Navigating the Des Moines Real Estate Rollercoaster: Insights from the Front Lines

Hello, fellow home enthusiasts! I’m Heather Wright, your go-to expert for all things real estate in the Greater Des Moines, Iowa area. This weekend, while I was bustling around an open house, a question stopped me in my tracks – a question I’ve heard more than once, echoing the concerns of many: “When do you think the prices are going to come down?” So, I thought, why not dive into this topic? After all, if it’s on one person’s mind, it’s likely on yours too.

Let’s cut to the chase: I’ve been eyeing the market for a dip since 2018. Traditionally, real estate follows a roughly ten-year heartbeat – up and down, ebb and flow. Yet, the expected downturn in 2018? It simply didn’t happen. Instead, we sailed through 2019, and then 2020 hit us with a curveball – the pandemic. Just when we thought we’d seen it all, and I was half-joking about dusting off my resume, the market did the unexpected. It boomed.

Flash forward, and the “boom” hasn’t busted. From multiple offers to homes selling above listing price and buyers waiving inspections, the market’s been on fire. Here we are in 2024, scratching our heads, wondering, “What’s next?”

The answer? It hinges on inventory. Back in my rookie days of 2010, the MLS was bustling with around 5,000 properties any given day. 

Fast forward to today, and that number has dwindled significantly to just over 2,800 – for the entire market, not just Des Moines. And while we’ve seen some improvement, don’t hold your breath for a price plunge. Without a surplus of homes, prices are likely to stay put.

But here’s the deal – while I’m no economist, it’s clear as day that supply and demand are running the show. And right now, demand is outstripping supply. This imbalance means prices aren’t going anywhere but up. For those of you sitting tight, hoping for a market downturn to snatch up a deal, you might be waiting a bit longer. Or, it might be time to tweak those expectations.

No crystal ball here, but one thing’s for sure – a tight supply keeps the market hot. That’s Economics 101. Demand overshadows supply, and prices? Well, they’re justified in staying high.

For those pondering their next move in the Des Moines area, my team at Remax Concepts and I are here to guide you through. Whether you’re looking to buy your dream home or sell and move on to new adventures, we’ve got your back. 

Let’s chat and navigate this real estate rollercoaster together. Schedule a visit with us – we’re here to answer your burning questions and help you find your next place to call home. Talk soon.

Contact us now to start your Real Estate adventure!

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📞515-505-1818