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Iowa Real Estate Market: When will Home Values Return?

Are you looking for optimism? If you are an Iowa homeowner, you are in luck, as your home prices are expected to recover quickly.

A Strong Economy Continues

Like much of the Midwest, Iowa didn’t experience the housing boom like many other areas of the country. As a result, home values have remained steady, thereby buoying along the housing market and the economy in general.

In fact, according to the Fiserv Case-Shiller Indexes, your Iowa home’s value is expected to return to its 2008 peak levels by 2013-2014.

Another good sign of Iowa’s rebounding housing market are home sales and home values, both of which have increased in June. According to The Iowa Association of Realtors, home sales were up 16.9 percent in June, and average sales prices were up 9.2 when compared to May’s numbers.

Home Sales, Average Sales Prices Increase

The total number of Connecticut homes sold in June was 4,136, compared with 3,538 homes in May. Home sales in June were up 19 percent when compared to the year prior. Average sales prices for homes in Connecticut stood at $152,672 in June, an increase when compared to May’s average sales price of $139,757.

In other words, there are plenty of reasons to be hopeful about Iowa’s economy and housing market. The extension of the tax credit to September 30 will certainly help home sales throughout the summer.

Homes are also being sold quicker than they were a year ago. The number of days spent on the market in June was 93 days, which is a decrease of 13.9 percent from June 2009.

Strong Markets in Iowa

According to ABC News, Des Moines, Iowa, is one of the stronger markets across the country. This strong, Midwestern state has a low cost of living, an educated workforce and a strong financial and insurance sector – all of which have exerted a positive impact on this part of the state. The housing market in Des Moines peaked in 2008, but has fallen just 4 percent since then.

Des Moines is just one example of the strong markets in Iowa. This state boasts a low unemployment rate, an improving foreclosure market and an increase in home sales. With all o these strong measures, your Iowa home value is expected to return to its 2007-2008 peak levels by 2013-2014.

10 Largest Cities in Iowa