Is Cedar Rapids, IA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Cedar Rapids has remained a Seller's Market.
Key Takeaway
Cedar Rapids is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cedar Rapids, IA
How much do homes in Cedar Rapids, IA cost?
Median Sold Price
$188,207
$123/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Cedar Rapids have sold for 6.7% more than they did a year ago.
Summary: The median home sold price in Cedar Rapids was $188,207 in March 2024, up 6.7% from last year, and the median price per square foot was $123.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $80K | $90.7K | +13.4% |
| 2 Bedrooms | $129.3K | $132.8K | +2.7% |
| 3 Bedrooms | $176.8K | $186.9K | +5.7% |
| 4 Bedrooms | $240K | $280.6K | +16.9% |
| 5+ Bedrooms | $375K | $389.4K | +3.9% |
Summary: Cedar Rapids housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.4%, 2 bedroom homes increased by 2.7%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 16.9%, and 5+ bedroom homes increased by 3.9%.
Median Sold Price Compared To Nearby Cities
| Hiawatha | $225K | $315K | +40.0% |
| Cedar Rapids | $176.3K | $188.2K | +6.7% |
| Marion Township | $245.8K | $259.9K | +5.7% |
| Monroe Township | $300K | $317K | +5.7% |
| Clinton Township | $132K | $125K | -5.3% |
Housing Supply in Cedar Rapids, IA
How many homes are available in Cedar Rapids, IA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 465 | 507 | +9.0% |
Summary: The Cedar Rapids real estate market had 507 homes for sale in March 2024, a 9.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 6 | +20.0% |
| 2 Bedrooms | 103 | 114 | +10.7% |
| 3 Bedrooms | 213 | 241 | +13.1% |
| 4 Bedrooms | 103 | 104 | +1.0% |
| 5+ Bedrooms | 41 | 42 | +2.4% |
Summary: The Cedar Rapids housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 13.1%, 4 bedroom homes increased by 1%, and 5+ bedroom homes increased by 2.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 102 | 138 | +35.3% |
Asking Price vs. Sold Price
74 Homes Were Sold
Under Asking
38 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cedar Rapids, you may be able to get a good deal. 53.6% of homes here sold below asking price last month.
Summary: A total of 138 homes were sold or pending in Cedar Rapids in March 2024, up by 35.3% month-over-month. Of the 138 sold homes, 54% were sold under asking, 28% were sold at asking, and 19% were sold over asking.
Days on Market for Cedar Rapids, IA
How long does it take to sell a home in Cedar Rapids, IA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 37 Days | 38 Days | +2.7% |
Summary: Homes in Cedar Rapids had an average of 38 days on market in Mar 2024, up by 2.7% compared to last year.
Breakdown of Home Sale Times
81 Homes Were Sold
Under 30 Days
34 Homes Were Sold
In 30 - 90 Days
19 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Cedar Rapids are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 138 homes were sold in Cedar Rapids; 59% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
Provided Courtesy Of Cedar Rapids Area Association of REALTORS®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Is Believed To Be Accurate But Not Guaranteed.