Is Cedar Rapids, IA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Cedar Rapids is a seller's market

Buyer's
Market

Difference Since February 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

$189,000

$122/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$14,004(+8.0%)

Key Takeaway

Homes in Cedar Rapids have sold for 8% more than they did a year ago.

Summary: The median home sold price in Cedar Rapids was $189,000 in February 2024, up 8% from last year, and the median price per square foot was $122.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $80K$89.9K
+12.4%
2 $127.8K$132.5K
+3.6%
3 $175.3K$187K
+6.7%
4 $239K$275K
+15.1%
5+ $375K$389.9K
+4.0%

Summary: Cedar Rapids housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.4%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 15.1%, and 5+ bedroom homes increased by 4%.

Median Sold Price Compared To Nearby Cities

Hiawatha
+44.1%
Cedar Rapids
+8.0%
Monroe Township
+5.3%
Marion Township
+3.3%
Clinton Township
-45.8%

Housing Supply in Cedar Rapids, IA

How many homes are available in Cedar Rapids, IA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
409433+5.9%

Summary: The Cedar Rapids real estate market had 433 homes for sale in February 2024, a 5.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 65
-16.7%
2 9497
+3.2%
3 181193
+6.6%
4 9599
+4.2%
5+ 3339
+18.2%

Summary: The Cedar Rapids housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes increased by 18.2%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
8291+11.0%

Asking Price vs. Sold Price

55 Homes Were Sold
Under Asking

17 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Cedar Rapids, you may be able to get a good deal. 60.4% of homes here sold below asking price last month.

Summary: A total of 91 homes were sold or pending in Cedar Rapids in February 2024, up by 11.0% month-over-month. Of the 91 sold homes, 60% were sold under asking, 19% were sold at asking, and 21% 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

Feb 2023Feb 2024CHANGE
38 Days46 Days+19.3%

Summary: Homes in Cedar Rapids had an average of 46 days on market in Feb 2024, up by 19.3% compared to last year.

Breakdown of Home Sale Times

41 Homes Were Sold
Under 30 Days

34 Homes Were Sold
In 30 - 90 Days

15 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Cedar Rapids are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 91 homes were sold in Cedar Rapids; 45% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

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