Cedar Rapids and Iowa City Local Market Update
As we step into 2025, the real estate markets in Cedar Rapids and Iowa City are exhibiting notable trends that both buyers and sellers should be aware of. Here's an updated overview as of January 27, 2025.
Cedar Rapids Housing Market Update
In December 2024, the median sale price for homes in Cedar Rapids reached $192,000, marking a 1.1% increase compared to the previous year. The median price per square foot also saw a rise, standing at $123, which is a 1.7% uptick from last year. Homes in Cedar Rapids are selling after an average of 28 days on the market, a slight increase from 17 days the previous year. A total of 173 homes were sold in December 2024, up from 158 in December 2023.
Iowa City Housing Market Update
The Iowa City housing market has experienced a more pronounced growth. As of December 2024, the median sale price was $296,000, reflecting a 3.0% increase year-over-year. The median price per square foot saw a significant rise to $175, up 12.9% from the previous year. Homes in Iowa City are taking longer to sell, with an average of 68 days on the market compared to 45 days the prior year. In December 2024, 63 homes were sold, an increase from 56 in December 2023.
Key Takeaways for Buyers and Sellers
- For Sellers: The modest appreciation in home values in both Cedar Rapids and Iowa City suggests a stable market. However, the increase in days on market indicates that properties may take longer to sell, emphasizing the importance of strategic pricing and effective marketing.
- For Buyers: The gradual rise in home prices underscores the importance of timely decision-making. With homes remaining on the market longer, buyers might have more room for negotiation.
Staying informed about local market trends is crucial for making well-informed real estate decisions. Whether you're considering buying or selling in the Cedar Rapids or Iowa City areas, understanding these dynamics will help you navigate the market effectively.
Note: All data is accurate as of January 27, 2025. For personalized advice and the most current information, give us a call 319.208.6563.