Iowa City's real estate market is experiencing a price correction, with values down 17.8% from last year. Home prices have decreased 23.8% in the past month. With 4.0 months of supply, Iowa City's inventory levels remain relatively tight. Homes are taking about 48 days to sell, which is 4 days longer than this time last year. Approximately 25.9% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Iowa City market with the affordability index at 27.7. Based on current market indicators, home prices in Iowa City are projected to increase by approximately 51.0% over the next month.
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