Des Moines's real estate market is experiencing a price correction, with values down 28.1% from last year. Home prices have decreased 13.8% in the past month. With 6.5 months of supply, Des Moines's inventory levels remain relatively tight. Homes are taking about 53 days to sell, which is 0 days longer than this time last year. Only 11.8% of properties sold above asking price, giving buyers more negotiating power. Affordability remains a significant challenge in the Des Moines market with the affordability index at 7.6. Based on current market indicators, home prices in Des Moines are projected to increase by approximately 9.0% over the next month.
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