The real estate market is heating up. So we wanted to give our biannual market update! 2019 was another strong year in Iowa City, Cedar Rapids, and the surrounding areas. This area remains a great place to buy and sell real estate. But there wasn’t nearly the change in numbers like we saw in the past couple of years.
2019 Market update breakdown:
- The average sales price increased from $239,000 to $244,000 from 2018 to 2019. That is about a 2% increase, down from a nearly 5% increase from 2017-2018.
- The average days on market went up just a little to 62 days, compared to 59 days in 2018.
- The average sales price to list price ratio remained the same at 98%.
The market over a decade
This year, since we entered a new decade, we had some fun by looking back at the last ten years and how the data has changed. Here’s a look back at where the numbers have come from 2010 to 2019:
- In 2010, the average sales price was $177,000, compared to $244,000 last year. That’s a 38% increase over the course of the decade!
- The average days on market in 2010 was 97 days, when last year it was 62 days. That’s over a month less of market time!
- The sales price to list price ratio was 97% in 2010, compared to 98% last year.
There was much growth in the market the last decade. Home prices are up. The time needed to sell homes is down. And we’ve even seen improvement on the sale price to list price ratio, which was already incredibly high. It’s so interesting to look back. We look forward to seeing what the next year and following nine years have in store!
Here’s to the roaring twenties!