Are There More Homes for Sale Where You Live?

In recent months, the housing market has shown promising signs of improvement, especially when it comes to the supply of homes for sale. If you’re considering buying a home in Iowa, this is encouraging news. Here’s a closer look at the current trends and how they might affect your home search.. 

National Trends in Housing Supply

Nationally, the supply of homes for sale has increased significantly. According to recent data from Realtor.com, there are 36.6% more homes actively for sale now compared to the same time last year. This surge in inventory offers buyers more options and a bit more negotiating power. If you’ve been discouraged by limited inventory in the past, this trend is a welcome change.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

 “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”

Local Market Insights for Iowa

While the national trend is promising, it’s important to consider the local context. In Iowa, the increase in housing supply mirrors national trends but with regional variations. Despite the growth, current inventory levels are still below pre-pandemic norms. Compared to the more balanced market conditions of 2017–2019, there are still roughly 29% fewer homes actively for sale today. (see graph below):

So, while we’re up by almost 37% year-over-year, we’re still not back to how much inventory there’d be in a normal market. 

As Bill McBride, Housing Analyst for Calculated Risk, explains:

 “ . . . currently inventory is increasing year-over-year but is still well below pre-pandemic levels.”

But that’s okay. It’s to be expected. As a country, it’ll take a while to get back to the typical level of homes for sale. And the good news for buyers is, in some select markets, it’s closer to being a reality.

Here’s a rundown of what today’s inventory growth looks like by region (see graph below):

What This Means for Iowa Buyers

In Iowa, especially in cities like Des Moines, Ankeny, and West Des Moines, the increase in housing supply provides more choices for buyers. However, it’s crucial to understand that while the market is improving, we’re not yet back to the levels seen in a typical pre-pandemic market.

As a local realtor, I’m here to help you navigate these changes. Whether you’re looking for a new home or evaluating the current market trends, my expertise can provide you with tailored insights into Iowa’s real estate landscape.

Bottom Line

The growing supply of homes in Iowa is a positive development for buyers. It means more options and a better chance of finding a home that meets your needs. If you’re ready to explore the market or need guidance on your home search, don’t hesitate to reach out.

Let’s work together to find the perfect home for you in Iowa. Contact me, Beth Van Zee, to get started and make the most of the current market opportunities.