Strong House Price Increases Continue Across our Region
In the past year, home prices have increased: +4.03% in Dubuque; +2.48% in Iowa City; +2.67% in Cedar Rapids; and +3.68% in the Quad Cities. This compares to other cities: Des Moines up 2.75% and Chicago up 3.97%. 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, if at all.
“Growth in U.S. home prices stabilized at the end of 2019 with fourth quarter prices increasing 5.1
percent from the same period a year ago. The revised measure of home price growth in the third
quarter was also 5.1 percent,” according to Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA.
Five-year home appreciation in our region was between 14.49% and 23.60% with all of our regional Metropolitan Statistical Areas experiencing a positive gain.
"The five-year home appreciation performance shows that residential real estate is a solid investment in our region," said Caroline Ruhl, CEO of Ruhl&Ruhl Realtors. "We expect there to still be a shortage of homes for sale in the affordable price ranges. If you are thinking of putting your home on the market, we suggest you contact your Ruhl&Ruhl Realtor now, so you are ready for the spring market."