Is Iowa City, 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, Iowa City has remained a Seller's Market.
Key Takeaway
Iowa City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Iowa City, IA
How much do homes in Iowa City, IA cost?
Median Sold Price
$301,666
$164/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Iowa City have sold for 10.4% more than they did a year ago.
Summary: The median home sold price in Iowa City was $301,666 in March 2024, up 10.4% from last year, and the median price per square foot was $164.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $151.2K | $227.5K | +50.4% |
| 2 Bedrooms | $182K | $184.5K | +1.4% |
| 3 Bedrooms | $235K | $275K | +17.0% |
| 4 Bedrooms | $335K | $359.9K | +7.4% |
| 5+ Bedrooms | $439.9K | $455K | +3.4% |
Summary: Iowa City housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 50.4%, 2 bedroom homes increased by 1.4%, 3 bedroom homes increased by 17%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 3.4%.
Median Sold Price Compared To Nearby Cities
| Coralville | $282K | $335K | +18.8% |
| West Lucas Township | $245K | $278.5K | +13.7% |
| Iowa City | $273.3K | $301.6K | +10.4% |
Housing Supply in Iowa City, IA
How many homes are available in Iowa City, IA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 62 | 88 | +41.9% |
Summary: The Iowa City real estate market had 88 homes for sale in March 2024, a 41.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 7 | 18 | +157.1% |
| 3 Bedrooms | 24 | 23 | -4.2% |
| 4 Bedrooms | 16 | 23 | +43.8% |
| 5+ Bedrooms | 14 | 22 | +57.1% |
Summary: The Iowa City housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 157.1%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes increased by 43.8%, and 5+ bedroom homes increased by 57.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 17 | +112.5% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Iowa City, you may be able to get a good deal. 58.8% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in Iowa City in March 2024, up by 112.5% month-over-month. Of the 17 sold homes, 59% were sold under asking, 35% were sold at asking, and 6% were sold over asking.
Days on Market for Iowa City, IA
How long does it take to sell a home in Iowa City, IA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 66 Days | 14 Days | -77.9% |
Summary: Homes in Iowa City had an average of 14 days on market in Mar 2024, down by 77.9% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Iowa City are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 17 homes were sold in Iowa City; 76% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 0% 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.