Caroline Ruhl, President; Phone: 563-441-5001, Email: CarolineRuhl@RuhlHomes.com
Chris Beason, Broker/Owner; Phone: 563-340-2763, Email: ChrisBeason@RuhlHomes.com
Home Prices on Their Way Up in Our Region
DAVENPORT, IA – Five-year home appreciation in our region was between 7.25% and 12.91% with all of our regional Metropolitan Statistical Areas experiencing a positive gain.
“The steep, multi-year rise in U.S. home prices continued in the first quarter,” said Federal Housing Finance Agency (FHFA) Deputy Chief Economist Andrew Leventis. “Mortgage rates during the quarter remained slightly elevated relative to most of last year, but demand for homes remained very strong. With housing inventories still languishing at extremely low levels, the strong demand led to another exceptionally large quarterly price increase.”
In the past year, home prices are up: 2.35% in Dubuque; 2.47% in Iowa City; 3.62% in the Quad Cities and 2.35% in Cedar Rapids. This compares to other cities: Des Moines up 4.83% and Chicago, IL up 6.98%. This data is provided by the FHFA for the first quarter of 2017 (see chart and website below). Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more.
|Metropolitan Statistical Areas (MSAs)||Percent Change in House Prices|
|1 Year||5 Year|
|Cedar Rapids, IA||+ 2.35%||+ 7.25%|
|Davenport-Moline-Rock Island, IA-IL||+ 3.62%||+ 10.34%|
|Des Moines-West Des Moines, IA||+ 4.83%||+ 17.51%|
|Dubuque, IA||+ 2.35%||+ 9.44%|
|Iowa City, IA||+ 2.47%||+ 12.91%|
|USA||+ 6.00%||+ 34.14 %|
Information courtesy of the Federal Housing Finance Agency (FHFA) for the first quarter of 2017. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov. *Rankings based on annual percentage change in house prices.
“This is the best time to sell ever,” said Caroline Ruhl, President of Ruhl&Ruhl Realtors, “With a shortage of inventory in our affordable price ranges and home appreciation increasing, this is an ideal time for move-up buyers. Depending on your local market, you could be selling in a seller’s market and buying in the buyer’s market. Consult with your local real estate professional for more information.”
About Ruhl&Ruhl Realtors
A family-owned company since 1862, Ruhl&Ruhl Realtors has grown to 333 sales associates, 61 employees and eleven offices, selling more than 5,000 homes in eastern Iowa, northwest Illinois and southwest Wisconsin. The company has residential sales offices in Bettendorf, Burlington, Cedar Rapids, Clinton, Davenport, DeWitt, Dubuque, Iowa City, Maquoketa and Muscatine, Iowa; and in Moline and Galena, Illinois. In addition to residential sales, the company offers services in relocation, property management, real estate investments, new home sales, land development, farm and land sales, senior services, home vendor services, insurance services through the Nelson Brothers Agency, mortgage services through Ruhl Mortgage, and commercial services through NAI Ruhl Commercial Company. For more information on Ruhl&Ruhl Realtors, visit their website at www.RuhlHomes.com.