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Home Values Rising in Iowa Amid Coronavirus Crisis
See how the housing market is doing in the Hawkeye State during COVID-19.
Current home values in Iowa
Home values have been rising throughout Iowa and are up 6.0% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $246,155, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Iowa: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $246,155 home at 3.33% would give a typical Iowa homebuyer a monthly payment of $866, assuming a 20% down payment.
How the Iowa housing market stacks up
Families can enjoy time outside, but still be close to cities
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Iowa, they're predicted to rise 4.1%.
Homes right now are going on the market in Iowa at a median price of $125 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Iowa home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $154,511 |
| 2019 | $145,800 |
| 2018 | $140,433 |
| 2017 | $134,842 |
| 2016 | $128,575 |
| 2015 | $123,775 |
| 2014 | $119,008 |
| 2013 | $115,658 |
| 2012 | $112,442 |
| 2011 | $110,917 |
| 2010 | $112,600 |
| 2009 | $111,825 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Iowa is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $312,500 |
| 2019 | $292,500 |
| 2018 | $282,500 |
| 2017 | $275,000 |
| 2016 | $260,000 |
| 2015 | $252,500 |
| 2014 | $240,000 |
| 2013 | $232,500 |
| 2012 | $225,000 |
| 2011 | $220,000 |
| 2010 | $225,000 |
| 2009 | $222,500 |
*2020 price average through March 31, 2020.
