Is Penn Township, IA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Penn Township was a Buyer's Market.
Key Takeaway
Penn Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Penn Township, IA
How much do homes in Penn Township, IA cost?
Median Sold Price
$324,900
$155/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Penn Township have sold for 14% more than they did a year ago.
Summary: The median home sold price in Penn Township was $324,900 in March 2024, up 14% from last year, and the median price per square foot was $155.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $148K | $136.5K | -7.8% |
| 3 Bedrooms | $257.2K | $250K | -2.8% |
| 4 Bedrooms | $350K | $386.9K | +10.6% |
| 5+ Bedrooms | $506.9K | $510K | +0.6% |
Summary: Penn Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 7.8%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes increased by 10.6%, and 5+ bedroom homes increased by 0.6%.
Median Sold Price Compared To Nearby Cities
| Coralville | $282K | $335K | +18.8% |
| Penn Township | $285K | $324.9K | +14.0% |
| Madison Township | $275K | $301K | +9.5% |
| North Liberty | $276.2K | $299.9K | +8.6% |
Housing Supply in Penn Township, IA
How many homes are available in Penn Township, IA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 54 | 56 | +3.7% |
Summary: The Penn Township real estate market had 56 homes for sale in March 2024, a 3.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 9 | 11 | +22.2% |
| 3 Bedrooms | 16 | 18 | +12.5% |
| 4 Bedrooms | 21 | 19 | -9.5% |
| 5+ Bedrooms | 8 | 8 | 0.0% |
Summary: The Penn Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 12.5%, 4 bedroom homes decreased by 9.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 12 | +50.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Penn Township, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Penn Township in March 2024, up by 50.0% month-over-month. Of the 12 sold homes, 67% were sold under asking, 25% were sold at asking, and 8% were sold over asking.
Days on Market for Penn Township, IA
How long does it take to sell a home in Penn Township, IA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 125 Days | 84 Days | -32.6% |
Summary: Homes in Penn Township had an average of 84 days on market in Mar 2024, down by 32.6% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Penn Township are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 12 homes were sold in Penn Township; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% 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.