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December
21
21
Homes Values Appreciate Between 3.10% and 9.14% over the Last Five Years in Eastern Iowa and Western Illinois
The eastern Iowa and northwestern Illinois region continues its steady climb in home price appreciation – with all of our markets showing positive gain. This is the 17th consecutive quarterly appreciation nationally. The expected slowdown in appreciation this quarter didn't occur but this could lead to more of a challenge of affordability of housing moving forward according to the Federal Housing Finance Agency (FHFA) Principal Economist Andrew Leventis. In the past year, home prices are up: 1.33% in Dubuque; 3.52% in Iowa City; 2.42% in the Quad Cities and 1.45% in Cedar Rapids. This compares to other cities: Des Moines up 4.62% and Chicago, IL up 3.71%. This data is provided by the Federal Housing Finance Agency (FHFA) for the third quarter of 2015 (see chart and website below). Nationally, home prices have increased 5.70% in the last year. Eastern Iowa and western Illinois' gains have not been as high, however, our region also didn't experience the extreme lows of the rest of the country.
Information courtesy of the Federal Housing Finance Agency (FHFA) for third quarter 2015. 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. "With home appreciation percentages continuing to grow and interest rates projected to increase," said Caroline Ruhl, president of Ruhl&Ruhl Realtors. "This is the best time to buy to ensure that you are putting yourself in the best position to purchase your dream home. If you have considered buying, or are just starting the process of searching for a home, please contact a Realtor."
| Metropolitan Statistical Areas (MSAs) | Percent Change in House Prices | |
| 1 Year | 5 Year | |
| Cedar Rapids, IA | + 1.45 % | + 3.10 % |
| Davenport-Moline-Rock Island, IA-IL | + 2.42% | + 6.79 % |
| Des Moines-West Des Moines, IA | + 4.62 % | + 8.85 % |
| Dubuque, IA | + 1.33 % | + 8.89 % |
| Iowa City, IA | + 3.52 % | + 9.14 % |
| USA | + 5.70 % | + 19.91 % |
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