Metropolitan Statistical Area (MSA):
There is no doubt that the real estate market in the Mason City, IA metropolitan statistical area (MSA) has been on a roller coaster ride over the past few years. After reaching record highs in 2006 and 2007, prices came crashing down during the Great Recession, bottoming out in 2011. Since then, prices have slowly but steadily risen, and according to Realtor.com, the median home price in Mason City was $142,000 in August 2018.
However, it's not just prices that have been volatile in recent years. The number of homes being sold has also fluctuated wildly. In 2006, there were 1,078 homes sold in Mason City; by 2011, that number had plummeted to just 471. Since then sales have gradually increased and reached 754 in 2017.
What does the future hold for the Mason City real estate market? That's tough to say for sure, but there are some trends that could impact the market going forward. First of all, interest rates are expected to rise over the next few years which could put a damper on demand. Additionally, there is a large inventory of existing homes on the market which could keep prices from rising too quickly. However, with job growth expected to continue in Mason City and population growth projected to exceed 2% per year through 2025 according to Iowa Economic Development Authority data), it's possible that we could see another housing boom in this MSA before too long.
|Name||State||Metromicro||Fips State Code||Fips County Code||Region Type||Population|