Is Cedar Rapids, IA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Cedar Rapids has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $80K | $89.9K | +12.4% |
2 Bedrooms | $127.8K | $132.5K | +3.6% |
3 Bedrooms | $175.3K | $187K | +6.7% |
4 Bedrooms | $239K | $275K | +15.1% |
5+ Bedrooms | $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 | $220K | $317K | +44.1% |
Cedar Rapids | $174.9K | $189K | +8.0% |
Monroe Township | $300K | $316K | +5.3% |
Marion Township | $246.9K | $255.1K | +3.3% |
Clinton Township | $229.9K | $124.6K | -45.8% |
Housing Supply in Cedar Rapids, IA
How many homes are available in Cedar Rapids, IA?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
409 | 433 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 5 | -16.7% |
2 Bedrooms | 94 | 97 | +3.2% |
3 Bedrooms | 181 | 193 | +6.6% |
4 Bedrooms | 95 | 99 | +4.2% |
5+ Bedrooms | 33 | 39 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
82 | 91 | +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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
38 Days | 46 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
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.