Real estate ended with a very strong finish in 2020 according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Sales for the entire year rose almost 10 percent from 2019 and the median sales price increased by 7.1 percent.
2020 saw four straight months with sales growth of over 15 percent when compared to their respective months in 2019. December’s 22 percent increase capped off a great fourth quarter.
The median sales price came in 7.1 percent higher at $180,000 compared to $168,000 in 2019.
“The pandemic began to impact Iowa mid-March and we definitely experienced a slow down in the market for several weeks. We are proud of how Iowa Realtors® adapted their business practices to ensure the health and safety of their clients, potential buyers and sellers and kept the real estate market going strong throughout this challenging year. The historically low interest rates continue to help buyers and sellers find homes that match their budget,” stated IAR President Jen Burkamper.
Iowa continues to gain national attention for its cost of living, a great place to start a business and raise a family. The number of homes on the market each month during 2020 was less than in 2019. This is a nationwide issue with multiple contributing factors.
“Nationwide, there is a housing shortage in many price ranges and we’ve seen that in Iowa as well. We’ve seen an increase in demand for new homes in many of our communities. As we enter 2021, we hope for a boost in new construction and a surge in home sellers to help balance our market in Iowa,” continued Burkamper.