previous year," said Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics. "While house prices continued to increase because housing demand outpaced the locked-in housing supply, elevated house prices and mortgage rates likely contributed to the slowdown in price growth."
 
“Although mortgage rates remain higher than initially projected, we’re seeing continued resilience in the eastern Iowa and western Illinois housing markets,” said Chris Beason, President of Ruhl&Ruhl Realtors. “A gradual increase in new listings is helping bring the market closer to balance and providing more opportunities for buyers, though demand is still strong enough to maintain a seller’s market in most segments. Of course, market conditions can vary by location and price point, but overall, we expect steady home price appreciation through 2025. With more sellers entering the market and pent-up buyer demand, our region is well-positioned for a healthy, more balanced real estate landscape in the year ahead.”
 
About Ruhl&Ruhl Realtors
A family-owned company since 1862, Ruhl&Ruhl Realtors has grown to over 300 sales associates, 61 employees, and 10 offices, selling more than 5,200 homes in eastern Iowa, northwest Illinois, and southwest Wisconsin. The company has residential sales offices in Bettendorf, Burlington, Cedar Rapids, Clinton, Davenport, DeWitt, Dubuque, Iowa City, and Muscatine Iowa; and in Moline, Illinois. For more information on Ruhl&Ruhl Realtors, visit their website at www.RuhlHomes.com.

 
 

New Data Shows Local Real Estate Market Holding Strong