Five-Year Home Appreciation Strong Across Our Region
Five-year home appreciation in our region was between 12.37% and 19.63% with all of our regional Metropolitan Statistical Areas experiencing a positive gain.
“House prices rose again in all states and the top 100 metro areas, but the pace of growth has slackened," said Dr. William Doerner, FHFA Supervisory Economist. “The majority of states and cities are experiencing slower house price gains than they did a year ago, even with constrained housing supply and extremely attractive mortgage rates.”
In the past year, home prices have changed: +1.51% in Dubuque; +3.82% in Iowa City; +4.40% in Cedar Rapids; and +2.87% in the Quad Cities. This compares to other cities: Des Moines up 2.72% and Chicago up 3.49%. Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more and expensive properties appreciating less.
|Metropolitan Statistical Areas (MSAs)
||Percent Change in House Prices
||National Rank (out of 241)
|Cedar Rapids, IA
|Davenport-Moline-Rock Island, IA-IL
|Des Moines-West Des Moines, IA
|Iowa City, IA
Information courtesy of the Federal Housing Finance Agency (FHFA) for the second quarter of 2019. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov. *Rankings based on annual percentage change in house prices.
“Our area’s housing costs are some of the most affordable in the nation,” said Caroline Ruhl, CEO of Ruhl&Ruhl Realtors. “This coupled with the trend of strong home appreciation makes local real estate a great long-term investment option.”