Metropolitan Statistical Area (MSA):
Des Moines-West Des Moines, IA is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Des Moines-West Des Moines, IA metropolitan statistical area (MSA) is in the midst of a housing market boom. The combination of low interest rates, a strong economy, and an influx of people moving to the area has resulted in increased demand for both new and existing homes. This has led to rising prices and a shortage of inventory, especially in the entry-level and mid-priced ranges.
The trend started in early 2017 and has continued unabated since then. The median sales price for existing homes in the MSA was $215,000 in 2017, up 8.5% from 2016. New home prices are also on the rise, with the median price for new construction topping $300,000 in 2017. This represents an increase of nearly 20% from just two years ago.
With prices continuing to climb, many potential buyers are being priced out of the market or are choosing to wait for more affordable options. As a result, sales volume has begun to level off after several years of steady growth. Inventories have also risen slightly as builders struggle to keep up with demand. However, they remain at historically low levels, which is putting upward pressure on prices.
Looking ahead, it is unclear how long this housing market boom will continue or how much further prices will rise. However, one thing is certain – Des Moines-West Des Moines is currently one of the hottest markets in the country and shows no signs of slowing down anytime soon!