Des Moines Mortgage

Buying a home for the first time can be overwhelming for any new buyer. Since this will most likely be your biggest expense, it is important to make the right choice with such an important purchase. This starts with being familiar with the current market trends. Comparing housing rates from the past three years can help give you a better idea of when the best time to buy is.

To help you get started, your local Des Moines mortgage lenders, The Tyler Osby Team, have listed the most current market update for the area.

Des Moines Market Update

Listing Price

Realtor.com states that the median listing price in Des Moines has been on the rise over the past three years. In June 2015, the median listing price was $135,000 and rose 7.4% the following year to $145,000. One year later the price had risen another 9.7% to $159,000 and the current median listing price for June 2018 is $175,000. This current price is a 10% increase from the year prior and approximately a 30% increase from three years ago.

This constant rise in price over the years suggests that the listing price is going to continue to rise in the near future. With that being said, now would be an excellent time to lock in a rate for a Des Moines mortgage before they get more expensive.

Price Per Square Foot

The median price per square foot has been reflecting related trends as the listing price. In June 2015, the median price per square foot was $113 and rose 5.3% to $119. By June 2017 the median listing price was $128 and the current square footage price is $137, which is a 7% increase from the year prior and a 21.1% increase from June 2015.

This consistency suggests that the real estate in Des Moines is getting more valuable over time, which makes this an excellent area to purchase a home and obtain a mortgage in Des Moines.

Contact Us

For more information on the current market trends or to get started on your home loan application, please contact The Tyler Osby Team at 515-257-6729.